Syllabus for ACC-602

ADVANCED ACCOUNTING


COURSE DESCRIPTION

This course provides valuable information about accounting for home office and branches, business combinations and consolidations.  Also, the course focuses on concepts and techniques of accounting for partnerships and foreign currency transactions.  The course provides various techniques for solving some of the more complex problems in the business environment.

COURSE TOPICS

  • Nature of business combination
  • Types of combinations
  • Alternative concepts of consolidated financial statements
  • FASB’s Conceptual Framework
  • FASB’s Codification Project
  • FASB Standard No. 141 Revised
  • Goodwill impairment test
  • Pro forma financial statements and disclosure requirements
  • IFRS No. 3
  • Consolidated financial statement at the date of acquisition
  • Eliminating journal entries
  • Recording the investment by the parent company
  • Consolidated financial statements for more than one subsidiary
  • Consolidated financial statements after acquisition
  • Cost and equity methods
  • Consolidated statement of cash flow
  • Measuring goodwill at the time of acquisition
  • The concept of push down accounting
  • Eliminating journal entries for unrealized profit on intercompany sales of inventory; downstream and upstream
  • Consolidated financial statements: downstream and upstream
  • Eliminating journal entries for unrealized gain or loss on intercompany sale of property and equipment; downstream and upstream
  • Measuring the value of noncontrolling interest
  • FASB Standard No. 131

  • Change in ownership interest
  • Accounting for sale of the subsidiary stocks by the parent company; cost and equity method
  • Accounting for intercompany bond transactions
  • Constructive retirement of debt
  • Accounting for stock dividend issued by subsidiary company
  • Consolidating a subsidiary with preferred stock outstanding
  • Accounting for foreign currency transaction and the use of exchange rates
  • Hedging foreign exchange risk
  • Forward hedging contract
  • Accounting methods of translating financial statements of foreign subsidiaries
  • FASB Standard No. 52
  • The use of functional currency
  • Quantitative tests for reportable segments
  • Disclosure requirements for reportable segments
  • Major customers and geographic areas
  • FASB ASC No. 280
  • Accounting changes and tax issues in interim financial reporting
  • Accounting for partnership formation
  • Admission of a new partner
  • Division of income among partners
  • Withdrawals of a partner
  • Partnership liquidations
  • Simple and installment methods
  • Incorporation of a partnership
  • FASB Standard No. 164

COURSE OBJECTIVES

Upon the successful completion of this course, the student will be able to:

  1. Analyze then explain the nature and types of business combinations.
  2. Compare and contrast the differences between the US GAAP and the IFRS regarding accounting for business combinations.
  3. Analyze various accounting methods to prepare the consolidated financial statements.
  4. Assess the accounting method of measuring goodwill at the date of acquisition.
  5. Summarize the proper accounting treatment for intercompany sale of inventory, property and equipment; downstream and upstream.
  6. Compare and contrast different accounting methods for changes in ownership interest.
  7. Explain the proper accounting treatment for intercompany bonds transactions and foreign currency transactions.
  8. Evaluate the accounting methods for translating financial statements of foreign subsidiary.
  9. Explain the quantitative tests for determining reportable segments.
  10. Outline and explain the proper accounting methods to prepare interim financial reports.
  11. Outline and summarize the proper accounting treatment for partnerships’ transactions.
  12. Compare and contrast the differences in accounting for business, combinations for business enterprises and not-for-profit organizations.

COURSE MATERIALS

You will need the following materials to do the work of the course. The required textbook is available from the College’s textbook supplier, MBS Direct.

Required Textbook

by Debra C. Jeter, Paul K. Chaney (2011).


ISBN-13: 978-1-1180-2229-0

COURSE STRUCTURE

Advanced Accounting is a three-credit online course, consisting of nine (9) modules. Modules include an overview, topics, study materials, and activities. Module titles are listed below.

Consult the course Calendar for assignment due dates.

ASSESSMENT METHODS

For your formal work in the course, you are required to participate in online discussion forums, complete written assignments and complete a final project. See below for details.

 

Consult the course Calendar for assignment due dates.

Discussion Forums

You are required to participate in nine (9) graded discussion forums.  Discussion forums are on a variety of topics associated with the courses modules. There is also an ungraded but required introduction forum in Module 1.

Written Assignments

You are required to complete nine (9) written assignments. The written assignments are on a variety of topics associated with the course modules.

