Skagit Valley College logo

Catalog Course Search Details

This course has been changed from the previous catalog, the changed field(s) are highlighted in red:

 Course Title:   Practical Accounting III

 Title Abbreviation:   PRACTICAL ACOUNTING III

 Department:    OFTEC

 Course #:    147

 Credits:    5

 Variable:     No

 IUs:    5

 CIP:    520302

 EPC:    547

 REV:    2013


 Course Description  

Continuation of OFTEC 146. Includes accounting for partnerships, corporations, departments, and manufacturing; statement of cash flows; and comparative financial statements.

 Prerequisite  

Prerequisite: OFTEC 146 or ACCT& 201 or equivalent.

Additional Course Details

Contact Hours (based on 11 week quarter)

Lecture: 55

Lab: 0

Other: 0

Systems: 0

Clinical: 0


Intent: Distribution Requirement(s) Status:  

Vocational Preparatory Required for ATA degree, Required for certificate  

Equivalencies At Other Institutions

Other Institution Equivalencies Table
Institution Course # Remarks
N/A

Learning Outcomes

After completing this course, the student will be able to:

  1. Maintain financial records for partnerships and corporations.
  2. Analyze and record business transactions related to the formation, distribution of profit or loss, and dissolution of partnerships.
  3. Analyze and record business transactions related to the formation of corporations and issuance of capital stock.
  4. Analyze and record business transactions related to corporate earnings, taxes, and dividends.
  5. Analyze and record business transactions related to corporate bonds.
  6. Prepare statements of cash flows.
  7. Prepare comparative financial statements and calculate measures of liquidity, activity, profitability, and leverage.
  8. Analyze and record business transactions related to departmental accounting.
  9. Analyze and record business transactions related to manufacturing accounting.

General Education Learning Values & Outcomes

Revised August 2008 and affects outlines for 2008 year 1 and later.

2. Critical Thinking

Definition: The ability to think critically about the nature of knowledge within a discipline and about the ways in which that knowledge is constructed and validated and to be sensitive to the ways these processes often vary among disciplines.

Outcomes: Students will be able to . . .
2.1 Identify and express concepts, terms, and facts related to a specific discipline.
2.3 Identify, interpret, and evaluate pertinent data and previous experience to reach conclusions.

8. Mathematical Reasoning

Definition: Understanding and applying concepts of mathematics and logical reasoning in a variety of contexts, both academic and non-academic.

Outcomes: Students will be able to . . .
8.2 Correctly apply logical reasoning and mathematical principles to solve problems.
8.3 Interpret information and reasoning expressed mathematically (for example in spreadsheets, diagrams, charts, formulas, etc.).

Course Contents

  1. Accounting for partnerships.
  2. Corporations: organization and capital stock.
  3. Corporations: work sheet, taxes, and dividends.
  4. Corporations: long-term obligations.
  5. Departmental accounting.
  6. Analyzing and interpreting financial statements.
  7. Statement of changes cash flows.
  8. Manufacturing accounting.