Overview Objective Materials grading Exam ELI Policies and Procedures Contacting the Instructor Beginning the Course
ACC 230 Financial Accounting (3 Credits)

Overview

In this course, you will learn how to consolidate and present the financial information of related companies, how to translate foreign subsidiary currencies and deal with foreign exchange risk. In addition, you will explore partnership formation, liquidation and income distribution. Finally, you will be introduced to not-for-profit and state and local governmental accounting.

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Objectives

 

The following are required for entry into this course:

  • ACC222, Intermediate Accounting 2.

Upon completion of this course, you will be able to:

  • Perform accounting procedures and prepare financial statements for business combinations such as statutory mergers, statutory consolidations and stock acquisitions.

  • Determine the proper method of accounting for the ownership of intercorporate investments in common stock to include either consolidated financial statements, the equity method or the cost method of financial reporting.

  • Prepare workpapers to enable the proper elimination of the effects of intercorporate ownership and intercompany transactions on the consolidated balance sheet as of the date of acquisition.

  • Prepare workpapers to enable proper elimination of the parent’s intercorporate investment balance and the subsidiary’s equity accounts, income from the subsidiary recognized by the parent and intercompany receivables and payables for the purpose of preparing consolidated financial statements for periods subsequent to the purchase of a subsidiary.

  • Account for the removal of intercompany transactions such as unrealized intercompany profits, unrealized gains and losses, transfer of inventory and issuance/sale of bonds.

  • Understand the use of foreign currency exchange rates, foreign currency forward exchange contracts and fair value and cash flow hedges.

  • Restate financial statements of a foreign business entity into U.S. dollars using translation of the foreign currency or remeasurement of the foreign entity’s statements.

  • Apply accounting procedures to the formation and the operations of a partnership including equitable allocation of profit and loss in accordance with partnership agreements and to a termination or liquidation of a partnership.

  • Understand the concepts of current resource measurement focus and modified accrual basis for governmental fund financial statements and the economic resource measurement focus for government-wide statements, proprietary and fiduciary fund statements.

  • Account for revenues and expenditures in governmental, proprietary and fiduciary funds and understand the reporting requirements of GASB 34.

  • Understand financial reporting for private, not-for-profit entities including classification of restricted and unrestricted net assets and accounting for contributions and pledges.

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Materials

 


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Grading
 

Your course grade will be determined according to the following percentages.

Assignment
Points
Percentage of Grade
Homework (12)
120
15
Chapter quizzes on Blackboard
175
23
Discussion questions
80
10
Exams (4)
400
52
Total
775
100

Your final grade will be based on the following scale. Please note that you must also pass at least 2 of the 4 exams in order to pass the course, regardless of your scores on the other assignments.

Grade
Points
Percent
A
698-775
90-100
B
620-697
80-89
C
543-519
70-79
D
465-542
60-69
F
0-464
0-59
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Exams

 

There are four (4) proctored exams in this course. The exams are online; you will see links for them in the Exams Button. However, the exams are password protected, and must be taken in one of the five NVCC Campus Testing Centers. Please do not click the exam link until you are in the testing center and ready to take the exam; otherwise you could be locked out of the exam when you get to the Testing Center

For Testing Center locations, hours of operation and policies, click here.

For information on taking exams outside of the metropolitan area, click here.

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ELI Policies and Procedures

  This is an Extended Learning Institute (ELI) course. ELI courses differ from campus courses in several important ways, including enrollment dates, communication with faculty, assignment completion requirements, and exams. You must follow ELI's policies and procedures if you take this course. Read (or review) ELI's Policies and Procedures before you begin the course. If you have questions, call ELI at (703) 323-3347 or (888) 435-6822.
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Beginning the Course

 

1. Use your web browser to connect to http://www.nvcc.edu/bbstart. Follow the directions to determine your email, Blackboard and VIVA account user names and passwords.
2. Access your email account and make sure you know how to use it; you will be required to use this account for all course-related email.
3. Log on to Blackboard at http://learn.vccs.edu.
4. Click on this course under "My Courses." Review the entire course to make sure you understand what will be required of you. Then start completing the assignments.

Please note that account generation takes approximately one week from the time of your paid registration. If you cannot log on after one week, contact the IT Help Desk. If you can log on to Blackboard, but your course isn't listed, please contact ELI or your instructor.