AC-220 Accounting II

Course Description:

This course builds on the understanding of accounting principles and introduces new concepts in accounting for: payroll; accounts receivable and bad debts; notes and interest; inventory; depreciation, amortization and depletion of long-term assets; partnerships and corporations.

A. PROGRAM LEARNING OUTCOMES (PLOs):

The student will be able to:

1.      Demonstrate basic knowledge and/or skills in different functional areas of business- accounting, management, marketing, economics and finance- by emphasizing their performance in an organization and describing their interrelationship in the organization’s attempt to achieve their objectives.

2.      Demonstrate basic knowledge and skill in the use of cost and managerial accounting concepts and techniques as management planning tools for planning, controlling evaluating performance and making decisions.

3.      Demonstrate knowledge and skill in business mathematics and elementary statistics by accurately performing common business computations, statistical data presentation and analysis.

4.      Demonstrate knowledge and skill in intercultural writing and speaking appropriate for business.

5.       Demonstrate a basic understanding of the legal environment and ethical challenges confronting business in general and in the FSM, from both local and global perspectives.

B. STUDENT LEARNING OUTCOMES (SLOs) – GENERAL:

The student will be able to:

1.      Describe in detail the entire process of payroll accounting, including the computation of each component of net pay, accounting records used, and employer payroll taxes both in the USA and in the FSM.

2.      Identify, compute and record basic transactions affecting certain types of assets, liabilities, revenues and expenses, and prepare related year-end adjusting and reversing entries, as appropriate.

3.      Calculate and account for equity transactions in partnerships and in corporations. 

SLO

PLO1

PLO2

PLO3

PLO4

PLO5

1

IDM

I

2

IDM

I

3

IDM

I

I = Introduced

D = Demonstrated

M = Mastered

C. STUDENT LEARNING OUTCOMES (SLOs) – SPECIFIC:

The student will be able to:

General SLO 1. Describe in detail the entire process of payroll accounting, including the computation of each component of net pay, accounting records used, and employer payroll taxes both in the USA and in the FSM.

Student Learning Outcomes

Assessment Strategies

1.1 Describe in detail employee payroll accounting; account for employee taxes and deductions in both the FSM and the United States systems; and properly complete and interpret the employee earnings record and payroll register.

Pre-/Post-Testing, Practice Set

1.2 Account for employer payroll taxes and use both U.S. and FSM payroll forms, journalize and post the liability and payment of payroll liabilities.

Pre-/Post-Testing, Practice Set

General SLO 2. Identify, compute and record basic transactions affecting certain types of assets, liabilities, revenues and expenses, and prepare related year-end adjusting and reversing entries, as appropriate.

Student Learning Outcomes

Assessment Strategies

2.1 Calculate the net realizable value of Accounts Receivable and Allowance for Doubtful Accounts using Income Statement and Balance Sheet approaches

Pre-/Post-Testing, Practice Set

2.2 Describe in detail the promissory note; make calculations for promissory notes including simple interest and determining the time of the note; account for Notes Receivable and Notes payable and prepare adjusting entries.

Pre-/Post-Testing, Practice Set

2.3 Determine and/or estimate the value   of ending merchandise inventory and cost of goods sold using various valuation/estimation methods.

Pre-/Post-Testing, Practice Set

2.4 Identify long-term assets and their “depreciable” cost, calculate depreciation using various depreciation methods, record disposal of plant assets, and calculate amortization and depletion expenses.

Pre-/Post-Testing, Practice Set

General SLO 3. Calculate and account for equity transactions in partnerships and in corporations.

Student Learning Outcomes

Assessment Strategies

3.1 Describe and prepare journal entries for the partnership form of business – its organization, formation, distribution of net income/ (loss), dissolution, and liquidation. 

Pre-/Post-Testing, Practice Set

3.2 Describe the corporate form of business, define its characteristics, explain stock terminology and journalize stock sales and repurchases (treasury stock).

Pre-/Post-Testing, Practice Set

3.3 Define retained earnings and calculate and journalize stock and cash dividend transactions and stock splits.  Prepare a statement of retained earnings and journal entries for retained earnings appropriations

Pre-/Post-Testing, Practice Set

D.    COURSE CONTENT

I.                   Payroll:  Employee Earnings and Deductions.

II.                Payroll:  Employer Taxes and other Obligations.

III.             Accounts Receivable and Bad Debts.

IV.             Notes Receivable and Notes Payable.

V.                Inventory Valuation.

VI.             Acquisition and Disposal of Plant Assets.

VII.          Depreciation, Amortization, and Depletion.

VIII.       Deferrals, Accruals and Reversing Entries

IX.             Partnership Accounting.

X.                Corporations:  Organization and Capital Stock

XI.             Corporations:  Retained Earnings and Dividends.

E.     METHODS OF INSTRUCTION

·      Students will be given “bite-size” reading assignments and apply principles from the text in exercises, which are given also as advanced assignments. Written assignments will be graded in class and shall be a basis for making pre-test assessments. (The purpose of these things is to encourage students to be more prepared in coming to class and become more independent learners.)

·      “Bite-size” topic discussions and evaluations will also be given so as to refrain from overwhelming the students.

·      Group activities shall also be conducted to enhance learning experience and to facilitate collaborative learning.

·      Students shall also be required to complete a comprehensive review problem (or a simulated practice set) as a semester-end project. To avoid domino effect, this project shall be completed on an installment basis and answer keys shall be provided after grading each installment was done.

·      Blend traditional and modern technology (develop eye-catching and interesting presentations) to stimulate and sustain student attention during lectures and class discussions.

·      Teach the course to students as future employees and businesspersons.

·      Provide student learning resources online.

F.     REQUIRED TEXT(S) AND COURSE MATERIALS

Dansby, Kaliski & Lawrence.(2000). Paradigm College Accounting Revised 4th (or current) Edition, (Chapters 11 – 20). St. Paul, MN: EMCParadigm.

Working Papers/Study Guide Manual (Chapters 11-20), Accounting II Practice Set, calculator, pens, pencil and ruler. 

G.    REFERENCE MATERIALS

McQuaig and Bille. (2004). College Accounting 9th (or current) Edition. USA: South-Western College Publishing (or most recent edition).

Warren, Reeve and Duchac. (2011).  Accounting 23rd (or current)Edition.

USA: South-Western College Publishing (or most recent edition).

Walther, Larry: Principles of Accounting. Retrieved January 14, 2010, from http://www.principlesofaccounting.com

H.  INSTRUCTIONAL COSTS

None

I.       EVALUATION

This course requires a grade of “C” or better to enroll in BU 250, and AC 250 and to qualify for TYC Accounting or General Business.

J.      CREDIT BY EXAMINATION

None

This website and all COM-FSM Internet based services are best viewed with Firefox 3.0 or better.
© Copyright 2014 College of Micronesia-FSM | Site Disclaimer
P. O. Box 159, Kolonia, Pohnpei, 96941 - (691) 320-2480
College of Micronesia-FSM is accredited by the Accrediting Commission for Community and Junior Colleges,
Western Association of Schools and Colleges, 10 Commercial Bldv., Suite 204, Novato, CA 94949, (415) 506-0234,
an institutional accrediting body recognized by the Council for Higher Education Accreditation and the U.S. Department of Education.
Additional information about accreditation, including the filing of complaints against member institutions, can be found at: www.accjc.org

feedback