Accounting

Accounting (ACCT)

ACCT 101 Fundamentals of College Accounting

  • Units:3
  • Hours:54 hours LEC
  • Prerequisite:None.
  • Advisory:BUS 105, MATH 100, MATH 104, or MATH 132; AND eligible for ENGRD 310 or ENGRD 312 AND ENGWR 300, OR ESLR 340 AND ESLW 340.

This introductory course in small business accounting covers the accounting cycle for service and merchandising businesses. Topics include the general journal, the general and subsidiary ledgers, and adjusting, correcting, and closing journal entries. Income statements, statements of owner equity, balance sheets for service and merchandising businesses are prepared and analyzed. Additional topics include cash management and bank reconciliations, accounting for sales and purchase discounts, sales taxes, merchandise inventory, and payroll.

Student Learning Outcomes

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

  • define the purpose and process of accounting and list the functions of accounting.
  • define accounting elements and construct the accounting equation; analyze and record daily transactions in the general journal and post to general and subsidiary ledgers.
  • complete the accounting cycle in a manual accounting system which includes journalizing, posting, trial balance, adjusting entries, adjusted trial balance, financial statements, closing entries and post-closing trial balance, and the preparation of a worksheet.
  • prepare financial statements which include income statement, statement of owners' equity, and balance sheet for service and merchandising businesses.
  • construct a bank reconciliation and record the entries necessary to update the accounts.
  • prepare a payroll register and make appropriate journal entries to correctly record wage/salary expenses, and employer payroll tax expenses.
  • record merchandise sales transactions by using merchandise sales accounts, record merchandise purchase transactions by using merchandise purchase accounts, and compute gross profit for a merchandise business.
  • compute ending inventory and cost of goods sold under four different merchandise inventory valuation methods.
  • prepare adjusting entries, closing entries, and multiple-step income statements for a merchandising business.
  • assess financial statements by computing basic financial ratios and explaining the meanings of ratios.

ACCT 103 Intermediate Accounting - Part I

  • Units:4
  • Hours:72 hours LEC
  • Prerequisite:ACCT 301 or 481 with a grade of "C" or better

This course continues the study and application of accounting principles and techniques used in preparing and reporting the financial results of business corporations. Areas of study include cash and receivables, inventory, long-term assets, and analysis of time value of money.

Student Learning Outcomes

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

  • examine the concepts, principles, and practices of financial accounting, including discussion of Generally Accepted Accounting Principles (U.S. GAAP) and International Financial Reporting Standards (IFRS) on selected topics
  • prepare financial statements and related disclosures, including classified balance sheets, multiple step income statements with presentation of discontinued operations, extraordinary items, and accounting changes
  • identify accounting topics where the time value of money is relevant, including calculating and comparing future and present value of cash flows
  • apply the objectives and principles for managing and accounting for cash, cash equivalents, and accounts receivable
  • account for inventory using alternative techniques and procedures for valuation and reporting within the financial statements
  • account for acquisition, depreciation, depletion, impairment, and disposition of property, plant, and equipment
  • identify and account for costs to be included in the valuation of intangible assets, including amortization, issues of impairment and presentation within financial statements
  • analyze and account for complex business transactions

ACCT 104 Intermediate Accounting - Part II

  • Units:4
  • Hours:72 hours LEC
  • Prerequisite:ACCT 301 or 481 with a grade of "C" or better
  • Advisory:ACCT 103

This course continues the study and application of accounting principles and techniques used in preparing and reporting the financial results of business corporations. Areas of study include liabilities and contingencies, stockholders' equity and earnings per share, investments, revenue recognition, income taxes, pensions, leases, accounting changes and error analysis, and cash flows.

