This hands-on class teaches the bookkeeping required for a small business. Basic accounting is taught using QuickBooks™ software. A semester-long practice case gives students the opportunity to input routine transactions and prepare monthly financials for a small business. Topics covered are sales, receivables, uncollectible accounts, payables, inventory, payroll, general ledger, depreciation, cash management, monthly bank reconciliations and financial-statement reporting. Students learn how to compute payroll, prepare payroll checks and prepare federal and state payroll reports. Students also learn how to start up a business, file the necessary paperwork at the federal and state levels and obtain a general knowledge of a Schedule C for individual tax reporting purposes. Different forms of businesses are reviewed, with emphasis on bookkeeping for a sole proprietorship. Proper insurance coverage is also reviewed to include business liability and workers’ compensation insurance. Note: This class cannot be taken by accounting majors as part of their Accounting degree or Accounting certificate program.
ACCT113M - Introduction to Accounting and Financial Reporting I (3-0-3)
Introduces accounting as the language of business and the need for accounting in the business world. Students develop an understanding of the concepts and usage of assets, liabilities, equity, revenue and expense accounts and are introduced to accounting procedures necessary to prepare a financial statement utilizing current concepts and accounting principles. Topics covered include journalizing transactions, trial balance, adjustments, closing entries, accounts receivable and payable, inventory, bank reconciliations, special journals, cash receipts, disbursements and banking procedures.
ACCT123M - Introduction to Accounting and Financial Reporting II (3-0-3)
A continuation of the concepts covered in Accounting and Financial Reporting I. Emphasis is on the analysis of balance sheet accounts including accounts receivable, notes receivable, property, plant and equipment, short-term and long-term liabilities, bonds, investments, stock transactions, retained earnings, cash flows, ratio computation and analysis and partnerships. This course also compares and contrasts basic accounting methods of accounting for sole-proprietorships, partnerships and corporations.
ACCT210M - Managerial Accounting (3-0-3)
This managerial accounting course explores the financial impact of various business decisions and the financial benefits for business practices. Upon completion of this course, the student will understand how accounting, capital budgeting tools, cost classification and other productivity information can be used to assess the past performance and improve the future performance of a business by giving managers the essential information they need to make better decisions. Topics covered include financial statement analysis, cash flow statements, master and operational budgets, cost-classification methods and allocation methods, break-even analysis, incremental analysis, standard costing, variance analysis and capital budgeting tools.
ACCT213M - Cost Accounting I (3-0-3)
The cost accounting student will study how accounting data is used within an organization for planning operations, controlling activities and for decision-making. The student will examine and analyze cost flow, cost of goods sold, job order and process costing, cost-volume-profit relationships, equivalent units of production, variable costing, planning and budgeting and cost behavior patterns.
ACCT215M - Cost Accounting II (3-0-3)
This course is designed as a continuation of the concepts covered in Cost Accounting I. The student will examine and analyze service department costs, joint cost allocation, management control systems, activity-based costing, capital budgeting, transfer pricing, standard cost systems, variance analysis, investment center performance, relevant costs for decision making, ratio analysis and absorption versus variable costing.
ACCT216M - Software System Applications (2-2-3)
An introduction to an integrated accounting software package, this course includes evaluation of common software characteristics and features, a review of internal controls for computerized accounting systems. The student will become proficient in processing transactions in a computerized accounting environment using a popular software package in general ledger, financial statement preparation, accounts receivable, accounts payable, payroll, inventory, time and billing, fixed assets and depreciation, cost control, budgeting and reporting.
Prerequisite: ACCT123M, CIS110M or higher.
ACCT220M - Intermediate Accounting I (3-0-3)
This first of three classes in intermediate accounting is an extension of topics covered in Accounting and Financial Reporting I and II, with further emphasis on the study and application of generally accepted accounting principles. The student will encounter an in-depth study of accounting concepts and will accurately prepare complex balance sheets, income statements and retained earnings statements including required financial disclosures. Discussions include accounting ethical practices, fair earnings management, the Sarbanes-Oxley Act and international accounting standards. A review of the accounting cycle will cover monthly transaction entries and complex adjusting, correcting, reversing and closing entries. Also includes an in-depth analysis of cash, receivables, inventory valuation and time value of money. Integrated within this class is exposure to sample CPA exam questions and the use of EDGAR or similar databases for conducting accounting research.
ACCT221M - Intermediate Accounting II (3-0-3)
The second of three classes for Intermediate Accounting, this course continues the intensive study begun in Intermediate Accounting I. Students will study the recording and disclosure requirements for acquisition and disposition of long-term assets, depreciation and impairment of assets, intangible assets, current liabilities, contingencies, contract accounting, long and short-term debt, estimated liabilities, investments, shareholders’ equity transactions, stock issuance and retirement, revenue recognition, dilutive securities and earnings per share. Integrated within this class is exposure to sample CPA exam questions and the use of EDGAR or similar databases for conducting accounting research.
ACCT222M - Intermediate Accounting III (3-0-3)
The final of three classes for Intermediate Accounting continues the intensive study begun in Intermediate Accounting I. Topics include the complex reporting and disclosure requirements for the Statement of Cash Flows, income taxes for financial statement presentation, pension plans and post-retirement benefit accounting, leases, accounting changes and error analysis, full disclosure requirements in financial reporting, partnership accounting and SEC reporting requirements. Integrated within this class is exposure to sample CPA exam questions and the use of EDGAR or similar databases for conducting accounting research.
ACCT243M - Federal Income Taxes – Individuals (3-0-3)
A detailed presentation of Federal Income Tax Laws focusing on Internal Revenue Service procedures and court rulings related to individuals as well as sole proprietorships. Applicable tax forms are prepared in conjunction with rules and regulations.
ACCT244M - Federal Income Taxes – Corporations and Partnerships (3-0-3)
The student will be exposed to a detailed presentation of the theories and practice of Federal Income Tax Laws for C and S Corporations and Partnerships. Applicable tax forms will be studied in conjunction with rules and regulations.