ACCT 207 Financial accounting A
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Course Title: financial accounting A
Course Number: ACCT 207
Prerequisite: ACCT
101 Financial Accounting
School: Business
Program: Accounting
Credit hours:
3
Lecture: 3
Date of last revision : Fall,
2011
Effective date of this revision: Fall, 2013
DESCRIPTION:
Emphasizes the similarities
and differences
between government, nonprofit and commercial accounting methods
and procedures. Exposes students
to the basic fund accounting cycle
for the
general fund
and other special funds.
COURSE LEARNING OBJECTIVES: Upon
successful completion
of this
course
the student
will be able to:
1. Demonstrate understanding and
perform the basic recording and
presentation
of accounting data
into the various governmental
and nonprofit
funds
such as:
a. General fund
(or operating fund)
b. Special revenue fund
b. Special revenue fund
c. Special
assessment fund
d. Debt
service fund
e. Capital
projects fund
f. Trust and agency fund
f. Trust and agency fund
g. Internal service fund
(intra governmental
service fund)
h. Enterprise fund
i. General fixed assets
account group
j. General bonded debt account group
j. General bonded debt account group
k. Specific purpose fund
2. Describe the
interrelationships
between
the various funds and
perform
necessary journal entries when more than
one fund
is used.
3. Define and
contrast the modified accrual
and accrual bases
of accounting.
4. Define and
contrast GASB and FASB guidelines.
5. Contrast
legal
statutes and generally accepted accounting principles.
6. Describe internal
control and discuss
procedures commonly
used in fund accounting.
7. Define and
describe the encumbrance system,
discuss its
relationship to purchase
orders and
perform needed journal entries.
8. Prepare budgets required for the
various funds.
9. Perform closing procedures.
10. Prepare financial statements, including
consolidations.
11. Communicate
effectively using correct
Standard
English, both orally and
in writing by completion of papers,
projects
and/or presentations.
COURSE
CONTENT: Topical
areas
of study include –
Definition of
a fund
Governmental
funds
Governmental
non-fundaccounts
Proprietary funds and fiduciary funds
Relationship
of FASB and GASP
Relationship
of the various funds and their
accounting
Cash, accrual
and modified accrual
accounting
Closing procedures
Financial statement preparation
HOW TO
ACCESS COLLEGE LIBRARY:
The Library is
available to
students’ on- and
off-campus, offering full text journals
and books and other resources essential for course assignments. Go
to assignment4finance.blogspot.in
and choose the link for
your campus.
ACADEMIC
HONESTY STATEMENT:
The College is
committed to academic integrity in
all its practices. The faculty
value intellectual integrity and a
high standard
of
academic conduct. Activities that violate academic integrity undermine
the quality and diminish
the value of educational achievement.
Cheating on papers,
tests or
other academic
works is a violation of College rules. No student
shall engage in behavior that, in the judgment of the
instructor
of the
class,
may be construed as
cheating. This may include,
but is not limited to, plagiarism or
other forms of academic dishonesty such as the acquisition without permission of
tests
or other academic materials and/or
distribution
of these materials and other academic
work. This includes
students who aid and abet
as well as those
who attempt such
behavior.
STATEMENT:
Students
shall adhere to the laws governing the
use
of copyrighted
materials.
They must insure
that their activities comply with
fair use and in no way infringe on the copyright
or other proprietary rights
of others and
that the materials
used and
developed
at Ivy Tech Community College contain
nothing unlawful,
unethical, or
libelous and do not constitute
any violation of any right
of privacy.
ASSIGNMENT4FINANCE STATEMENT:
College seeks
to provide reasonable
accommodations for
qualified individuals with
documented disabilities. If you need
an accommodation because of a documented
disability, please contact the Office of Disability Support Services.
If you
will require assistance during an
emergency evacuation,
notify your
instructor
immediately. Look for evacuation
procedures posted
in your classroom.
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