Standard
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Guides the student in dealing with ethics,
internal control, fraud and financial statement analysis in the accounting
environment which will require students to confront and resolve accounting
problems by integrating and applying skills and techniques acquired from
previous courses. Will prepare students
in developing a personal code of ethics by exploring ethical dilemmas and
pressures they will face as accountants.
Will help the student understand financial statement analysis and the
relation to fraud, and fraud detection. Will prepare the student
for the ACAT Comprehensive Examination for Accreditation in Accountancy.
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Competency Areas: |
Hours: |
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Financial Accounting and Financial
Statement Preparation, Presentation and Reporting |
Class |
4 |
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Business Consulting Services |
D. Lab |
4 |
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Taxation |
P. Lab/O.B.I. |
0 |
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Business Law |
Credit |
6 |
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Ethics and Professional Conduct |
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Prerequisite/Corequisite: |
ACC
101, ACC 102, ACC 103, ACC 150, ACC 152, ACC 156 or 2 year Associate
degree in Accounting |
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Course Guide
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Competency |
After completing
this section, the student will: |
Hours |
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Class |
D.
Lab
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P. Lab/
O.B.I. |
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FINANCIAL
ACCOUNTING AND FINANCIAL STATEMENT PREPARATION, PRESENTATION AND REPORTING |
20 |
20
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0 |
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Accounting
Principles & Pronouncements |
Perform
Record Setup of accounting documents |
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Describe
the Accounting Cycle |
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Define
the difference between Cash vs. Accrual |
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Define
Revenue Recognition |
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Describe
Adjusting, Reversing, closing Entries & Error Correction |
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Prepare
an accounting worksheet |
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Prepare
the four Financial Statements |
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Describe
how to account for cash & equivalents |
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Describe
accounts & notes receivable |
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Define
investments |
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Describe
inventories |
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Describe
property & equipment – depreciation & depletion |
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Define
intangible assets & amortization |
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Current
Liabilities & Long Term Liabilities |
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Define
stockholder’s equity |
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Define
the components of payroll |
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Describe
the accounting for Leases |
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Describe
the accounting for Pensions |
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Describe
engagement Letters |
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Prepare
work papers |
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Prepare
report & transmittal Letters |
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Perform
statement & ratio analysis |
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Describe
working capital changes |
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BUSINESS CONSULTING SERVICES |
10 |
10
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0 |
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Business
Analysis |
Perform
Cost-Volume-Profit Analysis |
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Perform
departmental analysis |
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Define
the time value of money |
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Prepare
capital budgeting |
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Perform
capital investment analysis |
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Managerial
Decisions |
Prepare
budgets |
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Prepare
cash flow planning services/cash budgeting |
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Evaluate
internal control systems |
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Evaluating
Investments/Business Opportunities |
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Identify
Employee Benefit Plans |
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TAXATION |
6 |
6
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0 |
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General
Principles of Taxation |
Describe
filing considerations |
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Define
different accounting methods of taxation |
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Identify
inclusions in income |
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Prepare
adjustments to income |
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Define
itemized deductions |
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Differentiate
between sole proprietorship/self-employment & rental activity |
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Define
taxation of investments |
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Define
income tax credits |
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Perform
special tax computations |
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Describe
taxation of partnerships |
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Calculate
corporate taxation |
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Calculate
S Corporations |
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Describe
Fiduciary Income Tax Returns |
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Describe
Federal Estate Tax Returns |
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Define
Limited Liability Entities |
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Describe
Independent Contractor Issues |
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Describe
Non-Profit Issues |
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BUSINESS
LAW |
2 |
2
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0 |
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General
Business Law |
Define
property law |
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