Accounting Lab II presents students with a complete accounting cycle for a merchandising business organized as a partnership. The accounting cycle covers analyzing transactions, journalizing, posting, petty cash, financial statements, and adjusting and closing entries. In addition, students will gain an understanding of the business/marketing principles necessary to start and operate a business. Students will first learn basic economic principles related to business ownership. They will identify and assess common traits and skills found in entrepreneurs, explore business opportunities, and compare the risks and rewards of owning a business. This course will help students understand the process of analyzing a business opportunity, determining feasibility of an idea utilizing research, developing a plan to organize and promote the business and its products/services, and finally, to understand the capital required, the return on investment desired, and the potential for profit.