Course Number and Title:
ACC 112 Accounting II
Prerequisites
Prerequisite: ACC 101 and (CIS 107 or OAT 152)
Course Credits and Hours
3 credit(s)
3 lecture hours/week
1 lab hours/week
Course Description
This course is a continuation of Accounting I to include the principles and procedures of partnerships, corporations, bonds, retained earnings, corporate securities, cash flow statements, introduction to managerial accounting with job order costing, cost-volume-profit (CVP) and incremental analysis, responsibility accounting, budgets, and standard costing.
Core Course Performance Objectives (CCPOs)
- Evaluate basic business transactions relating to the formation of a partnership, the division of income, and the liquidation of a partnership. (CCC 1, 2, 5, 6; PGC ACT 1, 3, 4; BAT 1, 5, 6; GBT 1, 5, 6; HMT 6; MAN 1, 5; MKT 1, 6)
- Evaluate basic business transactions relating to formation of a corporation and stockholders' equity. (CCC 1, 2, 5, 6; PGC ACT 1, 3, 4; BAT 1, 5, 6; GBT 1, 5, 6; HMT 6; MAN 1, 5; MKT 1, 6)
- Evaluate basic business transactions relating to long-term corporate debt. (CCC 2, 4, 5, 6; PGC ACT 1, 3, 4; BAT 1, 5, 6; GBT 1, 5, 6; HMT 6; MAN 1, 5; MKT 1, 6)
- Prepare and analyze the statement of cash flows. (CCC 2, 4, 5, 6; PGC ACT 1, 4, 5; BAT 1, 2, 5, 6; GBT 1, 2, 5, 6; HMT 6, 7; MAN 1, 2, 5; MKT 1, 2, 6)
- Analyze basic financial statements. (CCC 1, 2, 4, 5, 6; PGC ACT 1, 3, 4, 5; BAT 1, 2, 4, 5, 6; GBT 1, 2, 4, 5, 6; HMT 1, 6, 7; MAN 1, 2, 5; MKT 1, 2, 6, 7)
- Explain the differences between financial and managerial accounting, and analyze, record, and process basic transactions relating to managerial accounting. (CCC 1, 2, 4, 5, 6; PGC ACT 1, 2, 3; BAT 3, 5, 6; GBT 5, 6; MAN 5; MKT 6)
- Make decisions using managerial accounting data. (CCC 2,
3, 4, 5, 6; PGC ACT 2; BAT 3, 5; GBT 5, 6; HMT 4; MAN 5; MKT 6)
See Core Curriculum Competencies and Program Graduate Competencies at the end of the syllabus. CCPOs are linked to every competency they develop.
Measurable Performance Objectives (MPOs)
Upon completion of this course, the student will:
- Evaluate basic business transactions relating to the formation of a partnership, the division of income, and the liquidation of a partnership.
- Describe the characteristics of the partnership form of a business organization.
- Prepare journal entries for the formation of a partnership.
- Determine the division of partnership net income under different situations.
- Assess partnership financial statements and explain differences from those of other forms of organization.
- Evaluate basic business transactions relating to formation of a corporation and stockholders' equity.
- Identify the major characteristics of corporations.
- Describe the components of stockholders' equity.
- Prepare basic journal entries for common and preferred stock.
- Measure cash dividends, including allocation between preferred and common stockholders.
- Prepare journal entries for treasury stock transactions.
- Compare and contrast the treatment of stock dividends and stock splits.
- Describe the form and content of the statement of retained earnings.
- Compute earnings per share and explain its significance.
- Explain the differences among par value, book value, and market value.
- Evaluate basic business transactions relating to long-term corporate debt.
- Describe the characteristics of bonds and explain why bonds are issued.
- Analyze stocks versus bonds as alternative financing methods.
- Prepare journal entries to record basic bond transactions.
- Explain the amortization of bond discounts or premiums.
- Compare and contrast bonds and installment notes.
- Prepare and analyze the statement of cash flows.
- Identify the primary purpose of the statement of cash flows.
- Distinguish among operating, investing, and financing activities.
- Compute cash flow from operating activities using the direct method and the indirect method.
- Prepare a statement of cash flows.
- Prepare basic financial statement analysis.
- Explain the purpose of financial statement analysis.
- Prepare a horizontal and vertical analysis and make comments on significant changes.
- Compute relevant ratios, and make inferences regarding a firm's liquidity, profitability, and efficiency of asset management.
- Analyze financial reports of a publicly traded company.
- Distinguish between financial and managerial accounting, and evaluate basic transactions relating to managerial accounting.
- Explain nature of managerial accounting.
- Define product and period costs.
- Explain flow of manufacturing costs.
