MCCCD Program Description

Intermediate Accounting I

Course: ACC219

First Term: 2022 Spring

Lecture 3.0 Credit(s) 3.0 Period(s) 3.0 Load
Subject Type: Occupational
Load Formula: S - Standard Load

Description: Continuation of the theory and practice of financial accounting, applicable to assets, liabilities, equity related problems of income determination and financial reporting.

MCCCD Official Course Competencies
1. Demonstrate an awareness of and ability to navigate authoritative accounting standards. (I-III) 2. Apply generally accepted financial accounting principles to the annual report. (I-XI) 3. Apply professionalism in analyzing and reporting financial information. (I-XI) 4. Write supplemental information in notes to financial statements, supplying full and detailed disclosure. (I-XI) 5. Apply professional and ethical judgment. (I-XI) 6. Demonstrate ability to answer Certified Public Accountant (CPA) exam level questions. (I-XI) 7. Balance conflicts between generally accepted accounting principles. (I-XI) 8. Demonstrate adherence to professional standards in the presentation of financial information. (I-XI) 9. Solve problems using T-account techniques. (I-XI) 10. Apply analytical critical thinking and problem-solving skills to financial data. (I-XI) 11. Describe current trends in the accounting profession. (I-XI) 12. Demonstrate the ability to implement the accounting cycle. (IV-XI) 13. Apply time value of money concepts and compound interest techniques. (VII, X-XI)
MCCCD Official Course Competencies must be coordinated with the content outline so that each major point in the outline serves one or more competencies. MCCCD faculty retains authority in determining the pedagogical approach, methodology, content sequencing, and assessment metrics for student work. Please see individual course syllabi for additional information, including specific course requirements.

MCCCD Official Course Outline
I. Accounting profession A. Theory B. Practice C. Authoritative organizations D. Professional qualifications II. Accounting processes A. Cash accounting method B. Accrual accounting method III. Conceptual framework of accounting IV. Statement of income A. Measurement of income B. Cost allocation C. Alternative forms of the income statement D. Revenue recognition E. Expense recognition V. Balance sheet and statement of cash flows A. Balance sheet classifications B. Statement of cash flows 1. Content 2. Purpose C. Balance sheet and Statement of cash flows preparation VI. Cash and systems of internal control VII. Receivables A. Evaluation of net realizable value B. Discounting of notes receivable C. Evaluation of allowances for doubtful accounts VIII. Inventory methods A. Cost flow assumptions B. Inventory valuation C. Errors in income 1. Review 2. Impact D. Periodic and perpetual inventory systems 1. Calculation of cost of goods sold 2. Adjustment of cost of goods sold IX. Capital expenditures A. Capital vs. revenue expenditures B. Tangible assets and intangible assets 1. Calculation of depreciation of tangible assets 2. Amortization of intangible assets C. Methods of valuation of goodwill D. Capital assets 1. Acquisition 2. Disposal E. Accounting for natural resources X. Current and contingent liabilities A. Payables B. Notes C. Mortgages D. Accruals XI. Long-term debt and notes A. Bonds payable B. Extinguishment of debt C. Long-term notes payable

MCCCD Governing Board Approval Date: May 25, 2021

All information published is subject to change without notice. Every effort has been made to ensure the accuracy of information presented, but based on the dynamic nature of the curricular process, course and program information is subject to change in order to reflect the most current information available.