Advanced Accounting: Special Topics
Prerequisite: Intermediate Accounting (ACCTG 4 or ACCTG 10C).
This course covers special accounting topics, including accounting for foreign currency transactions, partnerships, state and local governments, not-for-profits entities and accounting research.
Upon completion of this course the student will be able to:
• Describe and record foreign currency transactions.
• Analyze and prepare transactions relating to partnerships including formation, recording of income or loss, adding and deleting a partner and liquidation.
• Apply Governmental Accounting Standards to transactions and financial statements for state and local governments.
• Analyze and record transactions, as well as prepare financial statements for not-for profit entities.
• Demonstrate the ability to use the FARS research disk or web resources to document and justify the recording and presentation of accounting data related to all of the above.
12.5% Foreign currency transactions and hedging exchange risk
12.5% Translation of foreign currency financial statements
12.5% Partnerships Formation and Income Distribution
12.5% Partnerships: change in ownership and liquidation
25.0% Accounting for State and Local governments
12.5% Accounting for not-for-profit entities
12.5% Accounting Research using the FARS research database or web resources
Student Learning Outcome(s):
1. Student will analyze and record transactions pertaining to foreign currency, partnerships, state and local government and non-profit entities, based on published standards and Interpretations and the Conceptual Framework promulgated by the Financial Accounting Standards Board and Government Accounting Standards Board.
As assessed by: Quizzes and Exams
2. Student will perform accounting research using web-based and published resources related to Generally Accepted Accounting Principles.
As assessed by: Research Assignments