Content Outline and Competencies:

I. Accounting Principles and Concepts
   A. List and define the functions of accounting.
   B. Record transactions in the basic accounting equation.
   C. Prepare  an income statement, statement of owner’s equity and balance sheet.

II. Processing Accounting Data
   A. Record transactions in T-accounts.
   B. Journalize transactions in a journal.
   C. Post transactions to a ledger.
   D. Complete a worksheet.
   E. Prepare a trial balance.
   F. Journalize and post adjusting and closing entries.

III. Computerized System
   A. Complete practice sets on the computer using a general journal accounting system and a special journal accounting system.

IV. Accounting for Cash
   A. Complete a bank statement reconciliation.
   B. Journalize transactions for establishing and replenishing petty cash.
   C. List and describe internal controls for cash.

V. Payroll Procedures
   A. Calculate overtime pay, FICA deductions and FIT withholding.
   B. Prepare a payroll register.
   C. Journalize and post the payroll entry from the payroll register.
   D. Calculate and journalize employer payroll tax expenses.
   E. Complete for 941 and 8109.

VI. Special Journals
   A. Journalize transactions using a special journal accounting system.
   B. Post transactions from special journals to a ledger.

VII. Accounting for Merchandising Companies
   A. Prepare financial reports for a merchandising company.
   B. Record adjusting and closing entries for a merchandising company.
   C. Prepare a post-closing trial balance.

Content Outline and Competencies:

I. Accounting Concepts

A. Describe the users of accounting information.

B. Understand the role of GAAP and IFRS in standard setting.

C. Perform transaction analysis using the accounting equation.

D. Understand the basic financial statements.

II. Processing Accounting Data

A. Define double-entry accounting and understand its impact on recording business transactions.

B. Analyze and record adjusting entries and understand the impact on financial statements.

C. Prepare financial statements.

D. Record closing entries to complete the accounting cycle.

III. Merchandising Activities

A. Account for purchases and sales of merchandise.

B. Calculate the cost of inventory using generally accepted methods.

IV. Cash

A. Understand fraud and controls to prevent and detect fraud.

B. Prepare a bank reconciliation.

V. Receivables

A. Perform valuation of accounts receivable and record necessary entries.

B. Record notes receivable and calculate related interest and adjustments.

VI. Plant Assets, Natural Resources and Intangibles

A. Identify the items that are included in the cost of plant assets, natural resources and intangibles.

B. Calculate and record depreciation, depletion and amortization using generally accepted methods.

C. Record additions and disposals of plant assets, natural resources and intangibles.

VII. Ethics

A. Describe and discuss ethical considerations within the calculations and recording of transactions.

B. Describe and discuss ethical considerations in the accounting profession.

Content Outline and Competencies:

I. Liabilities

A. Define liabilities and classify as current or long-term.

B. Illustrate accounting for known liabilities, short-term notes payable and contingent liabilities.

C. Compute and record employee payroll deductions and liabilities and employer expenses and liabilities.

II. Corporations: Stockholders’ Equity

A. Record common stock, preferred stock and treasury stock transactions.

B. Discuss stock dividends and stock splits.

C. Prepare a Statement of Retained Earnings.

III. Bonds Payable and Long-term Notes Payable

A. Record the issuance of bonds.

B. Amortize bonds using the effective interest amortization method.

C. Record installment notes.

D. Perform necessary amortization schedules and time value of money calculations using spreadsheet software.

IV. Investments

A. Classify debt and equity investments, and journalize the entries necessary for those investments.

B. Journalize the necessary fair value adjusting journal entries.

V. Statement of Cash Flows

A. Identify operating, investing and financing activities.

B. Prepare a Statement of Cash Flows using the indirect method.

C. Prepare a schedule of non-cash investing and financing activities.

VI. Financial Statement Analysis

A. Prepare a horizontal analysis, trend analysis and vertical analysis.

B. Calculate and analyze financial statement ratios.

C. Use spreadsheet software to perform analyses.

D. Prepare a written financial statement analysis report.

VII. Managerial Accounting Concepts and Principles

A. Classify and report costs.

B. Prepare a Schedule of Cost of Goods Manufactured.

VIII. Job Order Costing

A. Calculate predetermined overhead rates.

B. Record estimated and actual overhead.

C. Adjust underapplied or overapplied overhead.

IX. Process Costing

A. Compute equivalent units of production.

B. Compute cost per equivalent unit.

C. Assign and reconcile costs.

X. Ethics

A. Describe and discuss ethical considerations within the calculations and recording of transactions.

B. Describe and discuss ethical considerations in the accounting profession.

Content Outline and Competencies:

