AC-321 Intermediate Accounting II

GENERAL INFORMATION:

COURSE HOURS/CREDITS:

PURPOSE OF COURSE:

[ ] Degree requirement

[ ] Degree elective

[X] Certificate

[ ] Other

PREREQUISITES: AC 320 Intermediate Accounting I

PSLOs OF OTHER PROGRAMS THIS COURSE MEETS:

CAC Chair signatures:_________ Date recommended:__________

VPIA signature::__________ Date approved:________________

INSTITUTIONAL STUDENT LEARNING OUTCOMES

2. PROGRAM STUDENT 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; and
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.

3. COURSE STUDENT LEARNING OUTCOMES (CSLOs) - (General):
The student will be able to:

1. Demonstrate knowledge and skills in accounting and financial reporting for intangible assets and liabilities;
2. Demonstrate knowledge and skills in accounting and financial reporting for investments, and stockholders’ equity; and
3. Demonstrate knowledge and skills in accounting and financial reporting for taxes.

4. COURSE STUDENT LEARNING OUTCOMES (CSLOs)(Specific):
The student will be able to:

5. COURSE CONTENTS

1. Intangible Assets
2. Current Liabilities and Contingencies
3. Long-term Liabilities
4. Stockholders’ Equity
5. Dilutive Securities and Earnings per Share
6. Investments
7. Revenue Recognition
8. Accounting for Income Taxes
9. Accounting for Benefits and Pensions
10. Accounting for Leases

6. METHODS OF INSTRUCTION

[X] Lecture [X] Cooperative learning groups

[ ] Laboratory [X] In-class exercise

[ ] Audio visual [X] Demonstrations

[X] Other: Learning Management System

7. REQURIED TEXT(S) AND COURSE MATERIALS

• Wahlen, Jones, Pagach. Intermediate Accounting: Reporting and Analysis, 3rd ed., Cengage learning, 2020 (or most recent edition).
• Texas Instruments Business Analyst II Calculator
• Digital resources: Cengage MindTap Learning Management System (LMS)
• Computer with internet access
• GoVenture business simulation program

8. REFERENCE MATERIALS

• Kieso, Weygant. et al., Intermediate Accounting, 14th ed., Wiley, USA: 2009 (or most recent edition).
• Nikolai, Bazley et al., Intermediate Accounting, 10th Edition, Thomson South-Western, USA, 2007 (or most recent edition).
• Stice & Stice., Intermediate Accounting, 17th ed., South-Western College Publishers, 2009 (or most recent edition).

9. INSTRUCTIONAL COSTS

None

10. EVALUATION
Summative evaluation is accomplished by having the student complete the examinations and final project (compilation of case reports).

The student will need at least a grade of “C” to pass the course.

11.CREDIT BY EXAMINATION

None