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Lonestar College Systems Tomball

Behavioral Sciences, Business, Humanities and Social Sciences ADVANCED ACCOUNTING (ACNT 2333) Text: Advanced Accounting, 4rd edition, Jeter, Chaney

Course Description:
Methods of measuring and communicating economic information, including consolidated statements, partnerships, real estate, foreign operations, and fund units. This course meets the qualifying educational credit and Skills Specifications Outline (SSOs) required for the CPA examination and is part of the Accounting ATC offered at LSC-CyFair, Montgomery and Tomball. Course Title: Course Number: Credit Hours: Prerequisites: Semester and Year: Class Meets: INSTRUCTOR: Office Location: Office Hours: Advanced Accounting (ACNT 2333) ACNT 2333-3001 3 Credit Hours
ACCT 2304; ENGL 0305 AND ENGL 0307 or 0356, OR higher level course (ENGL 1301), OR placement by testing; MATH 0306

Summer 2012 Online through Angel SONDRA KELLAR, CPA, M.B.A. None By appointment

E-mail: Office or alternate phone: 713-569-9112 office phone

Departmental Information
Department Chair: Joseph Cahill Email: Phone: 281-357-3617 Deans Office: Email: Phone: 281-357-3798

Qualifying Educational Credit for CPA Examination: The Texas State Board of Public Accountancy (TSBPA) awarded Lone Star College System (LSC) the designation to offer Qualifying Educational Credit for the CPA Examination. Eleven of the LSC accounting courses meet the TSBPAS definition of upper-division accounting courses required to take the CPA exam. This designation allows individuals who have already earned a baccalaureate or higher degree from a recognized educational institution to gain the thirty (30) advanced accounting hours required to qualify for the CPA exam.

Online Course Restriction for CPA Candidates:

Students should be aware of the fairly new requirement from the Texas State Board of Public Accountancy that indicates that a maximum of 15 out of the 30 upper division accounting courses can be taken in a distance learning format. More info can be found at the following website: At the website, click * Board Rule 511.58 - Definition of Related Business Subjects

If this is an issue for you, you should contact your advisor or me immediately.

Learning Outcome:
The successful student, upon completion of this course, will have a basic understanding of the following:

Prepare consolidated financial statements. Identify and apply concepts in the formation, operation, termination, and liquidation of partnerships. Analyze and record complex transactions affecting foreign currency transactions and remeasurements

Course Preparation:
To successfully complete the course, you must be prepared to read all chapters thoroughly, submit discussions and homework assignments as scheduled, and complete course examinations.

Quizzes Research Paper Mid-Term Exam Final Examination (Proctored) Total 15% 35% 20% 30% 100%

Assigned grades: A: B: C: D: F: 90-100% 80-89% 70-79% 60-69% Below 60%

You are encouraged to do the exercises and problems at the end of each chapter. This normally results in a much higher overall grade in this course.

There will be a quiz over each chapter.

Research Paper:
This course meets the standard to qualify as one credit of research needed to be eligible to take the CPA exam. This course will allow students to research the authoritative accounting literature for the Financial Accounting Standards Board (FASB).

The goal of the research paper is to understand and give a detailed analysis (Option 1) of the International Convergence of Accounting Standards (U.S. GAAP and IFRS) or (Option 2) of the FASB exposure draft (Topic 840) on leases. The paper should be 10-12 pages in length and include references. This course will allow students to research the authoritative accounting literature for both the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB). Students must access and research the FASB ASB electronically through the American Accounting Association at: Students must also access the IASBs unaccompanied IFRS at: In addition, other non-authoritative resources will be used to supplement the students findings. Students will be able to access and research the authoritative accounting literature for the Financial Accounting Standards Board (FASB) through and through the American Institute of Certified Public Accountants through as well as using other resources to supplement the students findings.

The Midterm and Final examinations will be given online. The format will be multiple choice questions, as well as True/False questions. The final exam will be proctored and you must go to a Lonestar Assessment Center on a Lonestar Campus to take the final. This is in anticipation that the Texas State Board of Public Accountancy will soon resolve to require all CPA exam educational qualifying courses to have proctored exams. Walk-ins are welcome at the Lonestar assessment centers until one hour before close for that assessment center and no appointment is required. Other institutions such as other University assessment centers, high school assessment centers or libraries may be used with prior approval by that facility and this instructor.

