This course is a study of accounting theory relating to inventories, assets, current liabilities, and financial statements. The student will study adjustments, corrections of prior periods, present value applications, concepts of financial accounting and their impact upon financial statements, and uses of financial statements. Computerized activities will be required.
ACCT 1523 - Must be completed prior to taking this course.
General Education Outcomes are the knowledge, skills, abilities, attitudes, and behaviors that students are expected to develop as a result of their overall experiences with any aspect of the college, including courses, programs, and student services, both inside and outside of the classroom. The General Education Outcomes specifically learned in this course are:
- Communication
- Critical Thinking
Discussions (25%) Discussion posts will be evaluated based on thoughtfulness, consistency, and engagement with course material.
Assignments (25%) Assignments submitted through Canvas will assess the understanding of course concepts
Midterm Exam (25%) Covers the first half of the course.
Final Exam (25%) Covers the second half of the course.
Faculty Contact Information
M/W 1:15 PM -2:00 PM
M/W 3:15 PM -5:00 PM
Course Information
At the end of this course, students will be able to:
- Complete the accounting cycle and develop classified financial statements for stakeholders
- Understand the theory and concepts of Financial Accounting standards compute present value calculations as they apply to financial accounting activities
- Understand the concepts, theory, and accounting for assets, liabilities, and owners’ equity accounts
- The Financial Reporting Environment
- Financial Reporting Theory
- Review of the Accounting Cycle
- Review of the Accounting Cycle
- Statements of Net Income and Comprehensive Income
- Statements of Financial Position and Cash Flows and the Annual Report
- Accounting and The Time Value of Money
- Revenue Recognition
- Short-Term Operating Assets: Cash and Receivables
- Short-Term Operating Assets: Inventory
- Long-Term Operating Assets: Acquisition, Cost Allocation, and Derecognition
- Long-Term Operating Assets: Departures from Historical Cost
- Operating Liabilities and Contingencies
Gordon/Sannella, Intermadiate Accounting w/MYLAB – access code Pearson ISBN 978013534289
Business, Technology & Human Services
Dean, Paul Carlson; 815-802-8858; V105; pcarlson@kcc.edu; Division Office – W102; 815-802-8650
Make-up Policy
Arrangements must be made prior to the deadline with the professor.
College Policies, Resources and Supports
For information related to the Student Code of Conduct Policy, Withdrawal Policy, Email Policy, and Non- Attendance/Non-Participation Policy, please review the college’s Code of Campus Affairs and Regulations webpage, which can be found at catalog.kcc.edu under the Academic Regulations & Conduct Guide.
KCC offers various academic and personal resources for all students. Many services are offered virtually, as well as in person. Please visit Student Resources - Kankakee Community College to access student resources services such as:
- Clubs and organizations
- Counseling and referral services
- Office of disability services
- Student complaint policy
- Transfer services
- Tutoring services, etc.
The materials on this course are only for the use of students enrolled in this course for purposes associated with this course. Further information regarding KCC's copyright policy is available at https://kcc.libguides.com/copyright.
|Course syllabus/calendar is subject to change.