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Advanced Accounting

I.     Course Prefix/Number: ACC 266

       Course Name: Advanced Accounting

       Credits: 3 (3 lecture; 0 lab)

II.    Prerequisite

Recommended: ACC 242, or concurrent enrollment in ACC 242.

III.   Course (Catalog) Description

Course covers governmental and not-for-profit accounting, and business combinations. Content includes general funds, special funds, consolidated financial statements, intercompany inventory, and other intercompany transactions.

IV.   Learning Objectives

To prepare students to demonstrate understanding of concepts and the ability to solve problems in the areas of:
A.    Accounting for State and Local Governmental Units
B.    General Fund Accounting
C.    Special Funds and Account Groups
D.    Not-for-Profit Entities:  Health Care Providers, Health and Welfare Organizations, and Other Entities
E.    Accounting for Business Combinations
F.    Intercorporate Investments in Common Stock
G.     Consolidated Financial Statements   
H.    Intercompany Transactions

V.    Academic Integrity

Students and employees at Oakton Community College are required to demonstrate academic integrity and follow Oakton's Code of Academic Conduct. This code prohibits:

• cheating,
• plagiarism (turning in work not written by you, or lacking proper citation),
• falsification and fabrication (lying or distorting the truth),
• helping others to cheat,
• unauthorized changes on official documents,
• pretending to be someone else or having someone else pretend to be you,
• making or accepting bribes, special favors, or threats, and
• any other behavior that violates academic integrity.

There are serious consequences to violations of the academic integrity policy. Oakton's policies and procedures provide students a fair hearing if a complaint is made against you. If you are found to have violated the policy, the minimum penalty is failure on the assignment and, a disciplinary record will be established and kept on file in the office of the Vice President for Student Affairs for a period of 3 years.
Details of the Code of Academic Conduct can be found in the Student Handbook.

VI.   Sequence of Topics

A.    Governmental Entities: Introduction and General Fund Accounting
B.    Governmental Entities: Special Funds and Account Groups
C.    Colleges and Universities
D.    Not-For Profit Entities: Health Care Providers, Voluntary Health and Welfare Organizations, and Other Entities
E.    Corporate Expansion and Accounting for Business Combinations
F.    Reporting Intercorporate Investments in Common Stock
G.     The Reporting Entity and Consolidated Financial Statements
H.     Intercompany Inventory Transactions
I.     Intercompany Indebtedness

VII.  Methods of Instruction

A.    Lecture and discussion
B.    Problem Solving
C.    Review of homework
D.    Case Problems
Course may be taught as face-to-face, media-based, hybrid or online course.

VIII. Course Practices Required

Students are expected to perform on a college level in problem solving, basic math and written presentation

IX.   Instructional Materials

Note: Current textbook information for each course and section is available on Oakton's Schedule of Classes.

Varies by instructor.

X.    Methods of Evaluating Student Progress

A.    Four Tests (100 points each)
Final Exams (200 points each)
Homework (6 points each)
Quizzes (10 points each)
Attendance is considered if a student is between grades.

B.    A point scale based on total possible points.
90 - 100% = A
80 -  89% = B
70 -  79% = C
59% & below F

XI.   Other Course Information



If you have a documented learning, psychological, or physical disability you may be entitled to reasonable academic accommodations or services. To request accommodations or services, contact the Access and Disability Resource Center at the Des Plaines or Skokie campus. All students are expected to fulfill essential course requirements. The College will not waive any essential skill or requirement of a course or degree program.