Student Learning Outcomes

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

  • examine the concepts, principles, and practices of financial accounting, including discussion of Generally Accepted Accounting Principles (U.S. GAAP) and International Financial Reporting Standards (IFRS) on selected topics
  • account for current liabilities, distinguish and present accounting treatments for contingencies
  • account for bonds and long-term notes, and describe disclosures for long-term debt in various forms
  • evaluate and account for transactions affecting the components of stockholders' equity
  • analyze and account for convertible securities, stock compensation plan and earnings per share
  • evaluate and account for equity and debt investments classified as trading, available for sale, and held to maturity
  • analyze and account for complex business transactions
  • distinguish between different types of pension plans, record pension expense, and balance sheet presentation of pension asset/liability
  • contrast capital leases with operating leases including the accounting procedures for both the lessee and lessor, and the financial statement presentation and disclosure requirements
  • compare and contrast accounting changes versus accounting estimates, and the accounting procedures for each, including the accounting for correction of errors and analyzing the effect of errors
  • contrast the direct and indirect methods of calculating cash flow from operating activities, and preparation of statement of cash flows under each method
  • analyze and account for income tax liabilities currently payable and deferred

ACCT 107 Auditing

  • Units:3
  • Hours:54 hours LEC
  • Prerequisite:ACCT 301 with a grade of "C" or better
  • Advisory:ACCT 103; ACCT 104; BUS 105 or MATH 100, 104 or 132; AND eligible for ENGRD 310 or ENGRD 312 AND ENGWR 300, OR ESLR 340 AND ESLW 340.

This course on auditing practice and theory emphasizes attestation audits of financial statements and the accompanying footnotes. Topics include Generally Accepted Auditing Standards (GAAS), ethics, legal issues, audit planning and methodology, internal control analysis, sampling, and auditors' reports. Additional topics include specific auditing objectives and tests of assets, liabilities, equity, revenues, and expenses.

Student Learning Outcomes

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

  • evaluate the roles of financial reporting and auditing in the modern business environment.
  • compare and contrast the "Generally Accepted Auditing Standards" (GAAS) of the American Institute of Certified Public Accountants (AICPA) with "Auditing Standards" issued by the Public Company Accounting Oversight Board (PCAOB).
  • analyze the six principles of the AICPA Code of Professional Conduct.
  • assess the various components of audit risk.
  • evaluate the structure of audit working papers documentation.
  • compare and contrast the three methods of documenting and assessing internal controls.
  • evaluate statistical and non-statistical sampling methodologies including how sample size is affected by audit risk and population size.
  • ascertain appropriate audit tests for assets, liabilities, stockholders’ equity, revenues, and expenses.
  • evaluate resulting audit evidence for assets, liabilities, stockholders’ equity, revenues, and expenses.
  • distinguish the types of auditor's reports/opinions and when to apply each type of report/opinion.

ACCT 111 Cost Accounting

  • Units:3
  • Hours:54 hours LEC
  • Prerequisite:ACCT 311 with a grade of "C" or better

This course covers advanced managerial accounting. Topics include recording, classifying, reporting, and analyzing costs as well as examining different costing systems. The course focuses on understanding costs, appropriate accounting for them, and using them to analyze, plan, operate, and evaluate manufacturing, merchandising, and service businesses. It utilizes the industry-standard software, Excel, to do so.

Student Learning Outcomes

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

  • examine the role of cost accounting in planning and making business decisions.
  • differentiate between cost behaviors and use them to predict costs.
  • differentiate between, account for, and report product and period costs.
  • evaluate and plan profitability using cost behavior.
  • use costs to make pricing and other types of business decisions.
  • compare, contrast, and use process and job-order costs systems in accounting for product costs.
  • prepare budgets and evaluate financial performance using variance analysis.
  • evaluate organizational structure, use responsibility accounting, and allocate joint, by-product, and service department costs.
  • use Excel software to account for and analyze costs.

ACCT 121 Payroll Accounting

  • Units:3
  • Hours:54 hours LEC
  • Prerequisite:ACCT 101 or 301 with a grade of "C" or better

This course covers current practices in payroll accounting and tax reporting, including federal and state laws that affect payroll records and reports. Topics include both manual and computer payroll systems with hands-on computer applications.

