MCCCD Program Description

Intermediate Accounting II

Course: ACC220

First Term: 1992 Spring

Lecture 3 Credit(s) 3 Period(s) 3 Load
Subject Type: Occupational
Load Formula: S

Description: Continuation of the theory and practice applicable to liabilities and owner`s equity; special problems and financial reporting

MCCCD Official Course Competencies
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)
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. 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. carry back 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. non-operating 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

MCCCD Governing Board Approval Date: 12/17/1991

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.