Statement of Workplace and Foundation Competencies (SCANS Skills)

The LSC is committed to prepare you with the knowledge and skills you need to succeed in todays dynamic work environment. Towards this end, the following workplace competencies and foundation skills have been designed into the curriculum for this course:

Academic Integrity:
The colleges academic integrity policy states, LSC is committed to a high standard of academic integrity in the academic community. In becoming a part of the academic community, students are responsible for honesty and independent effort. Failure to uphold these standards includes, but is not limited to, the following: 1. Plagiarizing written work projects. 2. Cheating on exams or assignments. 3. Collusion on an exam or project. 4. Misrepresentation of credentials or prerequisites when registering for a course. Refer to the LSC catalog for additional information. Virus Protection: The college will not be held liable for any corruption of data caused by virus contamination. The college computers are regularly screened and are protected against computer viruses to the best of our ability. However, we do not guarantee that viruses do not exist on our systems. Procedures are in place in all labs for you to scan your diskettes. It is your responsibility to protect your data from corruption due to viruses.

Student Services: Learning Resources Centers The Learning Resources Centers (LRCs) at each college provide print and non-print resources and services for students. The materials have been selected to serve the curricular, vocational, and recreational needs of the college community. Each college LRC provides computer access to a variety of information in electronic form including bibliographic indexes to journals, Internet resources, and multimedia publications. Learning Support Centers Learning Support Center at each college provides print and audio-visual materials as well as tutorial assistance and computer labs for students who need academic support services. Materials from other disciplines are available in each center including reading, writing, math and college study skills. Internet & E-mail The LSC System provides computing and network resources to students. Students are encouraged to use the computers, software packages, and electronic mail (e-mail), for educational or System-related activities and to facilitate the efficient exchange of useful information. However, the equipment, software and network capacities provided through the LSC System computer services are and remain the property of the LSC, and access may be denied to any student who fails to comply with the LSCs policies and procedures regarding its use. Access to the LSCs e-mail and similar electronic communication systems are a privilege and certain responsibilities accompany that privilege. LSC users are expected to demonstrate the same level of ethical and professional manner, as is required in face-to-face or written communications. Anonymous or forged messages will be treated as a violation of this policy. Equal Opportunity Statement: It is the policy of Lone Star College System to provide equal employment, admission and educational opportunities without regard to race, color, religion, national origin, sex, age or disability. LSC System colleges strive to provide an excellent learning environment free from harassment or intimidation directed at any persons race, color, religion, national origin, sex, age, or disability. Any form of harassment will not be tolerated. ADA Statement: The LSC System colleges are dedicated to providing the least restrictive learning environment for all students. The college district promotes equity in academic access through the implementation of reasonable accommodations as required by the Vocational Rehabilitation Act of 1973, Title V, Section 504 and the Americans with Disabilities Act of 1990 (ADA) which will enable students with disabilities to participate in and benefit from all post-secondary educational activities. If you require reasonable accommodations because of physical, mental, or learning disability, please notify the instructor of this course as soon as possible and preferably before the end of the first two weeks of class to arrange for reasonable accommodations. Guaranteed Graduate Policy: Lone Star College System guarantees that graduates of its Associate of Arts, Associate of Science, or Associate of Applied Science and all Certificate programs, will provide under certain circumstances, additional education and training tuition free to students lacking appropriate master of specified competencies. For additional information, refer to the Lone Star College System catalog.

Tentative Course Schedule:


1 2

Intro. to Business Combinations Ch. 1 Acctg. for Combinations Ch. 2

06/10 06/10

3 4 5 6 7 8 9 10 11

Consolidated Statements Ch. 3Date of Acquisition Subsequent Years Ch. 4 Allocation, Depreciation, Ch. 5 and Amortization Intercompany Profit Ch. 6 in Inventory Mid-Term Examination (OPEN BOOK) Intercompany Unrealized Gains or Losses Ch. 7 Changes in Ownership Interest Ch. 8 Intercompany Bonds & Misc. Ch. 9 Liquidation & Reorganization Ch. 10

06/10 06/17 06/17 06/17 06/17 06/24 06/24 07/01 07/01 07/08 07/08 07/08 07/07-10

12 International Accounting Ch. 11


Foreign Currency and Hedging Ch. 12 Research Paper


Final Exam (Proctored)