Student Learning Outcomes

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

  • evaluate and prepare the payroll records required of employers
  • identify and apply the federal and state laws that affect payroll accounting and employment practices
  • prepare payroll transactions, accounting entries, and payroll tax returns
  • analyze and interpret payroll data to determine total costs to the employer of wages, taxes, and fringe benefits
  • record payroll transactions in an automated payroll system, using a personal computer and payroll software
  • evaluate automated payroll reports
  • analyze and prepare various payroll forms

ACCT 125 Federal and State Individual Taxation

  • Units:4
  • Hours:72 hours LEC
  • Prerequisite:None.
  • Advisory:ACCT 101, 301, or 481; AND eligible for ENGRD 116 AND ENGRWR 102; OR ESLR 320 AND ESLW 320.

This course covers basic Federal and State Income Tax regulations with an emphasis on the skills necessary for the preparation of individual income tax returns. Topics include filing requirements, determination of taxable income, allowable deductions, tax computation, tax credits, other taxes, payment methods, and audit procedures. The course is a California Tax Education Council (CTEC) qualifying education course, and is offered to members of the community to enable them to become a California Registered Tax Return Preparer (CRTP).

Student Learning Outcomes

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

  • describe the constitutional origins, statutory requirements, and other legislative and administrative underpinnings of the income tax systems of the United States and California.
  • compute the federal and state tax formula for individuals: gross income, adjusted gross income, taxable income, and income tax.
  • describe what constitutes "substantial authority" with respect to a position taken on a tax return, and be able to locate substantial authority for such a position.
  • identify where each item of income and deduction belongs on federal and state income tax returns for individuals.
  • prepare basic, intermediate, and advanced federal and state individual income tax returns.
  • conduct basic tax research using publicly-available research tools.
  • describe the basics of income tax administration, including the audit process, reporting requirements, and taxpayer and preparer penalties, particularly California tax practitioner requirements.
  • calculate state and federal taxes using applicable laws and standard forms.
  • identify and calculate tax credits taxpayers are entitled to claim on their tax return.
  • prepare written communication to IRS and/or clients analyzing tax issues and making appropriate recommendations.
  • apply professional ethical behavior in accounting, taxation, and business.

ACCT 128 Taxation of Corporations, Partnerships, Estates, and Trusts

  • Units:4
  • Hours:72 hours LEC
  • Prerequisite:ACCT 125 and 301 with grades of "C" or better

This course provides a continuing study of federal income tax compliance with an emphasis on the taxation of business entities including corporations, partnerships, limited liability companies, S-corporations, estates, and trusts. Topics include tax and non-tax characteristics of business entities, income tax filing requirements, differences in book and taxable income, selection of accounting methods and periods, tax computation, and available credits.

Student Learning Outcomes

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

  • list the decisions about accounting periods and methods that the various business entities must make.
  • describe the income tax issues that are faced by non-profit organizations.
  • identify the income tax issues in creating, operating, and liquidating a corporation.
  • prepare a corporation's federal income tax return.
  • identify the income tax issues in creating, operating, and liquidating a partnership and an S-corporation.
  • prepare partnership and S-corporation income tax returns.
  • describe the income tax issues in making taxable gifts and prepare a gift tax return.
  • describe the estate and trust income tax issues and prepare a trust tax return.
  • identify the primary types of state and local taxes and when they are applicable to a business entity.
  • cite the basic U.S. framework for taxing multinational transactions and the role of the foreign tax credit.
  • apply professional ethical behavior in accounting, taxation, and business.

ACCT 153 Governmental Accounting

  • Units:3
  • Hours:54 hours LEC
  • Prerequisite:ACCT 301 or 481 with a grade of "C" or better
  • Advisory:ENGWR 102 and ENGRD 116, OR ESLR 320 and ESLW 320; ESLL 320; MATH 100, 104 132 or BUS 105

This course covers accounting and financial reporting for governmental units and institutions with emphasis on the accounting standards prescribed by the Governmental Accounting Standards Board (GASB). Additional topics include governmental budgeting and budgetary controls.

