UMUC Europe Syllabus for ACCT 424

Prerequisite: ACCT 311. Recommended: ACCT 326. A study of advanced accounting theory, applied to specialized topics and contemporary problems. Emphasis is on consolidated statements and partnership accounting. Various techniques are used to study accounting theory and practice; these may include the use of problem sets, case studies, computer applications, and other materials. Students may receive credit for only one of the following courses: ACCT 424 or BMGT 424.

Course Goals/Objectives:

After completing this course, students should be able to: understand the variety of ways in which foreign operations are conducted, be able to prepare the journal entries related to forward exchange contracts, and translate foreign currency statements into U.S. dollars understand partnership accounting, and be able to prepare journal entries for the admission of a new partner, calculate the division of income among the partners, and prepare an advance cash distribution program for liquidation describe the equity method of accounting in the context of both the branch/home office and the parent/subsidiary relationships understand the accounting for business combinations, and be able to prepare (1) journal entries for business combinations under either purchase or pooling of interests accounting as well as working paper elimination entries and consolidated financial statements for a parent and its subsidiaries describe the various funds and account groups used by state and local governments, and be able to prepare journal entries and financial statements understand the accounting aspects of estate administration and trusts, and be able to prepare related journal entries and financial statements

Course Introduction:

Major topics include: Acquisitions, Mergers, and Consolidated Statements (a timely topic in the current environment, especially in the banking and telecommunication industries); Accounting for Partnerships; Foreign Operations; Fiduciaries; and State and Local Governments. CPA exam materials will be used to supplement the text.

Grading Information and Criteria:

A = 90-100%; B = 80-89%; C = 70-79%; D = 60-69%; F below 60% Grades will be determined as follows: Homework Assignments: 30% Research Assignment: 20% Midterm Exam: 25% Final Exam: 25%

Other Information:

Any other information the instructor wishes to add. This might include: General expectations of students, such as hours per week students should expect to devote to the class Turnaround time for faculty to respond to email and return papers Unique class procedures or activities (such as cooperative learning exercises, panel presentations, case study methods, class journals or learning logs) Supplemental objectives (such as development of skills like teamwork, writing, oral presentation; integration of knowledge on focus topics) Optional activities such as study groups

Project Descriptions:

Academic Policies:

Cases of plagiarism are handled consistent with current UMUC guidelines. See the UMUC policies at the following URL: http://www.umuc.edu/policy/

Common Syllabus for ACCT 424

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