ACC 225
Intermediate Accounting I
Course Package
Approved: October 7, 2011
EFFECTIVE DATE: FALL 2012-13
MCC Form EDU 0007 (rev.10/19/10)
COURSE PACKAGE FORM
Team Leader and Members
Candace Hofstadter, Nancy McClure, Jim Childe
Date of proposal to Curriculum Sub-committee:
Aug 2011
Purpose:
_X__New
If this is a change, what is being changed?
(Check ALL that apply)
___
___
___
___
___
Effective Semester/Year
Fall 20_12_____
__Change
Update Prefix
Title
Learning Units
Competencies
Format Change
__ Retire
__ Course Description
__ Course Number
__ Textbook
__ Credits
__ Prerequisite
Spring 20_____
Summer 20_____
COURSE INFORMATION
Prefix & Number:
Title:
ACC 225
INTERMEDIATE ACCOUNTING I
Catalog Course Description:
An in-depth study of financial accounting topics, including the conceptual framework for
financial reporting and financial accounting principles. Financial statement preparation
and analysis, the use and calculation of compound interest, annuities and present value,
cash receivables, and inventory valuations will be studied.
Credit Hours: 3
Lecture Hours: 3
Lab Hours: 0
Prerequisite(s)
ACC 125
Co-requisite(s)
Does this course need a separately scheduled lab component? ____Yes
Does this course require additional fees? If so, please explain. ____Yes
__X__No
__X__No
Is there a similar course in the course bank? ___Yes (Please identify.) _X__No
Articulation: Is this course or an equivalent
offered at other two and four-year
universities in Arizona?
MCC Form EDU 0007 (rev.10/19/10)
_X__No
___Yes (Identify the college, subject, prefix,
number and title:
Writing Across the Curriculum Rationale:
Rationale
Mohave Community College firmly supports the idea that writing can be used to improve
education; students who write in their respective content areas will learn more and retain
what they learn better than those who don’t. Courses in the core curriculum have been
identified as “Writing Across the Curriculum” courses.
Minimum standards for the Writing Across the Curriculum
Curriculum component are:
are
1. The writing assignments should total 1500 – 2000 words.
For example, a single report which is 1500 words in length
OR
a series of essay questions and short papers (example: four 375-word
assignments) which total 1500 words could meet the requirement.
2. The writing component will represent at least 10% of a student’s final grade in
the course.
Is this course identified as a Writing Across the Curriculum course? ____Yes __X__No
(See addendum for writing rubrics)
Intended Course Goals
By the end of the semester, students will be able to:
1. Understand the environment of Financial Reporting.
2. Explain the FASB conceptual framework.
3. Review a company’s Accounting System.
4. Explain the Balance Sheet and the Statement of Changes in Stockholders' Equity.
5. Define the Income Statement and Statement of Cash Flows.
6. Understand all aspects of Financial Reporting and Financial Analysis.
7. Explain Cash Management.
8. Understand Inventory Cost Measurement and Flow Assumptions.
9. Understand Inventory Valuation issues.
MCC Form EDU 0007 (rev.10/19/10)
Course Competencies and Objectives
By the end of the semester, students will be able to:
Competency 1 Understand the environment of Financial Reporting.
Objective 1.1 Understand capital markets and decision making.
Objective 1.2 Know what is included in financial reporting.
Objective 1.3 Explain generally accepted accounting principles (GAAP) and the sources of
GAAP.
Objective 1.4 Identify the types of pronouncements issued by the FASB.
Objective 1.5 Understand how the Financial Accounting Standards Board (FASB) operates.
Objective 1.6 Describe the relationship between the Securities and Exchange Commission
(SEC) and the FASB.
Objective 1.7 Use ethical models for decision making about ethical dilemmas. Understand
creative and critical thinking.
Objective 1.8 Describe the joint convergence project of the FASB and IASB (Appendix).
Competency 2 Explain the FASB conceptual framework.
Objective 2.1 Understand the relationship among the objectives of financial reporting.
Objective 2.2 Identify the general objective of financial reporting. Describe the three specific
objectives of financial reporting.
Objective 2.3 Discuss the types of useful information for investment and credit decision
making.
Objective 2.4 Explain the qualities of useful accounting information.
Objective 2.5 Understand the accounting assumptions and principles that influence GAAP.
Objective 2.6 Define the elements of financial statements.
Objective 2.7 List the qualitative characteristics of useful information in the tentative FASB
and IASB joint conceptual framework (Appendix).
Competency 3 Review a company’s Accounting System.
Objective 3.1 Understand the components of an accounting system.
Objective 3.2 Know the major steps in the accounting cycle.
Objective 3.3 Prepare journal entries in the general journal.
Objective 3.4 Post to the general ledger and prepare a trial balance.
Objective 3.5 Prepare adjusting entries.
Objective 3.6 Prepare the financial statements. Prepare closing entries.
Objective 3.7 Use subsidiary ledgers.
Objective 3.8 Understand special journals.
Objective 3.9 Convert cash-basis financial statements to accrual-basis (Appendix).
Competency 4 Explain the Balance Sheet and the Statement of Changes in Stockholders' Equity.
Objective 4.1 Understand the purposes of the balance sheet.
Objective 4.2 Define the elements of a balance sheet.
Objective 4.3 Explain how to measure the elements of a balance sheet.
