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SMC|Academic Programs|Business Department|Accounting Consolidations

Accounting Consolidations

3 Units
Prerequisite:  Intermediate Accounting (ACCTG 4 or ACCTG 10C)

Catalog Description: 
This course begins with the study of business combinations and covers in depth the preparation of consolidated financial statements and Financial Accounting Standards Board (FASB) 141.  This course also covers accounting for estates and trusts.

Course Objectives:
Upon completion of this course the student will be able to:

• Analyze and record transactions involving the equity method of accounting for investments in other companies
• Analyze and prepare consolidated financial statements at the date of acquisition and subsequent to acquisition (including statements of cash flow) by applying principles outlined in FASB statement 14 and other Generally Accepted Accounting Principles (GAAP)
• Identify and analyze changes in ownership in consolidated companies as well as other complicated transactions involving intercompany assets and liabilities.
• Analyze and record transactions as well as prepare financial statements for estates and trusts.
 
Course Content:

15%    The Equity method of Accounting for Investments in other companies
15%    Consolidation of Financial information
14%    Consolidations subsequent to the date of acquisition
14%    Consolidated financial statements and outside ownership
14%    Accounting for Intercompany transactions in consolidation
14%    Consolidated Cash flows
14%    Accounting for Estates and trusts

Student Learning Outcome(s):
       
1. Student will analyze and record transactions involving investments in other companies, and prepare consolidated financial statements based on published standards and Interpretations and the Conceptual Framework promulgated by the Financial Accounting Standards Board.
As assessed by: Quizzes and Exams

2. Student will analyze and record transactions pertaining to estate and trust based on published standards and Interpretations and the Conceptual Framework promulgated by the Financial Accounting Standards Board.
As assessed by: Quizzes and Exams