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SMC|Academic Programs|Business Department|Advanced Accounting: Special Topics

Advanced Accounting: Special Topics

3 Units
Prerequisite:  Intermediate Accounting (ACCTG 4 or ACCTG 10C). 

Catalog Description:
This course covers special accounting topics, including accounting for foreign currency transactions, partnerships, state and local governments, not-for-profits entities and accounting research.

Course Objectives:
Upon completion of this course the student will be able to:

• Describe and record foreign currency transactions.
• Analyze and prepare transactions relating to partnerships including formation, recording of income or loss, adding and deleting a partner and liquidation.
• Apply Governmental Accounting Standards to transactions and financial statements for state and local governments.
• Analyze and record transactions, as well as prepare financial statements for not-for profit entities.
• Demonstrate the ability to use the FARS research disk or web resources to document and justify the recording and presentation of accounting data related to all of the above.

Course Content:

12.5%    Foreign currency transactions and hedging exchange risk
12.5%    Translation of foreign currency financial statements
12.5%    Partnerships Formation and Income Distribution
12.5%    Partnerships: change in ownership and liquidation
25.0%    Accounting  for State and Local governments
12.5%    Accounting for not-for-profit entities
12.5%    Accounting Research using the FARS research database or web resources

Student Learning Outcome(s):

1. Student will analyze and record transactions pertaining to foreign currency, partnerships, state and local government and non-profit entities, based on published standards and Interpretations and the Conceptual Framework promulgated by the Financial Accounting Standards Board and Government Accounting Standards Board.
As assessed by: Quizzes and Exams

2. Student will perform accounting research using web-based and published resources related to Generally Accepted Accounting Principles. 
As assessed by: Research Assignments