Maricopa Community Colleges  ACC262   20074-99999 
Official Course Description: MCCCD Approval: 02/27/07
ACC262 20074-99999 LEC 2 Credit(s) 2 Period(s)
Certified Bookkeeper (CB) Preparation Seminar II
Inventory valuation methods. Includes calculating, recording, and reporting under generally accepted accounting principles (GAAP). Preventive internal control procedures to detect organizational fraud, theft, and embezzlement covered.
Prerequisites: ACC260.
Go to Competencies    Go to Outline
 
MCCCD Official Course Competencies:
 
ACC262   20074-99999 Certified Bookkeeper (CB) Preparation Seminar II
1. Compare and contrast periodic and perpetual inventory systems. (I)
2. Summarize various inventory valuation methods. (II)
3. Calculate commonly used valuation methods to inventory held for resale. (II)
4. Report changes in inventory under generally accepted accounting principles (GAAP). (II, III)
5. Apply Lower of Cost or Market (LCM) Rule. (III)
6. Identify potential lack of internal controls within an organization. (IV)
7. Summarize the importance of internal controls in an organization. (IV, V)
8. Analyze sound internal control measures to prevent organizational fraud, theft, and embezzlement. (V)
Go to Description    Go to top of Competencies
 
MCCCD Official Course Outline:
 
ACC262   20074-99999 Certified Bookkeeper (CB) Preparation Seminar II
    I. Inventory Systems
        A. Overview
        B. Assumptions in Accounting
        C. Periodic Inventory System
        D. Perpetual Inventory System
      II. Inventory Valuation Methods
          A. Overview
          B. Related Generally Accepted Accounting Principles (GAAP)
          C. Weighted Average
          D. Moving-Average Methods
          E. First-In, First-Out (FIFO) Method
          F. Last-In, First-Out (LIFO) Method
          G. Specific Identification Method
        III. Reporting Inventory
            A. Overview
            B. Lower of Cost or Market (LCM) Rule
            C. Application
          IV. Internal Controls
              A. Overview
              B. Inventory Theft
              C. Non-Cash Assets Theft
              D. Credit Card Fraud
              E. Embezzlement
            V. Preventive Internal Controls
                A. Overview
                B. Theft Detection and Prevention
                C. Fraud Detection and Prevention
                D. Embezzlement Detection and Prevention
                E. Checks and Credit Cards
                F. Supplier Overcharges
            Go to Description    Go to top of Competencies    Go to top of Outline