Objective 4.4 Classify the assets and the liabilities of a balance sheet.
Objective 4.5 Report the stockholders' equity of a balance sheet.
Objective 4.6 Prepare a statement of changes in stockholders' equity.
Objective 4.7 Understand the other disclosure issues for a balance sheet.
Objective 4.8 Describe the SEC integrated disclosures.
Objective 4.9 Explain the reporting techniques used in an annual report.
MCC Form EDU 0007 (rev.10/19/10)
Competency 5 Define the Income Statement and Statement of Cash Flows.
Objective 5.1 Understand the concepts of income.
Objective 5.2 Explain the conceptual guidelines for reporting income.
Objective 5.3 Define the elements and major components of an income statement.
Objective 5.4 Compute income from continuing operations.
Objective 5.5 Report results from discontinued operations.
Objective 5.6 Identify extraordinary items.
Objective 5.7 Prepare a statement of retained earnings.
Objective 5.8 Report comprehensive income.
Objective 5.9 Explain the statement of cash flows.
Objective 5.10 Classify cash flows as operating, investing, or financing.
Competency 6 Understand all aspects of Financial Reporting and Financial Analysis.
Objective 6.1 Describe an auditor's report.
Objective 6.2 Understand the meaning of an operating segment.
Objective 6.3 Describe the disclosures in a segment report.
Objective 6.4 Explain interim reporting and prepare an interim report.
Objective 6.5 Understand intracompany and intercompany comparisons (Appendix).
Objective 6.6 Prepare horizontal and vertical percentage analyses (Appendix).
Objective 6.7 Perform ratio analyses (Appendix).
Competency 7 Explain Cash Management.
Objective 7.1 Identify items of cash (and cash equivalents) and understand the importance of
cash management.
Objective 7.2 Discuss revenue recognition when the right of return exists.
Objective 7.3 Understand the credit policies related to accounts receivable.
Objective 7.4 Explain the gross and net methods to account for cash discounts.
Objective 7.5 Estimate and record bad debts using a percentage of sales.
Objective 7.6 Estimate and record bad debts using an aging analysis.
Objective 7.7 Explain pledging, assignment, and factoring of accounts receivable.
Objective 7.8 Account for short-term notes receivable.
Objective 7.9 Understand a petty cash fund (Appendix).
Objective 7.10 Prepare a bank reconciliation (Appendix).
Competency 8 Understand Inventory Cost Measurement and Flow Assumptions.
Objective 8.1 Describe how inventory accounts are classified.
Objective 8.2 Explain the uses of the perpetual and periodic inventory systems.
Objective 8.3 Identify how inventory quantities are determined.
Objective 8.4 Determine the cost of inventory.
Objective 8.5 Compute ending inventory and cost of goods sold under specific identification,
FIFO, average cost, and LIFO.
Objective 8.6 Explain the conceptual issues regarding alternative inventory cost flow
assumptions.
Objective 8.7 Understand dollar value LIFO and dollar value LIFO retail method.
Objective 8.8 Explain additional LIFO issues.
Objective 8.9 Understand inventory disclosures.
Objective 8.10 Record foreign currency transactions involving inventory (Appendix).
Competency 9 Understand Inventory Valuation issues.
Objective 9.1 Understand the lower of cost or market method and explain the conceptual
issues regarding the lower of cost or market method.
Objective 9.2 Understand purchase obligations and product financing arrangements.
Objective 9.3 Explain the valuation of inventory above cost.
Objective 9.4 Use the gross profit method.
Objective 9.5 Understand the retail inventory method and explain the conceptual issues
regarding the retail inventory method.
Objective 9.6 Understand the effects of inventory errors on the financial statements.
MCC Form EDU 0007 (rev.10/19/10)
Teacher’s Guide
Course Textbook, Materials and Equipment
Textbook(s)
Title
Author(s)
Publisher
ISBN
Intermediate Accounting Update, 11th Edition or most current
edition
Loren A. Nikolai, John D. Bazley, Jefferson P. Jones
Cengage
9780538467087
Software
Microsoft Excel
Textbook
Costs
Modality
Please indicate how much the textbook would cost if purchased through
Barnes & Noble: $200
__X___ On-ground
__X___ On-line
Course Assessments
Description of Possible Course Assessments (Essays, multiple
choice, etc.)
Exercises, tests, quizzes,
exams, practice problems, case
studies.
Exams standardized for this course?
__ Midterm
__ Final
__ Other (Please specify):
Are exams required by the
department?
___Yes _X__No
If Yes, please specify:
Where can faculty members locate or access the required
standardized exams for this course?
Student Outcomes: Identify the general education goals for student
learning that is a component of this course.
Check all that apply:
1. Communicate effectively.
a. Read and comprehend at a college level.
b. Write effectively in a college setting.
Method of Assessment
2. Demonstrate effective quantitative reasoning and
problem solving skills.
Exercises, tests, quizzes,
exams, practice problems, case
studies.
3. Demonstrate effective qualitative reasoning skills.
4. Apply effective methods of inquiry.
a. Generate research paper by gathering information
from varied sources, analyzing data and organizing
information into a coherent structure.
b. Employ the scientific method.
5. Demonstrate sensitivity to diversity
a. Experience the creative products of humanity.
b. Describe alternate historical, cultural, global
perspectives.
MCC Form EDU 0007 (rev.10/19/10)