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
Prerequisites/Other Requirements: BA 256 (C or Higher)
English Prerequisite(s): None
Math Prerequisite(s): None
Course Corequisite(s): None
Academic Program Prerequisite: None
Consent to Enroll in Course: No Department Consent Required
Dual Enrollment Allowed?: No
Number of Times Course can be taken for credit: 1
Programs Where This Course 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),

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.
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

Approved for Online and Hybrid Delivery?:
Yes
Instructional Strategies:
Lecture: 30-60%
Facilitated discussion: 20-60%
Group work: 0-20%
Mediated instruction: 0-20%
Mandatory Course Components:
Financial Statement Analysis project
Equivalent Courses:
None

Accepted GRCC Advanced Placement (AP) Exam Credit: None
AP Min. Score: NA
Name of Industry Recognize Credentials: NA

Course prepares students to seek the following external certification:
No
Course-Specific Placement Test: None
Course Aligned with ARW/IRW Pairing: IRW 99

Mandatory Department Assessment Measures:
None

Course Type:
Program Requirement- Offering designed to meet the learning needs of students in a specific GRCC program.
Course Format:
Lecture - 1:1
Total Lecture Hours Per Week: 4
People Soft Course ID Number: 100040
Course CIP Code: 52.9999
Maximum Course Enrollment: 28
High School Articulation Agreements exist?: No
Non-Credit GRCC Articulation Agreement With What Area: No
Identify the Non Credit Programs this Course is Accepted: NA

School: School of Business & Industry
Department: Business
Discipline: BA
First Term Valid: Fall 2019 (8/1/2019)
1st Catalog Year: 2019-2020
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).

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