ACC: Accounting

ACC 210: Financial Accounting

Introduction to basic accounting fundamentals. Includes the recording, summarization and adjusting of financial transactions and the basic accounting cycle. Explores the preparation and presentation of the basic financial statements; income statement, retained earnings statement, balance sheet and the statement of cash flows. Includes accounting principles and concepts, asset and liability valuation.

Prerequisite: Business Major or BUS Minor or ACC Minor or MTD or ECO or ISE Major

Advisory Prerequisites: BUS 110, 111, 112, or 115

3 credits

ACC 214: Managerial Cost Analysis and Applications

A study of cost concepts, and theories as it relates to cost accumulation systems for product, process and activity based costing, as well as the implementation and evaluation of an accounting system as a source of information for decision making, planning, control, and evaluation of the organization by management. Includes cost-volume-profit analysis, overhead rates, budgeting and variance analysis, statement of cash flows and financial statement ratio analysis.

Prerequisite: BUS major or ACC minor or ISE Major.

Advisory Prerequisite: BUS 210

3 credits

ACC 310: Intermediate Accounting I

Expands upon the basic financial accounting framework and explores the theoretical and analytical applications of Generally Accepted Accounting Principles (GAAP) in a business environment. Emphasis on asset and liability valuation, external reporting issues dealing with the presentation and interpretation of financial data, and the measurement of operational performance. The student will gain an understanding of financial reporting criteria and the reliance placed upon financial information by management and external users.

Prerequisite: BUS major or ACC Minor

Advisory Prerequisite: BUS 214

3 credits

ACC 311: Federal Income Taxation I

Introduces and explores fundamental income taxation concepts for individuals. Basic concepts in federal income taxation are explored, including gross income, exclusions, adjusted gross income, deductions, exemptions, and credits. Introductory tax concepts including cash and accrual methods, like-kind exchanges, and passive loss rules are covered. Additionally, students will familiarize themselves with the preparation of various individual income tax forms and schedules.

Prerequisite: BUS major or ACC Minor

Advisory Prerequisite: BUS 214

3 credits

ACC 312: Financial Statement Reporting and Analysis

A review of corporate annual reports and related footnote disclosures from the perspective of the various users of financial statements including management, investors, and creditors. The analysis and assessment of operational business performance, trends, and decision making through the use of financial statements are discussed. Specific review of the income statement, balance sheet, and statement of cash flows, financial ratios, budgeting forecasts and analysis.

Prerequisite: BUS major or ACC Minor

Advisory Prerequisite: BUS 214

3 credits

ACC 313: Intermediate Accounting II

A continuation of BUS 310. Covers valuation, measurement, presentation, and analysis of accounting information and financial statements. Includes study of advanced accounting theory and opinions issued by the Accounting Principles Board and its successor, the Financial Accounting Standards Board. Selected topics include revenue recognition, investments, stockholders equity, changes in capital, pensions, leases, accounting for income taxes, accounting changes, error analysis, and related contemporary financial accounting issues.

Prerequisite: BUS major or ACC Minor

Advisory Prerequisite: BUS 310

3 credits

ACC 314: Federal Income Taxation II

Introduces and explores fundamental income taxation concepts for C corporations, S corporations, and partnerships. Further introduces the student to gift and estate taxes, trusts and estates, and the administrative procedures of the Internal Revenue Service. Introductory tax concepts are explored, including corporate organizational structures, corporate organization, dividend issues, liquidation issues, reorganization, partnership organizations, taxation of partnerships, and fiduciary income taxation for estates and gifts. Additionally, students will familiarize themselves with the preparation of various corporate, partnership and fiduciary income tax forms and schedules.

Prerequisite: BUS Major or ACC Minor

Advisory Prerequisite: BUS 311

3 credits

ACC 315: Accounting for the Small Business Entrepreneur

This course is designed to introduce the student to accounting and other financial concept as that the small business entrepreneur needs to know in order to be successful. The course will reinforce accounting concepts already introduced in the Financial Accounting course with an emphasis on the small business. Students will study and utilize QuickBooks and Peachtree accounting software programs. Other business/financial concerns such as bank reconciliations, payroll preparation, payroll and sales tax compliance, maintenance of installment debt, and utilization of sales and purchase discounts will be reviewed.

Prerequisites: BUS Major; BUS 210

3 credits

ACC 400: External Auditing

The course is designed to introduce and explore basic auditing principles, concepts and applications within the context of the audit of an annual financial statement. This course will review the audit process and cover the following: planning (identification of the risks of material misstatement); application of procedures (reducing audit risk below an acceptable level); assessment (based upon documented audit evidence); and, reporting (in accordance with generally accepted auditing standards) This course will also examine professional ethical standards and their relevance to the audit process. Other topics will include analysis and testing of internal control, substantive testing, and accounting research.

Prerequisites: BUS Major; BUS 310

3 credits