Official Course Description: MCCCD Approval: 03/23/93
ACC240 19926-19935	LEC	3 Credit(s)	3 Period(s)
Uses of Accounting Information II
Introduction to accounting information with an emphasis on analysis for use by parties outside an organization. Prerequisites: ACC230.

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MCCCD Official Course Competencies:
ACC240   19926-19935	Uses of Accounting Information II

1.	Compare and contrast managerial and financial accounting. (I)
2.	Explain the development and significance of generally accepted accounting principles (GAAP). (I)
3.	Describe current GAAP concepts. (I)
4.	Explain the external users' need for accounting information. (II)
5.	Cite the sources and references external users need to analyze business organizations. (II)
6.	Identify the components of an annual report. (III)
7.	Illustrate procedures used by external users to analyze a set of financial statements for an organization. (III)
8.	Analyze the individual components of a balance sheet, income statement, owners' equity and statement of cash flows. (III)
9.	Describe international accounting practices. (IV)
10.	Describe taxes affecting business organizations. (V)

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MCCCD Official Course Outline:
ACC240   19926-19935	Uses of Accounting Information II

I. Financial accounting A. Relation to managerial accounting B. Development of GAAP C. Current GAAP concepts II. External users and accounting information A. Groups of users B. Needs of users C. Sources and references for users III. Annual reports A. Components B. Analysis procedures C. Balance sheet D. Income statement E. Owners' equity F. Statement of cash flows IV. International accounting V. Taxes A. Federal B. Local

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