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Course Criteria
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3.00 Credits
Fundamental principles of accounting, basic accounting terminology, techniques and practices, financial record keeping, typical accounts for proprietorship and partnerships, income determination, expenditures and budgets, introductory financial statements. Prerequisite: Sophomore standing, BUS 100, ECO 201, MGT 207
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3.00 Credits
A continuation of Accounting 221 with emphasis on accounting theory, principles, concepts and procedures as they apply to balance sheet and income statement accounts, development of corporation accounts, problems of terminology, manufacturing evaluation and analysis. Computerized accounting procedures are introduced. Prerequisite: ACT 221
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3.00 Credits
An examination of the fundamentals of individuals income taxation. Topics include: gross income, adjusted gross income, itemized and business deductions, tax credits, exemptions, tax rates, computation of federal income tax, the tax implications of various forms of business, planning for the acquisition and disposition of property, tax advantaged investments, and tax planning for the family. Students will research tax issues and provide written reports about their findings. Practical application of the tax will be emphasized with proper consideration given to the historical, economic, and political perspectives of the law. Prerequisite: ACT 222
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3.00 Credits
Anaylsis of manual and computer based systems, with emphasis on internal controls required to ensure the integrity of data collection and processing. Prerequisite: ACT 222
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3.00 Credits
This course places emphasis on the application of account concepts and theory, analysis of assets, liability anad stockholders equity accounts, and preparation and analysis of various types of financial reports for management. Computer applications using an industry standard spreadsheet program are included. Prerequisite: ACT 222
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3.00 Credits
A continuation of Accounting 315 with an emphasis on financial accounting theory as it applies to investments, long-lived assets, intangibles, liabilities (including contingent liabilities), and corporate equity accounts. The course will also include studies of current accounting problems such as income tax allocation, correction of errors made in prior periods, price level adjusted accounts, capitalization of leases and determination of pension liability. Computer applications using an industry-standard spreadsheet program are included. Prerequisite: ACT 315
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3.00 Credits
A presentation of tax knowledge necessary to make decisions regarding corporations, partnerships, estates, and trusts. Topics examined for corporations, partnerships and S corporations include the tax implications of their organization, their capital structure, tax effects and computation of their earnings and profits, distribution to owners, redemptions, and liquidations. This course also briefly examines tax rules pertaining to estates aand trusts with an emphasis on family tax planning. Students will research tax issues and provide written reports about their findings. Practical application of the tax law will be emphasized with proper consideration given to the historical, economic, and political perspectives of the laws. Prerequisite: ACT 224
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3.00 Credits
A study of accounting principles governing material, labor and manufacturing overhead costs, job order, process cost and standard cost systems. Computer applications using an industry standard spreadsheet program are included. Prerequisite: ACT 222
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3.00 Credits
Covers theory and practice relating to advanced accounting topics, with emphasis on consolidated financial statements. Prerequisites: ACT 316
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3.00 Credits
Methods for verifying financial data with emphasis on adequacy on internal controls is studied. Exploration of the evolving role auditors perform in this process including analysis of professional ethics and legal liability. Prerequisite: ACT 310, ACT 316
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