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Official Course
Description: MCCCD Approval: 4-26-1994 |
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ACC211
2011 Fall - 9999 |
LEC
3.0 Credit(s) 3.0 Period(s) 3.0 Load Acad |
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Financial
Accounting |
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Introduction
to theory and practice in the preparation and interpretation of general
purpose financial statements. Prerequisites: None. Course Attribute(s): Arizona Shared
Unique Number |
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Go to Competencies Go to Outline
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MCCCD
Official Course Competencies: |
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ACC211 2011
Fall - 9999 |
Financial Accounting |
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1.
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Demonstrate generally accepted accounting principles. (I) |
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2.
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Analyze, journalize, and post business transactions using
debits and credits. (II) |
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3.
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Prepare a simplified balance sheet and income statement.
(III) |
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4.
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Compare and contrast accrual and cash basis methods of
accounting. (IV) |
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5.
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Prepare an eight-column
worksheet and make required adjusting, closing, and reversing entries to
complete the accounting cycle. (V) |
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6.
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Describe accounting procedures applicable to a
merchandising business. (VI) |
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7.
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Use special journals and subsidiary ledgers. (VII) |
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8.
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Describe a petty cash system. (VIII) |
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9.
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Prepare a bank reconciliation. (VIII) |
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10.
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Describe uncollectible accounts receivable transactions.
(IX) |
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11.
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Explain and use perpetual and periodic inventory systems
for a merchandising firm. (X) |
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12.
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Describe inventory cost flow methods. (X) |
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13.
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Calculate gross pay, deductions, net pay, and record
payroll entries. (XI) |
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14.
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Describe transactions applicable to acquisition,
depreciation, and disposal of plant and equipment. (XII) |
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15.
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Record transactions applicable to the formation of
partnerships, profit distribution, and liquidation of partnerships. (XIII) |
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16.
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Describe the corporate concept and record transactions for
the issuance of stock and dividend distributions. (XIV) |
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17.
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Record transactions involving the purchase and sale of
treasury stock. (XV) |
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18.
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Journalize long-term debt transactions. (XV) |
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19.
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Describe accounting for short and long-term securities.
(XVI) |
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20.
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Prepare consolidated statements. (XVI) |
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21.
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Prepare a statement of cash flows. (XVII) |
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22.
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Analyze financial statements using ratios and other
analytical tools. (XVIII) |
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23.
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Describe general tax concepts applicable to various forms
of business organizations. (XIX) |
Go to Description Go to top of
Competencies
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MCCCD
Official Course Outline: |
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ACC211 2011
Fall - 9999 |
Financial Accounting |
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I. Principles and Concepts
of Accounting A. The accounting equation B. Double-entry system C. Cash accounting system D. Accrual acounting system II. Recording Transactions A. Nature of accounts 1. Real 2. Nominal B. Classification of
accounts C. Journalizing
transactions D. Posting to the ledger III. Financial Statements A. Income statement B. Capital or retained
earnings statement C. Balance sheet IV. Revenue and Expense
Recognition A. Cash basis accounting B. Accrual basis accounting
V. Worksheet and Closing A. Adjusting entries 1. Purpose 2. Procedure B. Closing entries 1. Purpose 2. Procedures C. Reversing entries 1. Purpose 2. Procedures VI. Accounting for a
Merchandising Firm A. Documents used for
purchase and sales transactions B. Merchandise inventory
procedures VII. Special Journals A. Journal content and
arrangement B. Delegation of authority C. Subsidiary ledgers VIII. Petty Cash and Bank
Reconciliation A. Need, placement, and
procedures for cash funds B. Control of cash payments
IX. Accounts Receivable A. Estimating uncollectible
accounts B. Writing off
uncollectible accounts X. Inventories A. Perpetual versus
periodic systems B. Cost flow methods XI. Payroll Accounting A. Forms B. Reports XII. Plan
and Equipment A. Acquisition and disposal
B. Tangible and intangible
assets C. Depreciation,
amortization, and depletion XIII. Partnership
Organization and Operation A. Forming a partnership B. Allocating operating
results C. Changing membership D. Dissolving a partnership
XIV. Corporate Organization
A. Stock characteristics B. Corporate income and
retained earnings statements C. Special stock
transactions XV. Long-Term Debt A. Bond characteristics B. Bond premium and
discount C. Time value of money D. Other long-term debt XVI. Accounting for
Intercompany Investments A. Investments in stocks
and bonds B. Consolidation methods C. Consolidated statements XVII. Statement of Cash
Flows A. Classifications of cash
flows B. Operating activities 1. Direct method 2. Indirect method C. Interpretation of cash
flow statements XVIII. Financial Statement
Analysis A. Standards for financial
analysis B. Sources of information C. Tools and techniques D. Common ratios XIX. Tax Concepts A. Sole proprietorship B. Partnership C. Corporation |