SRJC Course Outlines

5/25/2024 1:06:35 AMAGBUS 71 Course Outline as of Fall 2013

Reinstated Course
CATALOG INFORMATION

Discipline and Nbr:  AGBUS 71Title:  AGRICULTURAL ACCOUNTING  
Full Title:  Agricultural Accounting
Last Reviewed:11/9/2015

UnitsCourse Hours per Week Nbr of WeeksCourse Hours Total
Maximum3.00Lecture Scheduled2.0017.5 max.Lecture Scheduled35.00
Minimum3.00Lab Scheduled3.006 min.Lab Scheduled52.50
 Contact DHR0 Contact DHR0
 Contact Total5.00 Contact Total87.50
 
 Non-contact DHR0 Non-contact DHR Total0

 Total Out of Class Hours:  70.00Total Student Learning Hours: 157.50 

Title 5 Category:  AA Degree Applicable
Grading:  Grade Only
Repeatability:  00 - Two Repeats if Grade was D, F, NC, or NP
Also Listed As: 
Formerly:  AG 73

Catalog Description:
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Principles of agricultural accounting systems and type of records, their use and how to compute and use measures of earnings and cost of production to improve agribusiness efficiency. Also included are farm income tax, Social Security, and employee payroll records.

Prerequisites/Corequisites:


Recommended Preparation:
Eligibility for ENGL 100 or ESL 100

Limits on Enrollment:

Schedule of Classes Information
Description: Untitled document
Principles of agricultural accounting systems and type of records, their use and how to compute and use measures of earnings and cost of production to improve agribusiness efficiency. Also included are farm income tax, Social Security, and employee payroll records.
(Grade Only)

Prerequisites:
Recommended:Eligibility for ENGL 100 or ESL 100
Limits on Enrollment:
Transfer Credit:CSU;
Repeatability:00 - Two Repeats if Grade was D, F, NC, or NP

ARTICULATION, MAJOR, and CERTIFICATION INFORMATION

Associate Degree:Effective:Inactive:
 Area:
 
CSU GE:Transfer Area Effective:Inactive:
 
IGETC:Transfer Area Effective:Inactive:
 
CSU Transfer:TransferableEffective:Fall 2013Inactive:Fall 2023
 
UC Transfer:Effective:Inactive:
 
C-ID:
 CID Descriptor: AG - AB 128 Agricultural Accounting SRJC Equivalent Course(s): AGBUS71

Certificate/Major Applicable: Not Certificate/Major Applicable



COURSE CONTENT

Outcomes and Objectives:
At the conclusion of this course, the student should be able to:
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Upon successful completion of this course, students will be able to:
1.  Explain the value of agricultural records to a successful agricultural enterprise.
2.  Define common agricultural bookkeeping terms.
3.  Select a record keeping system.
4.  Design and explain a set of agricultural accounts.
5.  Demonstrate the principles of accrual accounting by opening, analyzing and entering transactions and closing a set of double-entry accounting records.
6.  Create a balance sheet.
7.  Summarize an agricultural accounting system using the worksheet.
8.  Calculate measures of earnings applicable to agricultural records and construct an income statement.
9.  Determine efficiencies of an agricultural business through the use of accounts and determine the cost per unit of production.
10. Contrast the basic methods of depreciation and calculate yearly depreciation.
11. Construct inventory analysis procedures.
12. Utilize computer spreadsheet templates for common accounting analyses.
13. Determine the payroll for employees given the major deductions.
14. Explain Social Security records and requirements.
15. Explain the basis for agricultural income tax computing.

Topics and Scope
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A.  Importance of Record Keeping
   1. Record keeping objectives
   2. Components of agricultural records and accounting systems
   3. Accounting periods
B.  Principles of Accounting
   1. Single-entry accounting
   2. Double-entry accounting
   3. Accrual versus cash bases of accounting
C.  Kinds of Agricultural Accounts and Record Keeping Systems
   1. Single entry systems
   2. Double entry systems
   3. Enterprise accounting
   4. Computerized accounting
   5. Employee records
   6. Production records
   7. Social Security records
   8. Depreciation and inventory records
   9. Budgets and cash flow records
  10. Various accounting systems available
      a. University of California Record Book
      b. Ideal System Account Book
      c. New Holland One-Book System
D.  Types of Entries and Their Uses
   1. Diary
   2. Inventory
   3. Receipts
   4. Expenses
   5. Accounts payable
   6. Accounts receivable
   7. Balance sheets (net worth or financial statement)
   8. Profit/loss statement
   9. Others
E.  Accounting Cycle
   1. Beginning balance sheet (net worth statement)
   2. Opening entries
   3. Recording transactions
      a. Journal entries
      b. General ledger posting
   4. Trial balances
   5. Correcting entries
   6. Adjusting entries
   7. Adjusted trial balance
   8. Closing entries
   9. Post-closing trial balance
  10. Ending balance sheet
  11. Profit and loss statement
  12. Worksheet
F.  Income Statements
   1. Different forms
   2. Profit/loss ratios
G.  Asset Valuation and Depreciation
   1. Depreciable asset definitions
   2. Depreciation methods
   3. Depreciation calculation
   4. Book versus market valuation
   5. Depreciable asset disposal and capital gains
   6. Inventory valuation and control
H.  Liabilities and Debt
    1. Calculating simple interest loans
    2. Transactions involving loans and loan payments
      a. Determining current principle loan balances
      b. Determining interest payable
    3. Loan applications
    4. Cash flow budgets
I.  Computerized Records and Analysis
    1. Computer spreadsheet programming
    2. Records and analysis templates using computer spreadsheet programs
J.  Payroll Accounting
   1. Allowable deductions
   2. Reporting requirements
K.  Social Security
   1. Deductions
   2. Separate accounts and deposits
   3. Reporting procedures
L.  Income Tax (Federal)
   1. Cash or accrual basis
   2. Proper entries
   3. Allowable deductions
   4. Depreciation requirements
   5. Capital gains tax
M.  Complete Problem from Diary to Income and Cost Analyses
N.   Lab: applications of topics covered in lecture

Assignments:
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1.  Lab: accounting problem sets.
2.  Quizzes (6-8)
3. Term paper on tax related topics, 5-7 pages.
4. Midterm and final exam.
5. Reading, 20-30 pages per week.

Methods of Evaluation/Basis of Grade.
Writing: Assessment tools that demonstrate writing skill and/or require students to select, organize and explain ideas in writing.Writing
10 - 15%
Term paper
Problem solving: Assessment tools, other than exams, that demonstrate competence in computational or non-computational problem solving skills.Problem Solving
40 - 50%
Lab problem sets.
Skill Demonstrations: All skill-based and physical demonstrations used for assessment purposes including skill performance exams.Skill Demonstrations
0 - 0%
None
Exams: All forms of formal testing, other than skill performance exams.Exams
35 - 45%
Quizzes, Midterm, and Final exam (Multiple choice, True/false, Matching items)
Other: Includes any assessment tools that do not logically fit into the above categories.Other Category
0 - 0%
None


Representative Textbooks and Materials:
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Farmer's Tax Guide--Current yearly edition
QuickBooks for Agricultureal Financial Records. QuickBooks Pro 2010
Introduction to Agricultural Accounting, Wheeling, Barbara M., Cengage/Thompson. 2007
Accounting for Agriculture: Skidmore, Richard, Soft Data, Lancaster, CA 1995 (classic)
Financial Accounting: Hermanson, Roger, Richard D. Irwin, 1999 (classic)

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