Content Outline and Competencies:

I. Individual Income Tax
   A. Explain the tax formula.
   B. Calculate tax using rate schedules.
   C. Calculate tax using tax tables.
   D. Determine personal exemptions.
   E. Determine dependency exemptions.
   F. Determine filing status.
   G. Describe who is required to file a tax return.
   H. Determine the standard deduction.

II. Gross Income
   A. Define income.
   B. Determine income that must be included in gross income.
   C. Determine income that can be excluded from gross income.

III. Deductions
   A. Define deductions.
   B. Calculate business expense deductions and losses.
   C. Calculate depreciation.
   D. Determine employee expense deductions.
   E. Analyze and determine itemized deductions.
   F. Explain passive activity losses.

IV. Tax Computation
   A. Describe alternative minimum tax.
   B. Calculate tax credits.
   C. Describe payment procedures.

V. Property Transactions
   A. Establish the basis of property.
   B. Calculate gain or loss on sale.
   C. Calculate gain or loss on exchange.
   D. Define capital assets.
   E. Define holding period.

Content Outline and Competencies:

I. Corporate Tax Concepts

A. Describe corporate tax structure.

B. Discuss the transfer of property.

C. Determine corporate filing requirements.

D. Compute Schedule M-1 / M-3 adjustments.

E. Explain estimated tax payment requirements.

F. Compute earnings and profit.

G. Analyze stock dividends and stock redemptions.

H. Summarize corporation alternative minimum tax.

II. Partnership Tax Concepts

A. Discover mechanics of partnership formation and partner’s ownership interest in a partnership.

B. Prepare Schedule K and Schedule K-1.

C. Generate partner’s basis schedule, and compute partner gain and loss.

D. Describe guaranteed payments and partners as employees.

E. Summarize taxation, advantages and disadvantages of a limited liability company.

III. C Corporation vs. S Corporation

A. Analyze S Corporation formation rules and shareholder limitations.

B. Compare C Corporation to S Corporation and discuss advantages and disadvantages of both.

C. Construct an allocation of income for S Corporation shareholders.

D. Recognize built-in gains tax from conversion from C Corporation to S Corporation.

IV. Unified Transfer Tax System

A. Explain and compute federal gift tax.

B. Review taxable gifts and available exclusions.

C. Summarize components of a taxpayer’s gross estate and related computations.

D. Develop various tax planning strategies surrounding gifts and estates.

E. Identify and discuss various types of trusts including benefits.

V. Tax Research

A. Use professional tax research software.

B. Demonstrate technical writing skills when conducting professional tax research.

C. Interpret tax law to determine appropriate tax consequences to various scenarios citing code sections, regulations, court cases, etc. 

Content Outline and Competencies:

I. Software Overview

A. Restore and back up company files.

B. Explore tool and menu bars.

C. Generate standard reports.

II. Cash Transactions and Reconciliation

A. Make deposits and write checks.

B. Reconcile bank accounts.

C. Enter credit card transactions.

III. Customer and Sales Transactions

A. Add new customers and edit customer information.

B. Record sales and customer payments.

C. Generate customer reports.

IV. Vendor, Purchase and Inventory Transactions

A. Add new vendors and items.

B. Receive and pay bills.

C. Generate vendor reports.

V. Journal Entries and Financial Statements

A. Record adjusting journal entries.

B. Generate a trial balance and general ledger reports.

C. Generate financial statements.

VI. New Company

A. Record owner’s investment.

B. Record purchase and sales transactions.

C. Generate financial statements and other reports.

VII. Budgets and Estimates

A. Use the budget module to create an annual budget by month.

B. Generate estimates for bidding and progress billing.

Content Outline and Competencies:

I. Basic and Intermediate-level Functions

A. Edit the presentation of data and the worksheets.

B. Create formulas and functions and establish relative and absolute data references.

C. Work with multiple worksheets and link data.

D. Create different charts and perform what-if analysis with charts.

II. Financial Statements

A. Prepare income statements, statements of retained earnings and balance sheets for different types of businesses.

B. Perform what-if analysis on the financial statements.

C. Analyze financial statement trends by performing horizontal, vertical and ratio analysis over several years of data.

D. Create different charts and graphs to analyze financial statement trends.

III. Depreciation Schedules

A. Prepare depreciation schedules using straight-line depreciation, double declining balance depreciation and sum-of-the-year’s digits depreciation methods.

