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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:
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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:
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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