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Course Objectives/Course Outline
Spokane Community College
Course Title:
Accounting Integration
Prefix and Course Number:
ACCT 204
Course Learning Outcomes:
By the end of this course, a student should be able to:
 Evaluate, calculate and record adjusting entries of a business. Adjusting
entries consist of deferred revenues and expenses and accrued revenues
and expenses.
 Evaluate accounts; complete a worksheet through the adjusted trial
balance.
 Perform a monthly bank reconciliation and find and correct errors:
o Find and correct errors in the trial balance
o Accrual errors discovered before the books are closed; and
o Deferral errors discovered before the books are closed.
 Compute and record cost of goods sold and ending inventory using
weighted average and moving average costing.
 Compute and record cost of goods sold and ending inventory using first-in,
first-out (FIFO) costing.
 Compute and record cost of goods sold and ending inventory using last-in,
first-out (LIFO) costing.
 Compute and record changes in inventory under the lower of cost or
market (LCM) rule.
 Install basic internal controls, including segregation of duties, for
preventing employee theft of inventory and other noncash assets, the
signs of theft, and the schemes that are used to steal.
 Help a company with the basics of background checks on applicants to
reduce the likelihood of hiring employees who steal, how to insure or bond
employees who have access to company cash, and how to segregate
duties to minimize the chance of employee fraud or theft of cash.
 Install internal controls that prevent check fraud by employees or
customers, how to spot counterfeit and altered checks, and the basics of
check-fraud schemes.
 Install internal controls that prevent credit card fraud by customers, and
how to spot counterfeit credit cards.
 Understand how qualifying assets are depreciated on the financial
statements and tax returns.
 Depreciate for book purposes assets purchased at any time during the
year under the straight-line, units of production, declining balance, and
sum-of-the-years digits methods.
 Depreciate both listed assets and real-estate for tax purposes.
 Depreciate vehicles, including passenger automobiles, for tax purposes.
 Carry out the basic payroll function, including paying wages, withholding,
depositing and reporting taxes, and preparing federal forms.
 Understand basic reporting of wages and taxes for Forms 940, 941, 944,
945, W-2, W-3 and 1099.
 Make journal entries for the payroll distribution, payroll-related expenses,
payroll liabilities, and remittance of employer taxes.
 Prepare and take a nationally recognized bookkeeper certification test.
Course Outline:
The Foundation of Governmental and Not-for-Profit Accounting
I.
II.
III.
IV.
V.
Accounting Information Systems
a. The roll and purpose of accounting information systems
b. Transaction processing in the AIS
c. Sales/Collection process.
d. Acquisition/Payment process.
e. Professionalism and ethics
f. Internal Controls
Forensic Accounting
a. Financial statement fraud
b. Earnings management and the quality of financial reporting
c. Employee, Vendor, and other fraud against the organization.
Not-For-Profit Accounting and Financial Reporting
a. Types of Not-For-Profit Organizations
b. Not-For-Profit Fund Categories and Types
c. Accounting for revenues, contributions and other exchange
transactions
d. Preparation of basic financial statements.
Fundamentals of Taxation
a. Introduction to taxation / 1040EZ
b. Expanded tax formula / 1040A and 1040
c. Gross income
d. Adjustments for adjusted gross income
e. Itemized deductions
f. Self-Employed Business Income / 1040 Sch C.
Bookkeeper Certification process and requirements.