B. Create charts analyzing different depreciation methods used.

C. Conduct what-if analysis on depreciation methods and prepare a depreciation summary.

IV. Loan and Bond Amortization Schedules

A. Create loan amortization schedules and utilize the payment function.

B. Create bond amortization schedules and use the present value function.

C. Conduct what-if analysis on loan and bond amortization schedules utilizing the goal seeking and scenario manager tools.

D. Create charts for the loan and bond financing.

V. Budgeting

A. Prepare a sales budget, operating cash receipts budget, purchases budget, operating cash payments budget, and sales and administrative expense budget.

B. Conduct what-if analysis on the budgets utilizing the goal seeking and scenario manager tools.

C. Analyze and answer different business budgeting questions.

VI. Capital Budgeting and Financing Strategies

A. Analyze different investment strategies using present and future value functions.

B. Describe how interest, time and payment variables impact financing strategies.

VII. Cost Predictions

A. Utilize the Hi-Lo method and Least Squares/Regression analysis to predict costs.

B. Graph different cost methods and analysis the impact to the business.

VIII. Database Reporting

A. Analyze large quantities of data using pivot tables.

B. Prepare financial reports and graphs using pivot tables.

Content Outline and Competencies:

I. Introduction to Governmental and Nonprofit Accounting
   A. Describe the users and characteristics of not-for-profit
accounting.
   B. Identify and discuss the similarities and differences of
not-for-profit accounting with commercial accounting.
   C. Describe the authoritative pronouncements that regulate
not-for-profit accounting.

II. Basic Principles of Nonprofit Accounting and Reporting
   A. Discuss the purpose and capabilities of nonprofit accounting and
reporting.
   B. Identify and describe the types of funds, including governmental
funds, proprietary funds, and fiduciary funds.
   C. Describe the accounting for fixed assets, including valuation and
depreciation.
   D. Describe the accounting for long-term liabilities.
   E. List and describe the methods of accounting, including cash,
modified accrual, and full accrual.
   F. Describe and illustrate interfund transactions.
   G. Describe interim and annual financial reports.

III. Budgeting
   A. Describe the types and methods of budgeting.
   B. Describe the budget cycle, including planning, presentation,
adoption, and execution and control.
   C. Discuss the budgeting reporting and legal compliance.
   D. Illustrate the relationship of the budget to the fund accounts,
including estimated revenues, appropriations, allotments, and encumbrance
accounts.

IV. Governmental Funds – General, Special Revenue, Capital Projects,
Debt Service and Special Assessment Funds
   A. Describe the nature and purpose of each type of fund.
   B. Describe the number of funds and duration, where applicable.
   C. Discuss budgetary considerations for each type of fund.
   D. Describe basis of accounting and financial reporting for each type
of fund.
   E. Describe characteristics of revenues and expenditures applicable to
each type of fund.
   F. Identify any special considerations for each type of fund.

V. Proprietary Funds – Enterprise and Internal Service Funds
   A. Describe the nature and purpose of each type of fund.
   B. Describe the number of funds and duration, where applicable.
   C. Discuss administrative and budgetary considerations for each type of
fund.
   D. Describe accounting characteristics and financial reporting for each
type of fund.
   E. Describe characteristics of revenues and expenditures applicable to
each type of fund.
   F. Identify any special considerations for each type of fund.

VI. Fiduciary Funds – Trust and Agency Funds
   A. Describe the nature and purpose of trust and agency funds.
   B. Describe the characteristics of revenues and expenditures for trust
and agency funds.
   C. Discuss budgetary considerations for trust and agency funds.
   D. Describe accounting characteristics and financial reporting for
trust and agency funds.

VII. General Fixed Assets and General Long-Term Debt
   A. Describe the nature and purpose of general fixed assets and general
long-term debt.
   B. Describe the accounting characteristics and financial reporting for
these accounts.
   C. Explain the relationship of these accounts to other fund assets and
liabilities.