Final Project

The Final Project requires 10-12 pages of academic research paper written in APA Style.  See final project area of the course website for more details.

GRADING AND EVALUATION

Your grade in the course will be determined as follows:

All activities will receive a numerical grade of 0–100. You will receive a score of 0 for any work not submitted. Your final grade in the course will be a letter grade. Letter grade equivalents for numerical grades are as follows:

A

=

93–100

B–

=

80–82

A–

=

90–92

C+

=

78–79

B+

=

88–89

C

=

73–77

B

=

83–87

F

=

Below 73

To receive credit for the course, you must earn a letter grade of C or higher on the weighted average of all assigned course work (e.g., assignments, discussion postings, projects, etc.). Graduate students must maintain a B average overall to remain in good academic standing.


STRATEGIES FOR SUCCESS

First Steps to Success

To succeed in this course, take the following first steps:

Study Tips

Consider the following study tips for success:

ACADEMIC INTEGRITY

Students at Thomas Edison State College are expected to exhibit the highest level of academic citizenship. In particular, students are expected to read and follow all policies, procedures, and program information guidelines contained in publications; pursue their learning goals with honesty and integrity; demonstrate that they are progressing satisfactorily and in a timely fashion by meeting course deadlines and following outlined procedures; observe a code of mutual respect in dealing with mentors, staff, and other students; behave in a manner consistent with the standards and codes of the profession in which they are practicing; keep official records updated regarding changes in name, address, telephone number, or e-mail address; and meet financial obligations in a timely manner. Students not practicing good academic citizenship may be subject to disciplinary action including suspension, dismissal, or financial holds on records.

 

Academic Dishonesty

Thomas Edison State College expects all of its students to approach their education with academic integrity—the pursuit of scholarly activity free from fraud and deception. All mentors and administrative staff members at the College insist on strict standards of academic honesty in all courses. Academic dishonesty undermines this objective. Academic dishonesty can take the following forms:

Please refer to the Academic Code of Conduct Policy in the College Catalog and online at www.tesc.edu.

 

 

Plagiarism

Using someone else’s work as your own is plagiarism. Thomas Edison State College takes a strong stance against plagiarism, and students found to be plagiarizing will be severely penalized. If you copy phrases, sentences, paragraphs, or whole documents word-for-word—or if you paraphrase by changing a word here and there—without identifying the author, or without identifying it as a direct quote, then you are plagiarizing. Please keep in mind that this type of identification applies to Internet sources as well as to print-based sources. Copying and pasting from the Internet, without using quotation marks and without acknowledging sources, constitutes plagiarism. (For information about how to cite Internet sources, see Online Student Handbook > Academic Standards > “Citing Sources.”)

Accidentally copying the words and ideas of another writer does not excuse the charge of plagiarism. It is easy to jot down notes and ideas from many sources and then write your own paper without knowing which words are your own and which are someone else’s. It is more difficult to keep track of each and every source. However, the conscientious writer who wishes to avoid plagiarizing never fails to keep careful track of sources.

Always be aware that if you write without acknowledging the sources of your ideas, you run the risk of being charged with plagiarism.

Clearly, plagiarism, no matter the degree of intent to deceive, defeats the purpose of education. If you plagiarize deliberately, you are not educating yourself, and you are wasting your time on courses meant to improve your skills. If you plagiarize through carelessness, you are deceiving yourself.

For examples of unintentional plagiarism, advice on when to quote and when to paraphrase, and information about writing assistance and originality report checking, click the links provided below.

Examples of Unintentional Plagiarism 

When to Quote and When to Paraphrase

Writing Assistance at Smarthinking

Originality Report Checking at Turnitin

 

Disciplinary Process

First-time incidents of academic dishonesty concerning plagiarism may reflect ignorance of appropriate citation requirements. Mentors will make a good faith effort to address all first-time offenses that occur in courses. In these cases, the mentor may impose sanctions that serve as a learning exercise for the offender. These may include the completion of tutorials, assignment rewrites, or any other reasonable learning tool including a lower grade when appropriate. The mentor will notify the student by e-mail. Decisions about the sanctions applied for subsequent plagiarism offenses or other violations will be made by the appropriate dean’s office, with the advice of the mentor or staff person who reported the violation. The student will be notified via certified mail of the decision. Options for sanctions include:

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