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:
  1. Accounting for State and Local Governmental Units
  2. General Fund Accounting
  3. Special Funds and Account Groups
  4. Not-for-Profit Entities: Health Care Providers, Health and Welfare Organizations, and Other Entities
  5. Accounting for Business Combinations
  6. Intercorporate Investments in Common Stock
  7. Consolidated Financial Statements
  8. Intercompany Transactions

V.    Academic Integrity and Student Conduct

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.

Please review the Code of Academic Conduct and the Code of Student Conduct, both located online at
www.oakton.edu/studentlife/student-handbook.pdf

VI.   Sequence of Topics

In Example –
  1. Governmental Entities: Introduction and General Fund Accounting
  2. Governmental Entities: Special Funds and Account Groups
  3. Colleges and Universities
  4. Not-For Profit Entities: Health Care Providers, Voluntary Health and Welfare Organizations, and Other Entities
  5. Corporate Expansion and Accounting for Business Combinations
  6. Reporting Intercorporate Investments in Common Stock
  7. The Reporting Entity and Consolidated Financial Statements
  8. Intercompany Inventory Transactions
  9. Intercompany Indebtedness

VII.  Methods of Instruction

In Example --
  1. Lecture and discussion
  2. Problem Solving
  3. Review of homework
  4. Case Problems

Course may be taught as face-to-face, hybrid or online course.

VIII. Course Practices Required

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

Course may be taught as face-to-face, hybrid or online course.

IX.   Instructional Materials

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

In Example --
Text:  Advanced Financial Accounting by Baker, Lembke, and King, 8th edition ISBN: 978-0073526911

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

X.    Methods of Evaluating Student Progress

In Example --
  1. 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.
  2. 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.

Oakton Community College is committed to maintaining a campus environment emphasizing the dignity and worth of all members of the community, and complies with all federal and state Title IX requirements.

Resources and support for
  • pregnancy-related and parenting accommodations; and
  • victims of sexual misconduct
can be found at www.oakton.edu/title9/.

Resources and support for LGBTQ+ students can be found at www.oakton.edu/lgbtq.