Student Learning Outcomes

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

  • evaluate the environment of governmental budgeting, accounting, and financial reporting
  • evaluate the role of the budget and budgetary process in the management of governmental organizations
  • compare and contrast the objectives of financial reporting of governmental and corporate accounting
  • compare and contrast the modified accrual basis of accounting and the full accrual basis of accounting
  • evaluate the role of each fund in the fund financial statements
  • compare and contrast the fund financial statements and the government-wide financial statements
  • evaluate the content of a typical Comprehensive Annual Financial Report

ACCT 295 Independent Studies in Accounting

  • Units:1 - 3
  • Hours:54 - 162 hours LAB
  • Prerequisite:None.

Independent Study is an opportunity for the student to extend classroom experience in this subject, while working independently of a formal classroom situation. Independent study is an extension of work offered in a specific class in the college catalog. To be eligible for independent study, students must have completed the basic regular catalog course at American River College. They must also discuss the study with a professor in this subject and secure approval. Only one independent study for each catalog course will be allowed.


ACCT 301 Financial Accounting

  • Units:4
  • Hours:72 hours LEC
  • Prerequisite:None.
  • Advisory:ACCT 101; AND BUS 105 or MATH 100, 104, or 132; AND eligible for ENGRD 310 or ENGRD 312 AND ENGWR 300, OR ESLR 340 AND ESLW 340.
  • Transferable:CSU; UC
  • C-ID:C-ID ACCT 110

This is the study of accounting as an information system, examining why it is important and how it is used by investors, creditors, and others to make decisions. The course covers the accounting information system, including recording and reporting of business transactions with a focus on the accounting cycle, the application of generally accepted accounting principles, the financial statements, and statement analysis. It includes issues relating to asset, liability, and equity valuation, revenue and expense recognition, cash flow, internal controls, and ethics.

Student Learning Outcomes

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

  • explain the nature and purpose of generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRS).
  • explain and apply the components of the conceptual framework for financial accounting and reporting, including the qualitative characteristics of accounting information, the assumptions underlying accounting, the basic principles of financial accounting, and the constraints and limitations on accounting information.
  • define and use accounting and business terminology.
  • explain what a system is and how an accounting system is designed to satisfy the needs of specific businesses and users.
  • summarize the purpose of journals and ledgers.
  • apply transaction analysis, input transactions into the accounting system, process this input, and prepare and interpret the four basic financial statements.
  • distinguish between cash basis and accrual basis accounting and explain their impact on the financial statements, including the revenue recognition and matching principles.
  • identify and illustrate how the principles of internal control are used to manage and control a firm’s resources and minimize risk.
  • explain the content, form, and purpose of basic financial statements (including footnotes) and annual reports, and how they satisfy the information needs of investors, creditors, and other users.
  • explain the nature of current assets and related issues, including the measurement and reporting of cash and cash equivalents, receivables and bad debts, and inventory and cost of goods sold.
  • explain the valuation and reporting of current liabilities, estimated liabilities, and other contingencies.
  • identify and illustrate issues relating to long-term asset acquisition, use, cost allocation, and disposal.
  • distinguish between capital and revenue expenditures.
  • identify and illustrate issues relating to long-term liabilities, including issuance, valuation, and retirement of debt (including the time value of money).
  • identify and illustrate issues relating to stockholders’ equity, including issuance, repurchase of capital stock, and dividends.
  • explain the importance of operating, investing, and financing activities reported in the Statement of Cash Flows.
  • interpret company activity, profitability, liquidity and solvency through selection and application of appropriate financial analysis tools.
  • identify the ethical implications inherent in financial reporting and be able to apply strategies for addressing them.

ACCT 311 Managerial Accounting

  • Units:4
  • Hours:72 hours LEC
  • Prerequisite:ACCT 301 with a grade of "C" or better
  • Transferable:CSU; UC
  • C-ID:C-ID ACCT 120

This course covers how managers use accounting information in decision-making, planning, directing operations, and controlling. It focuses on cost terms and concepts, cost behavior, cost structure, and cost-volume-profit analysis. Topics include issues relating to cost systems, cost control, profit planning, and performance analysis in manufacturing and service environments.