VIII. Federal and Nonprofit Organizations – Accounting and Financial
Reporting
   A. Describe state and local government accounting.
   B. Describe Federal government accounting.
   C. Describe public school accounting.
   D. Describe college and university accounting.
   E. Describe hospital accounting.

Content Outline and Competencies:

I. Managerial Accounting Concepts

A. Describe the role of managerial accounting.

B. Explain the difference between managerial and financial accounting.

II. Classify Costs

A. Explain the differences between service, merchandising and manufacturing companies.

B. Define various cost classifications.

C. Prepare a Schedule of Cost of Goods Manufactured and an Income Statement.

III. Cost Allocation

A. Determine departmental overhead rates.

B. Allocate overhead using Activity Based Costing.

IV. Cost Behavior

A. Analyze mixed costs and measure their behavior.

B. Prepare inventory valuation and income determination using variable and absorption costing.

C. Prepare a Contribution Margin Income Statement.

V. Cost-Volume-Profit (CVP) Analysis

A. Perform break even analysis.

B. Use CVP to determine the effect of changing variables on decision-making.

VI. Short-term Decision-Making

A. Determine special order pricing.

B. Analyze data to determine if a product will be discontinued.

C. Calculate the most profitable product mix.

D. Analyze data to decide whether to make or buy a product.

E. Perform calculations to determine if a product should be sold or processed further.

VII. The Master Budget

A. Prepare operating budgets.

B. Prepare financial budgets.

VIII. Performance Evaluation

A. Define responsibility centers.

B. Determine transfer prices.

C. Prepare flexible budget performance reports.

IX. Standard Costs and Variances

A. Analyze and evaluate direct materials variances.

B. Analyze and evaluate direct labor variances.

X. Capital Budgeting

A. Calculate payback period analysis.

B. Calculate net present value analysis.

C. Calculate internal rate of return analysis.

D. Perform necessary time value of money calculations using spreadsheet software.

XI. Ethics

A. Describe and discuss ethical considerations within the calculations and recording of transactions.

B. Describe and discuss ethical considerations in the accounting profession.

Content Outline and Competencies:

Content Outline and Competencies:

I. Conceptual Framework
   A. Define accounting and describe its essential characteristics.
   B. Identify the major financial statements and other means of financial reporting.
   C. Identify the objectives of financial reporting.
   D. Describe the environment of financial accounting.
   E. Explain the need for accounting standards.
   F. Identify the major policy-setting bodies and their role in the standard-setting process.
   G. Explain the meaning of generally accepted accounting principles.
   H. Describe the impact of user groups on the standard-setting process.
   I. Describe issues related to ethics and financial accounting.
   J. Describe the usefulness of a conceptual framework.
   K. Describe the FASB’s efforts to construct a conceptual framework.
   L. Explain the objectives of financial reporting.
   M. Identify the qualitative characteristics of accounting information.
   N. Define the basic elements of financial statements.
   O. Describe the basic assumptions of accounting.
   P. Explain the application of the basic principles of accounting.
   Q. Describe the impact that constraints have on reporting accounting information.

II. Accounting Process
   A. Explain double-entry rules.
   B. Identify steps in the accounting cycle.
   C. Record transactions in journals.
   D. Post to ledger accounts.
   E. Prepare a trial balance.
   F. Explain the reasons for preparing adjusting entries.
   G. Explain how inventory accounts are adjusted at year-end.
   H. Prepare closing entries.

III. Statement of Income and Retained Earnings.
   A. Identify the uses and limitations of an income statement.
   B. Distinguish between the capital maintenance and transaction approaches.
   C. Prepare a single-step income statement.
   D. Prepare a multiple-step income statement.
   E. Explain how irregular items are reported.
   F. Explain intraperiod tax allocation.
   G. Explain where earnings per share information is reported.
   H. Prepare a statement of retained earnings.
   I. Explain how prior period adjustments are reported.

IV. Balance Sheet and Statement of Cash Flows
   A. Identify the uses and limitations of a balance sheet.
   B. Identify the major classifications of the balance sheet.
   C. Prepare a classified balance sheet using the report and account forms.
   D. Identify balance sheet information requiring supplemental disclosure.
   E. Identify major disclosure techniques for the balance sheet.
   F. Indicate the purpose of the statement of cash flows.
   G. Identify the content of the statement of cash flows.
   H. Prepare a statement of cash flows.