- Prepare manufacturing statement, balance sheet, and income statements for manufacturing company.
- Compute cost of goods sold for manufacturer.
- Make decisions using managerial accounting data.
- Describe elements of manufacturing costs and cost accounting systems.
- Explain job order cost sheets.
- Apply job order costing in pricing services.
- Describe and record flow of labor, materials, and overhead cost in job order costing.
- Determine adjustments for over and under applied overhead.
- Describe types of cost behavior.
- Compute contribution margin and break-even points.
- Describe the importance and benefits of budgeting and the process of budget administration.
- Describe a master budget and the process of preparing it.
Evaluation Criteria/Policies
The grade will be determined using the Delaware Tech grading system:
| 90-100 |
= |
A |
| 80-89 |
= |
B |
| 70-79 |
= |
C |
| 0-69 |
= |
F |
Students should refer to the
Catalog/Student Handbook for information on the Academic Standing Policy, the Academic Integrity Policy, Student Rights and Responsibilities, and other policies relevant to their academic progress.
Final Course Grade
Calculated using the following weighted average
|
Evaluation Measure
|
Percentage of final grade
|
|
Exams (3-5) (Summative Assessments) (Equally weighted)
|
60%
|
|
Project/Serial Problems (Summative Assessments)
|
10%
|
|
Formative Assessments (Assignments/Activities/Quizzes, etc.)
|
30%
|
|
TOTAL
|
100%
|
Program Graduate Competencies (PGCs are the competencies every graduate will develop specific to his or her major)
Accounting (ACT):
- Prepare and analyze financial statements in accordance with Generally Accepted Accounting Principles.
- Analyze data to process information for decision-making under a product and job costing system.
- Apply tax laws to the preparation of tax returns and to tax plans.
- Integrate professional, ethical and legal standards into business practice.
- Employ the various theories of management and marketing in a business.
General Business (GBT):
- Integrate professional, ethical and legal standards into business practice.
- Employ the various theories of management and marketing in a business.
- Apply the principles of human resource management to organizations.
- Evaluate the actions taken to acquire and retain customers.
- Measure and track financial performance of an organization.
- Analyze and apply the strategic management process to organizations.
Management (MAN):
- Integrate professional, ethical and legal standards into business practice.
- Employ the various theories of management and marketing in a business.
- Utilize management functions, roles, and interpersonal skills to lead/manage first-level employees regardless of organizational size.
- Apply the principles of human resource management to organizations.
- Analyze and apply the strategic management process to organizations.
Marketing (MKT):
- Integrate professional, ethical and legal standards into business practice.
- Employ the various theories of management and marketing in a business.
- Develop integrated sales presentations.
- Utilize graphic design elements to develop professional hard-copy and electronic marketing/advertising materials.
- Apply e-Marketing techniques to create a competitive presence.
- Analyze the marketing strategic planning process of an organization.
- Evaluate the actions taken to acquire and retain customers.
Business Administration Transfer (BAT):
- Integrate professional, ethical, and legal standards into business practice.
- Employ the various theories of management and marketing in a business.
- Analyze data to process information for decision-making under a product and job costing system.
- Evaluate the actions taken to acquire and retain customers.
- Measure and track financial performance of an organization.
- Analyze and apply the strategic management process to organizations.
Hospitality Management (HMT):
- Utilize management roles and interpersonal skills to lead/manage first level employees in a hospitality setting.
- Prepare food and beverage menus for a variety of hospitality requirements considering price, quality, and selection.
- Utilize knowledge of facilities management to aid in decision making.
- Perform cost calculations and apply to decision making situations pertaining to factors of production.
- Evaluate levels of food safety and sanitation to maintain a safe and sanitary work environment.
- Integrate professional, ethical and legal standards into business practice.
- Employ the various theories of management and marketing in a business.
Core Curriculum Competencies (CCCs are the competencies every graduate will develop)
- Apply clear and effective communication skills.
- Use critical thinking to solve problems.
- Collaborate to achieve a common goal.
- Demonstrate professional and ethical conduct.
- Use information literacy for effective vocational and/or academic research.
- Apply quantitative reasoning and/or scientific inquiry to solve practical problems.
Students in Need of Accommodations Due to a Disability
We value all individuals and provide an inclusive environment that fosters equity and student success. The College is committed to providing reasonable accommodations for students with disabilities. Students are encouraged to schedule an appointment with the campus Disabilities Support Counselor to request an accommodation needed due to a disability. The College's policy on accommodations for persons with disabilities can be found in the College's Guide to Requesting Academic Accommodations and/or Auxiliary Aids Students may also access the Guide and contact information for Disabilities Support Counselors through the Student Resources web page under Disabilities Support Services, or visit the campus Advising Center.