Student Learning Outcomes

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

  • identify and illustrate the primary activities and information needs of managers and explain the role of the managerial accountant as a member of the management team.
  • compare and contrast financial and managerial accounting.
  • define and illustrate various cost terms, concepts, and behaviors, and evaluate their relevancy for different decision-making purposes.
  • distinguish between product and period costs and prepare and evaluate a Schedule of Cost of Goods Manufactured, Schedule of Cost of Goods Sold, and Income Statement.
  • prepare traditional and contribution-margin income statements and define related terms.
  • explain cost-volume-profit analysis, degree of operating leverage, and safety margin and employ each as an analytical tool.
  • describe the traditional types of product costing systems (including job-order and process), illustrate the flow of costs in each, and prepare related accounting records and reports.
  • discuss the impact of technology on the business environment, its implications for product and service costs, and the development of activity-based costing and management.
  • explain the purposes of budgeting, prepare a master budget and its component schedules, and relate the budget to planning and control.
  • explain the development and use of standard costs and flexible budgets, prepare and interpret variance analysis reports, and relate them to responsibility accounting and control.
  • explain the nature of and need for segment reporting and its relationship to cost, revenue, profit, and investment centers; prepare and analyze related segment reports.
  • compare and contrast absorption costing and variable costing, prepare income statements using both methods, and reconcile the resulting net incomes.
  • define relevant costs and benefits and prepare analyses related to special decisions.
  • explain the nature of capital expenditure decisions and apply and evaluate various methods used in making these decisions; including the time value of money.
  • identify the ethical implications inherent in managerial accounting and reporting and apply strategies for addressing them.

ACCT 341 Computerized Accounting

  • Units:3
  • Hours:54 hours LEC
  • Prerequisite:ACCT 101 or 301 with a grade of "C" or better
  • Advisory:CISC 100 or 300
  • Transferable:CSU

This course covers major areas of computerized accounting system for small business using QuickBooks Online (QBO). Topics include setting up a new company in QBO, creating a chart of accounts, banking, recording customer and vendor transactions, using QBO inventory tracking, paying employees, making adjusting entries, and generating financial and management reports for service and merchandising businesses. This course provides students with hands-on experience in using QBO and prepares students to take Intuit certified QB certification exam.

Student Learning Outcomes

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

  • identify differences between manual and computerized accounting systems.
  • set up a new company chart of accounts as well as customer, vendor, and employee master files.
  • record transactions related to sales, purchases, and payroll for service and merchandising companies.
  • complete the full accounting cycle for service and merchandise business in a computerized accounting system.
  • perform bank reconciliation of checking, saving, and credit card accounts
  • analyze end-of-period account balances and create appropriate adjusting and closing journal entries.
  • generate and evaluate financial statements and other accounting reports.

ACCT 343 Computer Spreadsheet Applications for Accounting

  • Units:2
  • Hours:27 hours LEC; 27 hours LAB
  • Prerequisite:None.
  • Corequisite:ACCT 301 or 481
  • Advisory:CISA 315; ENGWR 102 and ENGRD 116 OR ESLR 320 and ESLW 320; ESLL 320; MATH 100, 104, 132 or BUS 105
  • Transferable:CSU

This course combines the study of accounting and computer spreadsheets. Projects include topics in financial accounting, managerial accounting, and financial analysis. The course focuses on accuracy, clarity, creativity, adaptability, and presentation skills.

Student Learning Outcomes

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

  • create computerized spreadsheets from start to finish for accounting applications
  • construct complex spreadsheet formulas and functions to develop accounting spreadsheets
  • design spreadsheets that communicate accurate, succinct, and useful accounting information
  • compare and contrast commonly used spreadsheet software currently used in business and industry

ACCT 361 Ethics, Fraud, and Legal Issues for Accountants

  • Units:3
  • Hours:54 hours LEC
  • Prerequisite:None.
  • Advisory:ACCT 107 and 301
  • Transferable:CSU

This course explores ethics, fraud, and legal issues that must be addressed by accountants, including exploration through case studies. Topics in ethics include ethical foundations as well as the unique ethical requirements of professional organizations and the California Board of Accountancy. The course also examines the legal liability of accountants. A variety of case studies are evaluated to gain perspective into ethical lapses, fraud, and legal liability.

