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Course Content Form PIMA COMMUNITY COLLEGE Effective Term: Fall 2014 ACC 255 Credit Hours: 1.00 Business Admissions Exam Review Lecture Periods: 1.00 Lab Periods: Description: Review of basic accounting systems including the accounting cycle, identification of events that characterize economic activity, and the collection and communication of financial activity. Reexamines recording and analyzing accounting data; financial reports; internal control of assets; and the measurement and reporting of liabilities and owner's equity. Also includes principles of business, finite math, basic probability, summation, compound interest, random variables and random sampling. Prerequisite(s): ACC 211 and either MAT 172 or MAT 173. Recommendation: Students have a "B" or better in prerequisites due to rigorous program entrance requirements. ACC 212 and math requirements should be taken in the semester before you sit for the Eller School of Business Entrance Exam. Information: Prerequisites or consent of instructor is required before enrolling in this course. May be taken four times for a maximum of four credit hours. Student Learning Outcomes: Upon successful completion of the course, the student will be able to: 1. 2. 3. 4. 5. 6. 7. 8. Demonstrate the ability to apply the conceptual framework and standards of Generally Accepted Accounting Practices (GAAP). Describe the accounting model, the measurement process, the data classification, and the terminology of accounting. Analyze the concepts affecting the content and organization of financial statements. Analyze transactions and events that characterize economic activity. Analyze accounting concepts for valuing inventory, property, plant and equipment; recording depreciation; determining book value; and reporting gains and losses. Interpret and apply basic financial ratios for profitabilility, solvency, and debt. Examine and analyze the impact of inventory, depreciation, accrual accounting, and estimation techniques to determine the effect of bad debts on financial statements. Apply the basic concepts learned in MAT 173 and MAT 174 to economic activities for business entities. Outline: I. II. III. Accounting, Debt, and Credit A. Review Generally Accepted Accounting (GAAP) and the major organizations responsible for setting GAAP standards B. Review Debit and Credit rules and the procedures for recording transactions in the General Journal Review the Basic Assumptions, Principles, and Constraints of Reporting Financial Information A. Cash basis B. Accrual basis Review the Major Financial Statements A. Income Statement B. Balance Sheet C. Retained Earnings Statement D. Cash Flow Statement IV. Review Inventory Systems Procedure Differences and Inventory Methods Impact on Financial Statements A. Perpetual and periodic inventory systems B. Procedure for recording the transactions for each in the General Journal C. First in, first out (FIFO) D. Last-in, first out (LIFO) V. Review Cost and Allowance A. Calculation of cost of goods sold under the Periodic Inventory Systems Method B. Allowance Method for estimating uncollectible accounts and bad debt expenses VI. Review Accounting Procedures A. Valuing property, plant and equipment B. Calculating straight-line depreciation C. Recording depreciation expense D. Determining book value E. Reporting gains and losses on sale of equipment VII. Review the Basic Components of the Cash Flow Statement A. Operating Activities B. Investing Activities C. Financing Activities VIII. Review Ratio Analysis and Concepts A. Profitability Ratios B. Solvency Ratios C. Debt Ratios D. Basic probability E. Compound interest F. Distributions G. Statistics H. Expected value