Jul 15, 2024  
2024-2025 Catalog 
    
2024-2025 Catalog
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ACC 230 - Advanced Accounting


Credits: 3
3 Lecture Hours

Prerequisites: ACC 202  

 
Description
This course introduces students to accounting topics aligned with the Financial Accounting Standards Board Accounting Standards Codification (FASB ASC). The focus is on business combinations which provide the basic knowledge necessary to successfully complete the certified public accountant (CPA) examination. Accounting for derivatives, foreign currency transactions and translations and international reporting standards are included. Additional topics include partnerships, governmentals, antitrust considerations, not-for-profits, variable interest entities, fair value accounting and estates and trusts.


Learning Outcomes
Upon successful completion of the course, the student will:

  1. Prepare basic consolidated financial statements necessary on an interim and year-end basis for the reporting entity.
  2. Apply appropriate GAAP and international accounting standards when choosing the appropriate business combination standards.
  3. Describe how global economies affect application of financial accounting standards versus international accounting standards.
  4. Determine when antitrust considerations adversely affect proposed transactions.
  5. Construct consolidated financial statements subsequent to corporate acquisition.

 

 Listed Topics

  1. Business combinations, stock investments
  2. Consolidated financial statements
  3. Intercompany profit transactions
  4. Consolidations
  5. Indirect and mutual holdings
  6. Subsidiary preferred stock, consolidated earnings per share (EPS), consolidated income taxation
  7. Consolidation theories, push-down accounting and corporate joint ventures
  8. Derivatives and foreign currency
  9. Accounting derivative and hedging activities
  10. Partnerships formation, operation, ownership, interest changes and liquidation
  11. Corporate liquidations and reorganization
  12. Accounting for state and local governments
  13. State and local government units
  14. Accounting for not-for-profits
Reference Materials
Instructor-approved textbook and materials.
Students who successfully complete this course acquire general knowledge, skills and abilities that align with CCAC’s definition of an educated person. Specifically, this course fulfills these General Education Goals:
  • Communication
  • Critical Thinking and Problem Solving
  • Information Literacy
Approved By: Dr. Quintin B. Bullock Date Approved: 2/18/2022
Last Reviewed: 2/18/2022


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