Normandale Community College

Accounting Technology 1102 – College Accounting 2

4 Credits

Prerequisites – Accounting Technology 1101

Class Cancel:  (952) 487-8300

I.          COURSE OBJECTIVES

            A.         Develop the skills necessary to prepare essential business records.

            B.         Develop an understanding of the usefulness and limitations of financial statements.

            C.         Acquire and understand valuation alternatives.

            D.         To make managerial decisions based on accounting records.

II.          TEXT

            A.         College Accounting, Heintz & Parry – Required

            B.         Principles of Cost Accounting  - Nagy & VanDerbeck – required

            C.         Working papers – Recommended

III.         COURSE TOPICS

            A.         Chapter 20 – Accounting for Long Term Assets

                        1.         Acquisition of property, plant and equipment

                        2.         Depreciation

                        3.         Disposal of Plant Assets

            B.         Chapter 21 – Partnerships

                        1.         Characteristics and Formation

                        2.         Division of Income or Loss

                        3.         Admissions and Withdrawals of Partners

            C.         Chapter 22 – Corporations – Organization and Capital Stock

                        1.         Formation and Characteristics

                        2.         Stockholder’s Equity:  Retained Earnings and Capital Shock

                        3.         Recording Capital Stock Transactions

            D.         Chapter 23 – Corporations:  Earnings

                        1.         Retained Earnings Account

                        2.         Accounting for Dividends

            E.         Chapter 25 – Statement of Cash Flows

                        1.         Net Cash Flows from Operating Activities

                        2.         Cash Flows from Investing and Financing Activities

                        3.         Working Capital

            F.         Chapter 1 – Introduction to Cost Accounting

                        1.         Elements of Manufacturing Costs

                        2.         Uses of Cost Accounting Data

            G.         Chapter 2 – Accounting for Materials

                        1.         Materials Control & Procedures

                        2.         Accounting for Materials

                        3.         Scrap, Spoiled Goods and Defective Work

            H.         Chapter 3 – Accounting for Labor

                        1.         Wage Plans

                        2.         Accounting for Labor Costs

            I.          Chapter 4 – Accounting for Factory Overhead

                        1.         Analyzing Semivariable Overhead Costs

                        2.         Accounting for Actual Factory Overhead

                        3.         Applying Factory Overhead to Production

            J.          Chapter 5 – Process Cost Accounting – General Procedures

                        1.         Complete costs when materials not added uniformity

                        2.         Complete unit costs and assign costs

            K.         Chapter 6 – Process Cost – Additional Procedures

                        1.         Complete costs when materials not added uniformity

                        2.         Accounting for units gained/lost in process

            L.         Chapter 7 – Standard Cost Accounting – Materials and Labor

                        1.         Determine Standard Costs and Variances

                        2.         Journal Entries for Variances

            M.        Chapter 8 – Budgeting and Standard Cost Accounting for Factory

                        1.         Overhead

                        2.         Recognize Different Types of Budgets

                        3.         Differences between Actual and Applied Factory Overhead

                        4.         Complete the Budget, Capacity and Efficiency Variances

IV.        Evaluation

            A.         Chapter Tests

            B.         One Make-up given

            C.         Homework 0-20% of grade

                        Tests 0 -100% of grade