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

  1. Nature of business combination
  2. Types of combinations
  3. Alternative concepts of consolidated financial statements
  4. FASB’s Conceptual Framework
  5. FASB’s Codification Project
  6. FASB Standard No. 141 Revised
  7. Goodwill impairment test
  8. Pro forma financial statements and disclosure requirements
  9. IFRS No. 3
  10. Consolidated financial statement at the date of acquisition
  11. Eliminating journal entries
  12. Recording the investment by the parent company
  13. Consolidated financial statements for more than one subsidiary
  14. Consolidated financial statements after acquisition
  15. Cost and equity methods
  16. Consolidated statement of cash flow
  17. Measuring goodwill at the time of acquisition
  18. The concept of push down accounting
  19. Eliminating journal entries for unrealized profit on intercompany sales of inventory; downstream and upstream
  20. Consolidated financial statements: downstream and upstream
  21. Eliminating journal entries for unrealized gain or loss on intercompany sale of property and equipment; downstream and upstream
  22. Measuring the value of noncontrolling interest
  23. FASB Standard No. 131

  1. Change in ownership interest
  2. Accounting for sale of the subsidiary stocks by the parent company; cost and equity method
  3. Accounting for intercompany bond transactions
  4. Constructive retirement of debt
  5. Accounting for stock dividend issued by subsidiary company
  6. Consolidating a subsidiary with preferred stock outstanding
  1. Accounting for foreign currency transaction and the use of exchange rates
  2. Hedging foreign exchange risk
  3. Forward hedging contract
  4. Accounting methods of translating financial statements of foreign subsidiaries
  5. FASB Standard No. 52
  6. The use of functional currency
  7. Quantitative tests for reportable segments
  8. Disclosure requirements for reportable segments
  9. Major customers and geographic areas
  10. FASB ASC No. 280
  11. Accounting changes and tax issues in interim financial reporting
  12. Accounting for partnership formation
  13. Admission of a new partner
  14. Division of income among partners
  15. Withdrawals of a partner
  16. Partnership liquidations
  17. Simple and installment methods
  18. Incorporation of a partnership
  19. 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

  1. Advanced Accounting, 5th Edition

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.

  1. Module 1: Introduction to Business Combinations
    Course objectives covered in this module: 1
  2. Module 2: Accounting for Business Combinations
    Course objectives covered in this module: 2
  3. Module 3: Consolidated Financial Statements
    Course objectives covered in this module: 3
  4. Module 4: Intercompany Sale of Inventory: Downstream and Upstream
    Course objectives covered in this module: 4, 5
  5. Module 5: Intercompany Sale of Property and Equipment: Downstream and Upstream
    Course objectives covered in this module: 5, 6
  6. Module 6: Intercompany Bond Transactions
    Course objectives covered in this module: 7
  7. Module 7: Foreign Currency Transactions and Financial Statements Translation
    Course objectives covered in this module: 7, 8
  8. Module 8: Segment and Interim Financial Reporting
    Course objectives covered in this module: 9, 10

  1. Module 9: Accounting for Partnerships
    Course objectives covered in this module: 11

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:

  1. Online discussions (9)20 percent
  2. Written assignments (9)50 percent
  3. Final project30 percent

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:

  1. Read carefully the entire Syllabus, making sure that all aspects of the course are clear to you and that you have all the materials required for the course.
  2. Take time to read the entire Online Student Handbook. The Handbook answers many questions about how to proceed through the course and how to get the most from your educational experience at Thomas Edison State College.
  3. Familiarize yourself with the learning management systems environment—how to navigate it and what the various course areas contain. If you know what to expect as you navigate the course, you can better pace yourself and complete the work on time.
  4. If you are not familiar with Web-based learning be sure to review the processes for posting responses online and submitting assignments before class begins.

Study Tips

Consider the following study tips for success:

  1. To stay on track throughout the course, begin each week by consulting the course Calendar. The Calendar provides an overview of the course and indicates due dates for submitting assignments, posting discussions, and scheduling and taking examinations.
  2. Check Announcements regularly for new course information.

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 takes the following forms:

  1. Cheating
  2. Plagiarizing (including copying and pasting from the Internet without using quotation marks and without acknowledging sources)
  3. Fabricating information or citations
  4. Facilitating acts of dishonesty by others
  5. Unauthorized access to examinations or the use of unauthorized materials during exam administration
  6. Submitting the work of another person or work previously used without informing the mentor
  7. Tampering with the academic work of other students

Academic dishonesty will result in disciplinary action and possible dismissal from the College. Students who submit papers that are found to be plagiarized will receive an F on the plagiarized assignment, may receive a grade of F for the course, and may face dismissal from the College.

A student who is charged with academic dishonesty will be given oral or written notice of the charge. If a mentor or the College official believes the infraction is serious enough to warrant referral of the case to the academic dean, or if the mentor awards a final grade of F in the course because of the infraction, the student and the mentor will be afforded formal due process.

If a student is found cheating or using unauthorized materials on an examination, he or she will automatically receive a grade of F on that examination. Students who believe they have been falsely accused of academic dishonesty should seek redress through informal discussions with the mentor, through the office of the dean, or through an executive officer of Thomas Edison State College.

Plagiarism

Using someone else’s work as your own is plagiarism. Although it may seem like simple dishonesty, plagiarism is against the law. 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, 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 the 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.

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