Student Learning Outcomes

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

  • evaluate the ethical guidelines of the American Institute of Certified Public Accountants (AICPA) and other professional accounting organizations.
  • evaluate the California Accountancy Act and the implementing rules and regulations of the California Board of Accountancy.
  • evaluate the ethical standards of the International Ethics Standards Board for Accountants (IESBA).
  • explore selected other professional accounting codes of conduct.
  • assess potential legal liability for professional conduct.
  • identify the common characteristics and causes of ethical lapses, fraud, and inadequate audits.
  • evaluate and apply the Sarbanes-Oxley Act of 2002.

ACCT 495 Independent Studies in Accounting

  • Units:1 - 3
  • Hours:54 - 162 hours LAB
  • Prerequisite:None.
  • Transferable:CSU

Independent Study is an opportunity for the student to extend classroom experience in this subject, while working independently of a formal classroom situation. Independent study is an extension of work offered in a specific class in the college catalog. To be eligible for independent study, students must have completed the basic regular catalog course at American River College. They must also discuss the study with a professor in this subject and secure approval. Only one independent study for each catalog course will be allowed.


ACCT 498 Work Experience in Accounting

  • Units:1 - 4
  • Hours:60 - 300 hours LAB
  • Prerequisite:None.
  • Enrollment Limitation:Students must be in a paid or unpaid internship, volunteer position, or job related to accounting with a cooperating site supervisor. Students are advised to consult with the Accounting Department faculty to review specific certificate and degree work experience requirements.
  • Advisory:Eligible for ENGRD 310 or ENGRD 312 AND ENGWR 300; OR ESLR 340 AND ESLW 340.
  • Transferable:CSU
  • General Education:AA/AS Area III(b)

This course provides students with opportunities to develop marketable skills in preparation for employment or advancement within the field of accounting. It is designed for students interested in work experience and/or internships in transfer-level degree occupational programs. Course content includes understanding the application of education to the workforce, completion of Title 5 required forms which document the student's progress and hours spent at the work site, and developing workplace skills and competencies. During the semester, the student is required to complete 75 hours of related paid work experience, or 60 hours of related unpaid work experience for one unit. An additional 75 or 60 hours of related work experience is required for each additional unit. All students are required to attend the first class meeting, a mid-semester meeting, and a final meeting. Additionally, students who have not already successfully completed a Work Experience course will be required to attend weekly orientations while returning participants may meet individually with the instructor as needed. Students may take up to 16 units total across all Work Experience course offerings. This course may be taken up to four times when there are new or expanded learning objectives. Only one Work Experience course may be taken per semester.

Student Learning Outcomes

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

  • demonstrate application of industry knowledge and theoretical concepts in the field of accounting related to a transfer degree level career as written in the minimum three (3) learning objectives created by the student and his/her employer or work site supervisor at the start of the course
  • make effective decisions, use workforce information, and manage his/her personal career plans.
  • behave professionally, ethically, and legally at work, consistent with applicable laws, regulations, and organizational norms.
  • behave responsibly at work, exhibiting initiative and self-management in situations where it is needed.
  • apply effective leadership styles at work, with consideration to group dynamics, team and individual decision making, and workforce diversity.
  • communicate in oral, written, and other formats, as needed, in a variety of contexts at work.
  • locate, organize, evaluate, and reference information at work.
  • demonstrate originality and inventiveness at work by combining ideas or information in new ways, making connections between seemingly unrelated ideas, and reshaping goals in ways that reveal new possibilities using critical and creative thinking skills such as logical reasoning, analytical thinking, and problem-solving.

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