ACCT255 Advanced Accounting (Experimental)
Department of Business and Innovation: Accounting
- I. Course Number and Title
- ACCT255 Advanced Accounting (Experimental)
- II. Number of Credits
- 3 credits
- III. Number of Instructional Minutes
- IV. Prerequisites
- ACCT105 (C or better) or permission of the Department of Business + Innovation
- V. Other Pertinent Information
- 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
Course Learning Goals
The student will be able to:
- identify the concept and purpose of consolidated financial statements.
- describe the basic reporting standards for consolidated statements.
- distinguish between the cost and equity methods of valuing a parent�s investment in a subsidiary.
- explain the way to prepare a full set of consolidated statements at reporting dates subsequent to a subsidiary�s creation.
- identify the various concepts that exist for dealing with a noncontrolling interest.
- describe the change in the basis of accounting concept and the nature of and controversy surrounding goodwill.
- 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.
- describe the difference between non-push-down and push-down accounting.
- identify the way to achieve the purchase method accounting results in postacquisition periods-100%-ownership and non-100%-ownership situations.
- explain the operational importance of intercompany transactions.
- describe the nature and identify the variety of intercompany transactions.
- explain the formation and describe the operation of partnerships.
- explain the way to treat changes of ownership and describe the legal ramification in partnerships.
- cite the procedures used in liquidating partnerships.
- explain the basic concepts used in fiduciary accounting.
- identify the basic principles used in governmental financialreporting and the way to account for the transactions of a General Fund.
- define the objectives of governmental financial reporting.
- identify the way to account for transactions in the special-purpose funds and the special general ledger.
Planned Sequence of Topics and/or Learning Activities
- Consolidated Financial Statements: Internal Expansion Issues
- Consolidated Financial Statements: External Expansion Issues
- Consolidated Financial Statements: Intercompany Transactions
- Partnerships: Formation and Ownership
- Partnerships: Changes in Ownership
- Partnerships: Liquidations
- Accounting for Estates and Trusts
- Governmental Accounting: Basic Principles and the General Fund
- Governmental Accounting: The Special-Purpose Funds and Special General Ledger
Assessment Methods for Course 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
Reference, Resource, or Learning Materials to be used by Student:See course syllabus for required textbook and study guide with selected working paper templates.
Review/Approval Date - Unavailable; New Core 8/2015