MCCCD Program Description

Intermediate Accounting I

Course: ACC219

First Term: 2001 Fall

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

Description: Theory and practice applicable to determination of asset values, liabilities, and related problems of income determination

MCCCD Official Course Competencies
1. Apply generally accepted financial accounting principles to the annual report. (I- XIII) 2. Practice flexibility in analyzing and reporting financial information. (I-XIII) 3. Write supplemental information in notes to financial statements, supplying full and detailed disclosure. (I, II, IV-XIII) 4. Identify and describe publications constituting authoritative accounting opinion. (III) 5. Solve problems via T-account and worksheet techniques. (II, III) 6. Accommodate tax and contract law to accounting reporting and requirements for regulatory compliance. (IV) 7. Address needs of various publics who rely on statements of the reporting entity. (I) 8. Measure income accurately and make adequate disclosure of financial position for both public and private entities, including maintenance of reciprocal accounts. (IV) 9. Apply professional and ethical judgment to conflicting positions of the various accounting publics. (I) 10. Integrate economic phenomena and consequences in financial reporting. (I) 11. Demonstrate ability to pass AICPA exams. (I-XIII) 12. Balance conflicts between generally accepted accounting principles. (I-XIII) 13. Practice versatility in the presentation of financial information. (I-XIII) 14. Solve problems via T-account and worksheet techniques. (II, III) 15. Apply analytical skills and mathematical principles to financial data.(II, III) 16. Apply present value and compound interest techniques. (IV) 17. Select appropriate forms of legal ownership for a business entity. (IV, V)
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. Practice B. Procedure C. Theory D. Authoritative organizations E. Professional qualifications II. Review of the accounting process A. Cash accounting method B. Accrual accounting method III. Conceptual framework of accounting IV. Statement of income A. Measuring of income B. Cost allocation C. Matching of income and expense D. Alternative forms of the income statement E. Point of recognition of revenue V. Balance sheet A. Classifying of balance sheet items according to currency and long-term categories B. Prepaid expenses C. Perishable tools and supplies D. Containers VI. Cash and systems of internal control VII. Receivable A. Evaluation of receivable for net realizable value B. Hypothecation C. Discounting of notes and allowances for doubtful collectibility VIII. Inventory methods A. Inventory valuation according to cost flow assumptions B. Impact of errors in income C. Cost of goods sold calculation and adjustments under periodic perpetual inventory systems IX. Manufacturing and construction inventories A. Accounting for long-term construction contracts B. Work-in-process manufacturing costs C. Percent of completion vs. completed contract vs. installment contract methods D. Consignments E. Joint venture accounts F. Franchising deposits X. Capital expenditures A. Distinguishing capital vs. revenue expenditures B. Calculation of depreciation of tangible assets and amortization of intangible assets C. Methods of valuation determination of goodwill XI. Securities investments A. Accounting for security investments B. Equity vs. cost valuation methods C. Cash surrender value of life insurance D. Stock splits E. Dividends F. Rights G. Warrants and options segregated and sinking funds H. Accounting for bond investments I. Amortization of premium and discount for determination of carrying value XII. Liabilities current and contingent A. Accounting for payables B. Notes C. Mortgages D. Bonded indebtedness E. Accruals G. Salaries and bonuses H. Warranties and guarantees I. Tax accruals J. Payroll withholdings K. Contingent liabilities L. Balance sheet classification M. Debt restructure N. Declaration of dividends O. Date of record and distribution P. Accounting for leases Q. Sole and leaseback R. Capital leases S. Deferred compensation plans XIII. Long-term debt and notes A. Accounting for deferred credits B. Custodial accounts C. Bailment and bonded D. Fiduciary balances and accounting for convertible debt E. Service contracts F. Deposits

MCCCD Governing Board Approval Date: 4/24/2001

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.