Maricopa Community Colleges  ACC219   20016-99999 
Official Course Description:   MCCCD Approval:  04/24/01
ACC219      20016-99999 LEC 3 Credit(s) 3 Period(s)
Intermediate Accounting I
Theory and practice applicable to determination of asset values, liabilities, and related problems of income determination. Prerequisites: ACC212 or ACC240 with a grade of "C" or better, or permission of Department/Division.
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MCCCD Official Course Competencies:
ACC219   20016-99999 Intermediate Accounting I
1. Apply generally accepted financial accounting principles to the annual report. (I- XIII)
2. Practice flexibility in analyzing and reporting financial information. (I-XIII)
3. Write supplemental information in notes to financial statements, supplying full and detailed disclosure. (I, II, IV-XIII)
4. Identify and describe publications constituting authoritative accounting opinion. (III)
5. Solve problems via T-account and worksheet techniques. (II, III)
6. Accommodate tax and contract law to accounting reporting and requirements for regulatory compliance. (IV)
7. Address needs of various "publics" who rely on statements of the reporting entity. (I)
8. Measure income accurately and make adequate disclosure of financial position for both public and private entities, including maintenance of reciprocal accounts. (IV)
9. Apply professional and ethical judgment to conflicting positions of the various accounting "publics". (I)
10. Integrate economic phenomena and consequences in financial reporting. (I)
11. Demonstrate ability to pass AICPA exams. (I-XIII)
12. Balance conflicts between generally accepted accounting principles. (I-XIII)
13. Practice versatility in the presentation of financial information. (I-XIII)
14. Solve problems via T-account and worksheet techniques. (II, III)
15. Apply analytical skills and mathematical principles to financial data.(II, III)
16. Apply present value and compound interest techniques. (IV)
17. Select appropriate forms of legal ownership for a business entity. (IV, V)
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MCCCD Official Course Outline:
ACC219   20016-99999 Intermediate Accounting I
    I. Accounting Profession
        A. Practice
        B. Procedure
        C. Theory
        D. Authoritative organizations
        E. Professional qualifications
      II. Review of the accounting process
          A. Cash accounting method
          B. Accrual accounting method
        III. Conceptual framework of accounting
          IV. Statement of income
              A. Measuring of income
              B. Cost allocation
              C. Matching of income and expense
              D. Alternative forms of the income statement
              E. Point of recognition of revenue
            V. Balance sheet
                A. Classifying of balance sheet items according to currency and long-term categories
                B. Prepaid expenses
                C. Perishable tools and supplies
                D. Containers
              VI. Cash and systems of internal control
                VII. Receivable
                    A. Evaluation of receivable for net realizable value
                    B. Hypothecation
                    C. Discounting of notes and allowances for doubtful collectibility
                  VIII. Inventory methods
                      A. Inventory valuation according to cost flow assumptions
                      B. Impact of errors in income
                      C. Cost of goods sold calculation and adjustments under periodic perpetual inventory systems
                    IX. Manufacturing and construction inventories
                        A. Accounting for long-term construction contracts
                        B. Work-in-process manufacturing costs
                        C. Percent of completion vs. completed contract vs. installment contract methods
                        D. Consignments
                        E. Joint venture accounts
                        F. Franchising deposits
                      X. Capital expenditures
                          A. Distinguishing capital vs. revenue expenditures
                          B. Calculation of depreciation of tangible assets and amortization of intangible assets
                          C. Methods of valauation determination of goodwill
                        XI. Securities investments
                            A. Accounting for security investments
                            B. Equity vs. cost valuation methods
                            C. Cash surrender value of life insurance
                            D. Stock splits
                            E. Dividends
                            F. Rights
                            G. Warrants and options segregated and sinking funds
                            H. Accounting for bond investments
                            I. Amortization of premium and discount for determination of carrying value
                          XII. Liabilities current and contingent
                              A. Accounting for payables
                              B. Notes
                              C. Mortgages
                              D. Bonded indebtedness
                              E. Accruals
                              G. Salaries and bonuses
                              H. Warranties and guarantees
                              I. Tax accruals
                              J. Payroll withholdings
                              K. Contingent liabilities
                              L. Balance sheet classification
                              M. Debt restructure
                              N. Declaration of dividends
                              O. Date of record and distribution
                              P. Accounting for leases
                              Q. Sole and leaseback
                              R. Capital leases
                              S. Deferred compensation plans
                            XIII. Long-term debt and notes
                                A. Accounting for deferred credits
                                B. Custodial accounts
                                C. Bailment and bonded
                                D. Fiduciary balances and accounting for convertible debt
                                E. Service contracts
                                F. Deposits
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