BA 257 - Principles of Accounting II

Description
A study of accounting for corporate organizations, short and long-term investments, cash flow analysis, survey of cost accounting, standard costs, budgeting, managerial accounting techniques, and cost-volume-profit analysis.

Credit Hours: 4
Contact Hours: 4

School: School of Business & Industry
Department: Business
Discipline: BA

Major Course Revisions: N/A
Last Revision Date Effective: 20240208T17:17:07
Course Review & Revision Year: 2028-2029

Course Type:
Program Requirement- Offering designed to meet the learning needs of students in a specific GRCC program.
Course Format:
Lecture - 1:1

General Education Requirement: None
General Education Learner Outcomes (GELO):
NA

Course Learning Outcomes:
1. Record all equity transactions that relate to issuing corporate stock.

2. Account for investments in debt and equity securities.

3. Prepare the financial statements (including the balance sheet, income statement, equity statement and statement of cash flows) and analyze them using ratio, vertical, and horizontal analysis.

4. Determine costs using job order costing and process costing.

5. Allocate manufacturing overhead to production using traditional as well as activity-based costing.

6. Perform a cost-volume-profit analysis.

7. Explain the difference between variable and absorption costing.

8. Prepare a master budget and a flexible budget.

9. Perform a variance analysis using standard costs.

10.Evaluate short-term managerial decisions.

Approved for Online Delivery?: Yes

Course Outline:
I. Record all equity transactions that relate to corporate stock
A. Issuing stock
B. Treasury stock
C. Cash and stock dividends

II. Account for investments
A. Debt securities
B. Equity securities

III. Prepare and analyze the Statement of Cash Flows
A. Distinguish between operating, investing, and financing activities
B. Proper disclosure of noncash investing and financing activities

IV. Analyze financial statements
A. Ratio analysis
B. Vertical analysis
C. Horizontal analysis

V. Record and measure costs of products and services
A. Job order costing
B. Process costing

VI. Allocate manufacturing overhead to production
A. Single plantwide overhead rate
B. Activity-based costing

VII. Identify cost behavior and perform cost-volume-profit analysis
A. Single product
B. Sales mix

VIII. Product costing
A. Variable costing
B. Absorption costing

IX. Prepare a budget
A. Master budget
B. Flexible budget

X. Perform variance analysis using standard costs
A. Calculate and explain price and quantity variances for direct material and direct labor
B. Calculate and explain controllable and volume variances for overhead

XI. Evaluate short-term managerial decisions using relevant costs
A. Accept or reject additional business and special orders
B. Make or buy
C. Scrap or rework
D. Sell or process further
E. Segment elimination

Mandatory CLO Competency Assessment Measures:
None

Name of Industry Recognize Credentials: NA

Instructional Strategies:
Lecture: 30-60%
Facilitated discussion: 20-60%
Group work: 0-20%
Mediated instruction: 0-20%

Mandatory Course Components:
Financial Statement Analysis project

Academic Program Prerequisite: None
Prerequisites/Other Requirements: BA 256 (C or Higher)
English Prerequisite(s): None
Math Prerequisite(s): None
Course Corerequisite(s): None
Course-Specific Placement Test: None
Course Aligned with IRW: IRW 99
Consent to Enroll in Course: No Department Consent Required

Total Lecture Hours Per Week: 4
Faculty Credential Requirements:
Master’s Degree (GRCC general requirement), Other (list below), Professionally qualified through work experience in field (Perkins Act or Other) (list below)
Faculty Credential Requirement Details: Business Related Master's Degree Other: Accounting Related Professional Certification(s) are accepted in lieu of a Master's Degree (e.g. Bachelor's Degree with a CPA license or CMA certificate).

Maximum Course Enrollment: 28
Equivalent Courses: None
Dual Enrollment Allowed?: No
Advanced Placement (AP) Exam Credit Accepted: None
AP Min. Score: NA
Number of Times Course can be taken for credit: 1
First Term Valid: Fall 2019 (8/1/2019)
Programs Where This Courses is a Requirement:
Accounting, A.B., Management and Supervision, A.B., Pre-Accounting, A.B. (3+1, Davenport University), Pre-Business, A.A. (Cornerstone University), Pre-Business, A.A. (General Transfer), Pre-Business, A.A. (Grand Valley State University), Pre-Business, A.B. (3+1, Davenport University), Pre-Business Administration, A.A. (Western Michigan University), Pre-Music and Entertainment Business, A.A. (3 + 1, Ferris State University),
1st Catalog Year: 2019-2020
People Soft Course ID Number: 100040
Course CIP Code: 52.9999

High School Articulation Agreements exist?: No
Non-Credit GRCC Agreement exist?: No
If yes, with which Departments?: NA
Corporate Articulation Agreement exist?: No
If yes, with which Companies?: NA