ACCT255 Advanced Accounting (Experimental)

Department of Business Studies: Accounting

I. Course Number and Title
ACCT255 Advanced Accounting (Experimental)
II. Number of Credits
3 credits
III. Minimum Number of Instructional Minutes Per Semester
2250
IV. Prerequisites
ACCT200 (C or better) or permission of the Department of Business Studies
Corequisites
None
V. Other Pertinent Information
None
VI. Catalog Course Description
This course provides basic coverage of business combinations and consolidated financial statements, comprehensive coverage of accounting and financial reporting of state and local governments, and in-depth study of partnerships and fiduciary accounting. This course is recommended for students who will take the Uniform CPA examination.
VII. Required Course Content and Direction
  1. Learning Goals:

    The student will be able to:

    1. identify the concept and purpose of consolidated financial statements.
    2. describe the basic reporting standards for consolidated statements.
    3. distinguish between the cost and equity methods of valuing a parent�s investment in a subsidiary.
    4. explain the way to prepare a full set of consolidated statements at reporting dates subsequent to a subsidiary�s creation.
    5. identify the various concepts that exist for dealing with a noncontrolling interest.
    6. describe the change in the basis of accounting concept and the nature of and controversy surrounding goodwill.
    7. explain the way to calculate the acquirer�s cost of an acquisition and to allocate the acquirer�s cost to the various tangible and intangible assets and liabilities of the acquired business.
    8. describe the difference between non-push-down and push-down accounting.
    9. identify the way to achieve the purchase method accounting results in postacquisition periods-100%-ownership and non-100%-ownership situations.
    10. explain the operational importance of intercompany transactions.
    11. describe the nature and identify the variety of intercompany transactions.
    12. explain the formation and describe the operation of partnerships.
    13. explain the way to treat changes of ownership and describe the legal ramification in partnerships.
    14. cite the procedures used in liquidating partnerships.
    15. explain the basic concepts used in fiduciary accounting.
    16. identify the basic principles used in governmental financialreporting and the way to account for the transactions of a General Fund.
    17. define the objectives of governmental financial reporting.
    18. identify the way to account for transactions in the special-purpose funds and the special general ledger.
  2. Planned Sequence of Topics and/or Learning Activities:

    1. Consolidated Financial Statements: Internal Expansion Issues
    2. Consolidated Financial Statements: External Expansion Issues
    3. Consolidated Financial Statements: Intercompany Transactions
    4. Partnerships: Formation and Ownership
    5. Partnerships: Changes in Ownership
    6. Partnerships: Liquidations
    7. Accounting for Estates and Trusts
    8. Governmental Accounting: Basic Principles and the General Fund
    9. Governmental Accounting: The Special-Purpose Funds and Special General Ledger
  3. Assessment Methods for Core Learning Goals:

    • Periodic testing as conceptual topics are covered
    • End-of-chapter review assignments (e.g., questions, exercises, and problems) are discussed
    • Critical thinking cases are assigned after each chapter
  4. Reference, Resource, or Learning Materials to be used by Students:

    • See course format for required textbook and study guide with selected working paper templates.
VIII. Teaching Methods Employed
  • Classroom lecture
  • Discussion of questions, exercises, problems, and cases
  • Audiovisual aids
  • Computer programs

The instructor may make use of overhead projectors, films, power point slides, computer programs, and other visual aids that will assist in better understanding of the subject matter and its application.

Review/Approval Date - Unavailable