Includes three practice sets specially designed to provide students opportunity to prepare federal and state tax forms relating to depreciation, payroll, sales tax, and corporate income and franchise taxes. Also covers the one-write system, bank reconciliations and physical inventory procedures.
Prerequisite: AC11, or AC13 and AC14. A-E-G/3 r. hrs.
III. GOALS OF THE COURSE:
The accounting faculty will assist students to achieve the desired learning outcomes listed below. In addition, the faculty will provide an opportunity for the students to develop an appreciation of the process of accounting and to improve their analytical skills.
To that end, instruction will be directed at introducing students to:
A. Various business structures and responsibilities.
B. Accounting procedures and record keeping.
C. Compliance reporting for various entities.
D. Preparation of financial statements and compilation reports.
IV. STUDENT LEARNING OUTCOMES:
Upon successful completion of AC16 (Practical Accounting) students will:
A. have a thorough understanding of various business entities and their legal and reporting responsibilities.
B. know how to prepare:
1. bank reconciliations
2. payroll records and tax filings.
3. accounting records and financial statements
4. tax filings for sole proprietors
5. tax filings for partnerships
6. tax filings for S corporations
7. New York State Sales tax forms
8. depreciation tax forms.
C. be prepared for more advanced study in accounting.
V. SPECIAL INSTRUCTIONS/INFORMATION FOR THE TEACHER:
A. Prerequisite to this course: AC11
B. Programs that require this course:
A.A.S. Degree: Accounting
C. Courses which require this as a prerequisite or corequisite: None
D. External Jurisdiction: None
VI. MAJOR TOPICS REQUIRED (37.5 Hours)
A. BUSINESS STRUCTURES AND RESPONSIBILITIES (5 HOURS)
1. Sole proprietors, partnerships and corporations
2. Start up details
3. Human resources management and employer responsibilities
4. Internal Revenue Service tax guides for new businesses
5. New York State tax guide for new businesses.
B. ACCOUNTING PROCEDURES & RECORDKEEPING (9 HOURS)
1. Cash receipts and payments records.
2. Ledgers and work papers.
3. Adjusting entries.
4. Payroll records.
5. Bank reconciliations.
C. COMPLIANCE REPORTING (15 HOURS)
1. Payroll forms 940, 941, NYS-45, W-2 and W-3
2. Schedules C and SE for sole proprietors.
3. Form 4562 for depreciation reporting.
4. Forms 1065 and IT-204 for partnerships
5. Forms 1120-S and CT-3-S for S corporations.
6. Form ST-100 for New York State sales tax.
D. FINANCIAL STATEMENTS (4.75 HOURS)
1. Compilation reports
2. Income statements
3. Balance Sheets
4. Cash flow statements
5. Business plan
E. EVALUATION OF STUDENT PERFORMANCE (3.75 HOURS)
It is strongly suggested that there be at least three (3) full period examinations, four (4) small projects and one (1) major project. The examinations could include short answers, forms completions, and essay questions.
The Business Administration and Accounting Department endorses the college’s “Writing to Learn” initiative and strongly recommends that a writing component be included in all business and accounting courses.