V. Time Value of Money
   A. Identify accounting topics where time value of money is relevant.
   B. Distinguish between simple and compound interest.
   C. Use appropriate compound interest tables.
   D. Identify variables fundamental to solving interest problems.
   E. Solve future and present value of 1 problems.
   F. Solve future amount or ordinary and annuity due problems.
   G. Solve present value of ordinary and annuity due problems.

VI. Cash and Receivables
   A. Identify items considered cash.
   B. Explain common techniques employed to control cash.
   C. Indicate how cash and related items are reported.
   D. Define receivables and identify the different types of receivables.
   E. Explain accounting issues related to recognition of accounts receivable.
   F. Explain accounting issues related to valuation of accounts receivable.
   G. Explain accounting issues related to recognition of notes receivable.
   H. Explain accounting issues related to valuation of notes receivable.
   I. Explain accounting issues related to disposition of accounts and notes receivable.

VII. Inventories
   A. Identify major classifications of inventory.
   B. Distinguish between the perpetual and periodic inventory systems.
   C. Identify the effects of inventory errors on the financial statements.
   D. Identify the items that should be included as inventory cost.
   E. Explain the effect of LIFO liquidations.
   G. Explain the dollar-value LIFO method.
   H. Identify the major advantages and disadvantages of LIFO.
   I. Identify the reasons why a given inventory method is selected.
   J. Explain and apply the lower of cost or market rule.
   K. Identify when inventories are valued at net realizable value.
   L. Explain when the relative sales value method is used to value inventories.
   M. Explain accounting issues related to purchase commitments.
   N. Determine ending inventory by applying the gross profit method.
   O. Determine ending inventory by applying the retail inventory method.
   P. Describe financial statement presentation of inventories.

VIII. Property, Plant and Equipment
   A. Describe the major characteristics of property, plant, and equipment.
   B. Identify the costs included in the initial valuation of land, buildings, and equipment.
   C. Describe the accounting problems associated with self-constructed assets.
   D. Describe the accounting problems associated with interest capitalization.
   E. Explain accounting issues related to acquiring and valuing plant assets.
   F. Describe the accounting treatment for costs subsequent to acquisition.
   G. Describe the accounting treatment for the disposal of property, plant, and equipment.
   H. Explain the concept of depreciation.
   I. Identify the factors involved in the depreciation process.
   J. Compare activity, straight-line, and decreasing charge methods of depreciation.
   K. Explain special depreciation methods.
   L. Identify reasons why depreciation methods are selected.
   M. Describe income tax methods of depreciation
   N. Explain the accounting issues related to asset impairment.
   O. Describe financial statement disclosures for property, plant, and equipment.
   P. Explain the accounting procedures for depletion of natural resources.
   Q. Describe financial statement disclosures for natural resources.

IX. Intangible Assets
   A. Describe the characteristics of intangible assets.
   B. Explain the procedure for valuing and amortizing intangible assets.
   C. Identify the types of specifically identifiable intangible assets.
   D. Explain the conceptual issues related to goodwill.
   E. Describe the accounting procedures for recording goodwill.
   F. Identify the conceptual issues related to research and development costs.
   G. Describe the accounting procedures for research and development costs.

Content Outline and Competencies:

I. Corporation Accounting
   A. List and describe the characteristics of the corporate form of
organization.
   B. List and describe the rights of stockholders and the key components
of stockholders’ equity.
   C. Journalize transactions for issuing common, preferred and treasury
stock.
   D. Describe the differences between common, preferred and treasury
stock.
   E. Describe the policies used in distributing dividends.
   F. Analyze and journalize transactions for stock splits and stock
dividends. 
   G. Describe accounting and reporting for appropriated retained
earnings.
   H. Compute earnings per share in both a simple and complex capital
structure.

II. Long-Term Investments
   A. List and describe the categories of debt and equity securities.
   B. Analyze and journalize equity transactions using fair value and
equity methods.
   C. Analyze and journalize transactions for debt securities.

III. Pensions
   A. Calculate and journalize entries for pension expenses.
   B. Describe the reporting requirements for pension plans in financial
statements.

