Sep 30, 2022  
2022-2023 College Catalog 
    
2022-2023 College Catalog
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ACC 250 - Certified Bookkeeper

3 Credits, 3 Contact Hours
3 lecture periods 0 lab periods

Advanced topics in the areas of accruals, deferrals, and the adjusted trial balance; correcting common transaction recording errors and the bank reconciliation; payroll accounting and the related Federal and State payroll law requirements; accounting for depreciation with regard to financial and tax accounting purposes; inventory valuation methods; and internal controls and fraud prevention.

Prerequisite(s): ACC 105  or ACC 211 
Information: Upon successful completion, students will be able to sit for a national exam administered by the American Institute of Professional Bookkeepers (AIPB).
  button image Prior Learning and link to PLA webpage

Course Learning Outcomes
  1. Demonstrate the concepts of accrual accounting to transactions that span fiscal periods.
  2. Identify and correct accounting errors and reconcile a bank account.
  3. Prepare payroll transactions from paying wages to depositing and reporting taxes.
  4. Compute depreciation using various methods of calculating depreciation for book and tax purposes and prepare the appropriate transactions.
  5. Compute the cost of inventory and demonstrate how to record the costs by preparing entries and reporting the inventory on financial statements.
  6. Apply effective implementation of internal controls and fraud prevention.

Outline:
  1. Accruals, Deferrals, and the Adjusted Trial Balance
    1. Why Accruals, Deferrals, and Other Adjustments Are Made
    2. Accrual of Revenues and Expenses
    3. Computation of Revenues Collected in Advance
    4. Computation of Expenses After a Prepayment
    5. Other Adjusting Entries
    6. Unadjusted Trial Balance Through the Adjusted Trial Balance
  2. Correction of Accounting Errors and the Bank Reconciliation
    1. Where Accounting Errors Occur and How They Are Found
    2. Performing the Bank Reconciliation
    3. Finding and Correcting Errors on the Unadjusted Trial Balance
    4. Correcting Current-Period Accrual and Deferral Errors
  3. Payroll
    1. How to Pay Different Kinds of Employees
    2. Federal and State Wage-Hour Law
    3. Paying Employees Under Federal Law
    4. Employment Records and Payroll Recordkeeping
    5. Form W-4 and Comparable State Forms
    6. Withholding and Depositing Federal Taxes
    7. Federal Employment Reporting Forms and Due Dates
    8. When Wages Become Taxable
    9. Other Reporting Rules
    10. Payroll Register and Journal Entries
  1. Depreciation
    1. Book and Tax Depreciation
    2. Depreciation Under Generally Accepted Accounting Principles (GAAP)
    3. Computing and Allocating Depreciation
    4. Depreciation Under Federal Income Tax Depreciation Rules
    5. Tax Depreciation of Vehicles
  2. Inventory
    1. General Concepts of Accounting for Inventory
    2. The Perpetual Method
    3. The Periodic Method
    4. Weighted-Average and Moving-Average Methods
    5. First-In, First-Out (FIFO) Method
    6. Last-In, Last-Out (LIFO) Method
    7. Lower of Cost or Market (LCM) Rule
  3. Internal Controls and Fraud Prevention
    1. How Dishonest Employees Steal Inventory
    2. How to Prevent or Spot Employee Theft
    3. Check Fraud
    4. Credit Card Fraud
    5. How Vendors Cheat You


Effective Term:
Spring 2021



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