Course
Description:
This is a one-semester course
that builds on the understanding of accounting principles developed in the
first and second financial accounting courses as well as the course on
managerial accounting. Topics covered will include exploring the financial
reporting environment, the conceptual framework of financial reporting, a
detailed theoretical study of the financial statements, of cash and
receivables, inventories, property plant and equipment (including depreciation
and depletion), intangible assets and current liabilities.
A. PROGRAM LEARNING OUTCOMES(PLOs):
The student will be able to:
1.
Demonstrate
an understanding of intermediate
accounting principles by describing the financial reporting environment and
the conceptual framework of financial accounting, analyzing financial
statements in detail, and accounting for cash and receivables, inventories,
property, plant and equipment, intangibles, liabilities, stockholders’ equity,
and other special areas.
2.
Demonstrate
an understanding of cost accounting
systems relevant to managerial-decision making, planning and control by solving
problems involving various costing and budgeting methods; by applying
financial, inventory and production management techniques in cost accounting;
and by accurately measuring short- and long-term organizational performance.
3.
Demonstrate
competence in analyzing and recording various transactions for state and local governments, the federal government,
colleges and universities, and other nonprofit
organizations; in preparing and interpreting financial statements; and in
explaining differences between public and private sector accounting.
4.
Demonstrate
an understanding of wide range of tax concepts with special focus on the taxation of business entities in the
United States and the Federated States of Micronesia and a minor emphasis on
the individual taxation in the two countries.
5.
Demonstrate
an understanding of the statistical
methods of sampling and estimating population statistics and competence in
using computer software to calculate point estimates and confidence intervals
and use statistical methods to test hypotheses, recognize trends and make
forecasts to support decisions in the business/economics environment
6.
Apply
knowledge acquired from accounting and other courses by solving real world
accounting and general workplace problems in a particular organization in the
COM-FSM Internship Program.
B. STUDENT LEARNING OUTCOMES (SLOs) -GENERAL:
The student will be able to:
1. Develop and demonstrate general understanding of
financial reporting and its environment
2. Explain the details of accounting and reporting for
cash and receivables, inventories, property
plant and equipment (including depreciation and depletion), intangibles, and
current liabilities.
SLO
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PLO1
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PLO2
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PLO3
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PLO4
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PLO5
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PLO6
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1
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DM
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DM
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2
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DM
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DM
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I = Introduced
D = Demonstrated
M = Mastered
C. STUDENT
LEARNING OUTCOMES (SLOs) – SPECIFIC:
The
student will be able to:
General SLO 1. Develop and demonstrate general
understanding of financial reporting and its environment.
Student Learning Outcomes
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Assessment Strategies
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1.1 Explain the purpose of financial accounting and the
ethical issues facing financial accountants.
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Pre-/Post-Testing
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1.2 Explain the sources of Generally Accepted Accounting
Principles (GAAP) and the individual components of conceptual framework of
financial reporting.
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Pre-/Post-Testing
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1.3 Explain the entire accounting cycle and how the
effectiveness of the accounting information system can affect the quality and
accuracy of accounting information.
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Pre-/Post-Testing
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1.4 Explain the uses and limitations of, and prepare
income statement and statement of other accumulated comprehensive income in
accordance with GAAP.
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Pre-/Post-Testing
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1.5 Explain the uses and limitations of, and prepare
cash flow statement and balance sheet in accordance with GAAP.
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Pre-/Post-Testing
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1.6 Explain the need for, and prepare notes to financial
statements.
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Pre-/Post-Testing
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General SLO 2. Explain the
details of accounting and reporting for transactions involving cash and
receivables, inventories, property plant and equipment (including depreciation
and depletion), intangibles, and current liabilities.
Student Learning Outcomes
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Assessment Strategies
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2.1 Identify cash and cash equivalents, prepare entries
arising from petty cash transactions, correctly prepare a bank reconciliation
statement and bring the cashbook balance to its adjusted amount, and explain
how cash is presented in the balance sheet.
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Pre-/Post-Testing
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2.2 Correctly account for transactions involving
accounts receivable, interest bearing and non-interest bearing notes
receivable; and explain how receivables should be presented in financial
statements.
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Pre-/Post-Testing
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2.3 Distinguish inventory from non-inventory items;
identify major classifications of inventory; and account for inventory
transactions using perpetual and periodic inventory using FIFO, LIFO, and
Average and Specific Identification cost flow assumptions.
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Pre-/Post-Testing
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2.4 Explain how to report and analyze inventory, using
actual inventory balances and if not available, using various methods of
inventory estimation, which considers previous purchase commitments made.
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Pre-/Post-Testing
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2.5 Describe property, plant and equipment, correctly
calculate their related acquisition and after-acquisition costs to be, and
account for all property, plant and equipment transactions.
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Pre-/Post-Testing
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2.6 Explain the nature of, and issues associated with
depreciation, asset impairment, and depletion; compute and compare
depreciation using activity, straight-line and decreasing-charge methods of
depreciation and explain how to report and analyze property, plant and
equipment, and asset impairment in financial statements.
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Pre-/Post-Testing
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2.7 Describe intangible assets and the different types
of intangible assets; calculate their costs and amortization; explain the
accounting issues related to intangible asset impairments; and present of
intangible assets and related items in financial statements.
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Pre-/Post-Testing
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2.8 Discuss the nature, type and valuation of current
liabilities; and present and analyze liabilities and contingencies.
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Pre-/Post-Testing
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D. COURSE
CONTENT
1.
The Financial
Accounting and Accounting Standards
2.
The Conceptual
Framework Underlying Financial Reporting
3.
Accounting
Information System
4.
The Income
Statement and Related Information
5.
Balance Sheet and
Statement of Cash Flows
6.
Cash and
Receivables
7.
Valuation of
Inventories: A Cost-Basis Approach
8.
Inventories:
Additional Valuation Issues
9.
Acquisition and
Disposition of Property, Plant and Equipment
10. Depreciation, Impairments and Depletion
11. Intangible Assets
12. Current Liabilities and Contingencies
E. METHODS
OF INSTRUCTION
Lectures
and electronic presentations
Simulation
activities (ex. problem solving)
Provide
student learning resources online.
F. REQUIRED
TEXT(S) AND COURSE MATERIALS
Kieso, Weygant &
Warfield: Intermediate Accounting, 14th
Edition, Wiley, USA: 2009 (or most recent edition).
Calculator, pens, pencil and
ruler
G. REFERENCE
MATERIALS
Nikolai, Bazley & Jones: Intermediate Accounting 10th
Edition, Thomson South-Western, USA: 2007 (or most recent edition).
Stice & Stice: Intermediate Accounting 17th Edition, South-Western College
Publishers: 2009 (or most recent edition).
H. INSTRUCTIONAL COSTS
None
I.
EVALUATION
None
J. CREDIT BY
EXAMINATION
None