IV. Leases
   A. List and describe the criteria and procedures for capitalizing
leases by the lessee.
   B. Identify special features of lease arrangements that cause unique
accounting problems.
   C. Describe the effect of residual values, guaranteed and
non-guaranteed, on lease accounting.

V. Statement of Cash Flows
   A. Prepare a worksheet for the statement of cash flows.
   B. Identify the purpose and content of the statement of cash flows.
   C. Prepare a statement of cash flows and accompanying schedules.

VI. Accounting Changes and Error Analysis
   A. List the types of accounting changes.
   B. Prepare appropriate journal entries and reporting for changes in
accounting.
   C. Prepare journal entries to correct errors.
   D. Journalize transactions to account for price level changes.

Content Outline and Competencies:

I. Fraud Examination

A. Define fraud examination and differentiate it from auditing.

B. Demonstrate an understanding of how perceived opportunity and rationalization contribute to fraud.

C. Explain tools used in fraud examination.

II. Cash Fraud Schemes

A. Explain and identify cash fraud schemes, including skimming, cash larceny, billing, check tampering, payroll, expense reimbursement and register disbursements.

B. Identify how schemes are committed, discovered and prevented.

III. Non-Cash Asset Fraud Schemes

A. Identify misuse of non-cash asset schemes, unconcealed larceny schemes, asset requisition and transfer schemes, purchasing and receiving schemes, and fraudulent shipment schemes, and illustrate how they are discovered and prevented.

B. Illustrate inventory shrinkage schemes and describe how stolen inventory is concealed and detected.

IV. Corruption Schemes

A. Explain bribery schemes, including kickback schemes and bid-rigging schemes, and identify how they are detected and prevented.

B. Illustrate illegal gratuity schemes, economic extortion schemes and conflict of interest schemes, and outline how they are discovered and prevented.

V. Frauds Involving Accounting Principles and Financial Statements

A. Illustrate the reasons that people commit financial statement fraud and the methods that they use to commit the fraud.

B. Outline and describe the conceptual framework for financial reporting.

C. Explain the components of the Sarbanes-Oxley Act of 2002 and outline its primary purpose and provisions.

D. Describe fictitious revenue schemes, timing difference schemes, concealed liability and expense schemes, improper disclosure schemes and improper asset valuation schemes, and explain how they are detected and prevented.

VI. The Process of Investigating and Resolution of Fraud Cases

A. Compare and contrast the types and uses of interview questions, and identify how to open and close an interview.

B. List some of the verbal and nonverbal clues to deception.

C. Outline the elements of a signed statement.

D. Compare and contrast fraud prevention and fraud deterrence.

Content Outline and Competencies:

I. Job Opportunities

A. Visit JCCC Career Planning and Placement Office.

B. Evaluate newspaper and professional journals.

C. Explain the value of  networking.

II. Course Orientation

A. Identify job location.

B. Identify job description and responsibilities.

III. Job Experience

A. Integrate the program competencies with the on-the-job experience.

B. Plan a site visit with the instructor.

C. Explain employer’s evaluation

Content Outline and Competencies:

I. Accounting Data Preparation

A. Process accounting data through the complete accounting cycle.

B. Prepare financial statements.

II. Accounting Information Usage

A. Assess financial position, profitability and cash position.

B. Analyze companies' liquidity.

C. Analyze companies' solvency.

D. Use ratio analysis, common-size statements and trend analysis.

E. Evaluate cost-volume profit data.

F. Evaluate variance information.

G. Evaluate tax considerations as they relate to business operations.

III. Ethical Considerations in Accounting

A. Apply a logical process to form an ethical position.

B. Develop arguments as they apply to ethical issues.

C. Assess the impact of ethical decisions on accounting information.

IV. Accounting Communications

A. Read accurately or critically all types of accounting reports and documents.

B. Write organized and coherent memos, letters and reports.

C. Advocate in support of ideas and opinions regarding accounting information.

D. Facilitate the communication of pertinent accounting data.

Content Outline and Competencies:

Because of the nature of a Special Topics course, the course content outline and competencies will vary, depending on the special topic being offered. In order to maintain course consistency, rigor and uniqueness, each section of this course first must be reviewed and approved by the Accounting faculty prior to its being offered. The Accounting faculty, the Accounting chair and the Business Division dean will review each Special Topics course to be offered, and approve the course content. The Accounting Department will also determine when and if the course may be taught.