AUSTIN COMMUNITY COLLEGE

ACCOUNTING DEPARTMENT

COURSE SYLLABUS

INTRODUCTION TO ACCOUNTING PART II – ACNT 1404

 

CIP CODE AREA: 52.0302. 5821

COURSE LEVEL: Introductory (Freshman Level)

COURSE NUMBER: ACNT 1404 (Common Course)

COURSE TITLE: Introduction To Accounting Part II

CREDIT HOURS: 4; LECTURE HOURS: 3; LAB HOURS: 3

PREREQUISITE: None: Skills: R

METHOD OF PRESENTATION: Three-hour lecture/discussion each week. Three lab hours each week.

CATALOG DESCRIPTION: ACNT 1404 INTRODUCTION TO ACCOUNTING II (4-3-3). A continuation of the first course with emphasis on merchandising transactions, notes payable and receivable, valuation of receivables and equipment, and valuation of inventories in a manual and computerized environment; continued mastery of accounting software (Peachtree). Prerequisites: ACNT 1403. (ACC 1534)

 TEXTBOOKS: Accounting Principles by Weygandt, Keiso & Kimmel, Wiley 8th edition. Computer Accounting with Peachtree, Yacht 11th edition.

COURSE REQUIREMENTS: See specific Instructor's First Day Class Handout.

OTHER: Basic computer skills utilizing word processing and spreadsheet are recommended for ACCT 1403.

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Course Rationale:

The goals and objectives of this course prepare students for (1) obtaining or improving job skills, (2) qualifying for a business or accounting job, (3) achieving job advancement, completing the courses required for the Certified Public Accounting (CPA) exam (a minimum of an undergraduate (4 year) degree is required for the CPA exam), (4) preparing for accounting or business certification exams (CMA, CFA, CGFM, CIA, etc), (5) preparing for a master’s program, (6) working as an entrepreneur, (7) completing degree requirements and/or (8) fulfilling personal goals.

Scans Competencies:

Competency must be shown in the following three areas:

1.             Manages time

a.       Uses class and lab time efficiently to accomplish required assignments

b.       Focuses efforts toward accomplishing class-related goals

c.        Prioritizes activities based on deadlines and level of importance

d.       Stays on target with class syllabus and planned lab activities

2.             Uses computers to process information

a.   Uses lab computers and text to acquire and organize financial information for

the completion of lab assignments using QuickBooks software

b.       Analyzes information necessary to complete and accounting cycle and prepare statements using an automated system

c.        Communicates financial information through the processing and production of financial statements

3.             Student exhibits responsibility

                a.  Meets established deadlines for homework and lab assignments

b.       Attends class/lab on a regular basis

c.        Takes exams on time

d.       Seeks assistance from instructor and/or tutors when necessary

e.        Prepares for classes

 

Scholastic Dishonesty:

The following statement on scholastic dishonesty must be included: Acts prohibited by the college for which discipline may be administered include scholastic dishonesty, including but not limited to cheating n an exam or quiz, plagiarizing, and unauthorized collaboration with another in preparing outside work. Academic work submitted by students shall be the result of their thought, research or self-expression. Academic work is defined as, but not limited to tests, quizzes, whether taken electronically or on paper; projects, either individual or group; classroom presentations, and homework.

Students with Disabilities:

The following statement on students with disabilities must also be included: Each ACC campus offers support services for students with documented physical or psychological disabilities. Students with disabilities must request reasonable accommodations through the Office for Students with Disabilities on the campus where they expect to take the majority of their classes. Students are encouraged to do this three weeks before the start of the semester.

Course Evaluation/Grading System, How to Reach the Instructor, and Course Outline/Calendar:

Refer to the Instructor’s syllabus for this course.

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COURSE LEARNING OUTCOMES

Upon successful completion of this course, you should be able to:

LEARNING OBJECTIVES:

 

Chapter 11

1.      Explain a current liability, and identify the major types of current liabilities.

2.      Describe the accounting for notes payable.

3.      Explain the accounting for other current liabilities.

4.      Explain the financial statement presentation and analysis of current liabilities.

5.      Describe the accounting and disclosure requirements for contingent liabilities.

6.      Compute and record the payroll for a pay period.

7.      Describe and record employer payroll taxes.

8.      Discuss the objectives of internal control for payroll.

9.     Identify additional fringe benefits associated with employee compensation.

Chapter 12

1.      Identify the characteristics of the partnership form of business organization.

2.      Explain the accounting entries for the formation of a partnership.

3.      Identify the bases for dividing net income or net loss.

4.      Describe the form and content of partnership financial statements.

5.      * Explain the effects of the entries to record the liquidation of a partnership (Optional).

Chapter 13

1.      Identify the major characteristics of a corporation.

2.      Differentiate between paid-in capital and retained earnings.

3.      Record the issuance of common stock.

4.      Explain the accounting for treasury stock.

5.      Differentiate preferred stock from common stock.

6.      Prepare a stockholders’ equity section.

Chapter 14

1.      Prepare the entries for cash dividends and stock dividends.

2.      Identify the items reported in a retained earnings statement.

3.      Prepare and analyze a comprehensive stockholders’ equity section.

4.      Describe the form and content of corporation income statements.

5.      Compute earnings per share.

Chapter 15

1.      Explain why bonds are issued.

2.      Prepare the entries for the issuance of bonds and interest expense.

3.      Describe the entries when bonds are redeemed or converted.

4.      Describe the accounting for long-term notes payable.

5.      Contrast the accounting for operating and capital leases.

6.      Identify the methods for the presentation and analysis of long-term liabilities.

Chapter 16

1.      Discuss why corporations invest in debt and stock securities.

2.      Explain the accounting for debt investments.

3.      Explain the accounting for stock investments.

4.      Describe the use of consolidated financial statements.

5.      Indicate how debt and stock investments are reported in the financial statements.

6.      Distinguish between short-term and long-term investments.

Chapter 17

1.      Indicate the usefulness of the statement of cash flows.

2.      Distinguish among operating, investing, and financing activities.

3.      Prepare a statement of cash flows using the indirect method.

4.      Analyze the statement of cash flows.

Chapter 18

1.      Discuss the need for comparative analysis.

2.      Identify the tools of financial statement analysis.

3.      Explain and apply horizontal analysis.

4.      Describe and apply vertical analysis.

5.      Identify and compute ratios used in analyzing a firm’s liquidity, profitability, and solvency.

6.      Understand the concept of earning power, and how irregular items are presented.

7.      Understand the concept of quality of earnings.