Maricopa Community Colleges  ACC220   19922-99999 
Official Course Description: MCCCD Approval: 12/17/91
ACC220 19922-99999 LEC 3 Credit(s) 3 Period(s)
Intermediate Accounting II
Continuation of the theory and practice applicable to liabilities and owner's equity; special problems and financial reporting. Prerequisites: ACC219 with a grade of "C" or better, or permission of Department/Division.
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MCCCD Official Course Competencies:
ACC220   19922-99999 Intermediate Accounting II
1. Apply generally accepted financial accounting principles to the annual report. (I-XI)
2. Demonstrate flexibility in analyzing and reporting financial information. (I-XI)
3. Demonstrate ability to pass AICPA exams. (I-XI)
4. Address needs of various "publics" who rely on statements of the reporting entity. (I-XI)
5. Apply professional and ethical judgment to conflicting positions of the various accounting "publics". (I-XI)
6. Write supplemental information in notes to financial statements, supplying full and detailed disclosure. (I-XI)
7. Apply analytical skills and utilize mathematical principles in evaluating financial data. (I-XI)
8. Balance conflicts between generally accepted accounting principles. (I-XI)
9. Apply present value and compound interest techniques. (I-XI)
10. Solve problems via T-account worksheet techniques. (I, X, XI)
11. Accurately measure income and make adequate disclosure of financial position for both public and private entities, including maintenance of reciprocal accounts. (II-VI, XI)
12. Select appropriate forms of legal ownership for a business entity. (III, IV, VII, VIII, XI)
13. Integrate economic phenomena and consequences in financial reporting. (IV,XI)
14. Demonstrate familiarity with publications constituting authoritative accounting opinion. (XI)
15. Accommodate tax and contract law to accounting reporting and requirements for regulatory compliance. (XI)
16. Practice versatility in the presentation of financial information. (XI)
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MCCCD Official Course Outline:
ACC220   19922-99999 Intermediate Accounting II
    I. Correcting errors within and between accounting periods
        A. Accounting
        B. Correcting
        C. Reporting inter vs. intra period errors
        D. Evaluating errors in estimates
        E. Prior period error
      II. Revenue recognition and deferral procedures
          A. Unearned income
          B. Deferred income
          C. Alternatives for initial recording of transactions
          D. Reversing entries
          E. Prepaid income
        III. Owner contributed equity and retained earnings
            A. Accounting for corporate equities
            B. Various classes of stocks
            C. Preferences
            D. Book value per share
            E. Conversions
            F. Redemptions
            G. Stock dividends
            H. Splits
            I. Reverse splits
            J. Warrants
            K. Rights
            L. Options
            M. Dilution of earnings
            N. Stock redemptions
            O. Treasury stock
            P. "Gains" losses
          IV. Reorganizations
              A. Quasi reorganizations
              B. Receiver accounts
              C. Composition agreements
              D. Sources of capital
              E. Legal capital
              F. Seniority of claims
            V. Accounting for income taxes
                A. Income tax accruals
                B. Inter vs. intra period allocation
                C. Audit deficiencies
                D. Investment win
                E. Job tax credits
                F. Net operating loss
                G. Tax credits carryover vs. carryback
              VI. Retained earnings and the income statement coordinated
                  A. Appropriations of retained earnings
                  B. Terminology considerations
                  C. Prior period corrections
                  D. Clean surplus vs. current operating concepts of retained earnings
                VII. Changes in capital stock shares outstanding
                    A. Primary vs. fully diluted per share earnings and book values
                    B. Stock options
                    C. Treasury stock
                    D. Equity method
                    E. Stock redemptions at premium or discount
                  VIII. Unincorporated multiple owner/partner equity accounting
                      A. Accounting for the partner capital account
                      B. Formation
                      C. Admission
                      D. Withdrawal
                      E. Liquidation
                      F. Revaluation
                      G. Goodwill and bonus methods
                    IX. Managerial accounting
                        A. Segment reporting
                        B. Extraordinary items
                        C. Discontinued operations
                        D. Interim reporting
                        E. Changes in accounting method
                        F. Analysis of statement impact
                        G. Disclosure
                      X. Analytical techniques and the statement of changes in financial position
                          A. Analysis of sources of application of funds
                            1. Cash vs. working capital concepts
                            2. Worksheet and T-account methods
                            3. Provided by operations vs. nonoperating sources and applications
                            4. "Funds" terminology and analysis of changes between balance sheets
                            5. Conversion from accrual to cash basis
                        XI. Analysis of financial statements
                            A. Analysis of financial statements
                            B. Comparative statements
                            C. Common size statements
                            D. Position ratios
                            E. Activity/operating ratios
                            F. Turnover
                            G. Return on investment
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