1920 Course Catalog
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1920 Course Catalog Accounting ACC 105 Principles of Accounting I ACC 105 (Formerly AC 101) - Principles of Accounting I Accounting I is an introductory course building the foundation for the advanced levels of accountancy training, starting with accounting for a service or merchandising business operated by a single proprietor. The course emphasizes generally accepted accounting principles and practices, the fundamental equation of accounts, the accounting cycle, the accounting system, accounting for merchandise and the Sarbanes Oxley Act. (3 credits) Objectives: 1. Describe the role of accounting and ethics in business; use generally accepted accounting principles in recording business transactions; explain the effects of transactions on the accounting equation; formulate financial statements of a proprietorship and explain how they interrelate. 2. Describe the characteristics of an account; describe and illustrate journalizing and posting transactions using the double-entry accounting system; prepare an unadjusted trial balance and explain how it can be used to discover errors. 3. Journalize entries for accounts requiring adjustment; summarize the adjustment process; prepare an adjusted trial balance. 4. Prepare financial statements from adjusted account balances; prepare closing entries; describe the accounting cycle; explain what is meant by the fiscal year and the natural business year. 5. Define and describe an accounting system; journalize and post transactions in special journals and subsidiary ledgers; describe and illustrate the use of a computerized accounting system; describe the basic features of e-commerce. 6. Describe and illustrate the accounting for merchandise transactions; describe and illustrate the financial statements of a merchandising business; describe the adjusting and closing process for a merchandise business. Determine the cost of merchandise in inventory and the cost of merchandise sold using the first-in-first-out and last-in-first-out inventory cost flow assumptions. 7. Explain the Sarbanes-Oxley Act; describe the objectives and elements of internal control to cash; illustrate the use of a bank reconciliation in controlling cash; describe and illustrate the reporting of cash and cash equivalents in the financial statements. ACC 110 Principles of Accounting II ACC 110 (Formerly AC 102) - Principles of Accounting II Accounting II is a continuation of Principles of Accounting I with emphasis on accounting systems and controls, payroll systems, concepts and principles, partnership formation, income division and liquidation, corporation organization and operation, stockholder’s equity, earnings, and dividends, long term liabilities and investments. (3 credits) Prerequisite: ACC105 Objectives: 1. Describe the common classes of receivables, and their accounting processes. Compare the direct write-off and allowance methods of accounting for uncollectible accounts. 2. Define, classify, and account for the cost of fixed assets. Compute depreciation and depletion, describe the accounting for intangible assets. 3. Prepare journal entries for current liabilities, payroll accounting, accounting for contingent liabilities, and product warranties. 4. Describe the characteristics of proprietorships, partnerships, and limited liability companies; describe and illustrate the accounting for partnerships. 1920 Course Catalog Objectives: 5. Describe the nature of the corporate form of organization and illustrate the accounting for various stock transactions. 6. Compute the potential impact of long-term borrowing on earnings per share; describe and illustrate the reporting of long-term liabilities, including bonds and notes payable. 7. Describe why companies invest in debt and equity securities; describe and illustrate the accounting for debt investments. 8. Describe the cash flow activities reported in the statement of cash flows; prepare a statement of cash flows. ACC 220 Managerial Accounting ACC 220 (Formerly AC 219) – Managerial Accounting - The basic principles of cost accounting are developed and applied to industrial situations. Specific topics covered are: accounting for labor, material, and manufacturing expense; cost statements; analysis of cost information for administrative and control purposes. Pre-Requisite: ACC105 (3 credits) Objectives: 1. Evaluate the organizational role of management accountants. 2. Explain job order cost systems. 3. Describe process cost systems. 4. Classify costs by behavior – variable, fixed, mixed. 5. Describe budgeting, its objectives, and its impact on human behavior. 6. Explain performance evaluation for decentralized operations. 7. Discuss differential analysis and product pricing. 8. Examine capital investment analysis. ACC 230 Accounting with QuickBooks This course teaches our students computer accounting with QuickBooks. This accounting information system will illustrate how to record accounting transactions for both a service and merchandising company. Accounting topics covered are chart of accounts, accounts receivable, accounts payable, inventory, payroll, and financial statements. ( 3credits) Pre-requisite: ACC105 Objectives: 1. Install, navigate, and customize QuickBooks in order to create an accounting information system. 2. Use QuickBooks to record the company’s banking transactions. 3. Demonstrate an understanding of how QuickBooks is utilized to record customer and sales information. This section focuses on accounts receivable transactions. 4. Use QuickBooks to record a company's vendor, purchases, and inventory information. This section focuses on accounts payable and inventory transactions. 5. Illustrate how to record employee and payroll information into QuickBooks. 6. Prepare financial statements and analyze the results using QuickBooks. 7. Use QuickBooks to set up an accounting information system for a new service or merchandising company. 1920 Course Catalog ACC 235 The Cost of White-Collar Crime This course is designed to provide an understanding of White-Collar Crime, focusing on corporate, occupational, and financial forms of fraud. This course explains the financial implications of White-Collar Crime, and the ethical and regulatory impact it has on society and the accounting profession. This course is required for Forensic Accounting students. (3 credits) Pre-requisites: None Objectives: 1. Define the differences between white collar crime and conventional crime, including cross-cultural dimensions. 2. Determine direct, indirect, physical, and other costs of white collar crime, and its consequences. 3. Analyze the corporate abuse of power, fraud, and economic exploitation from a financial perspective. 4. Identify the various forms of occupational and financial crimes. 5. Discuss legal and regulatory issues, as well as the role of accountants, regarding the policing of white collar crime. ACC 240 Excell for Accounting This course teaches our students how to create, customize, and analyze accounting tasks using Microsoft Excel. Excel is a worksheet application used to facilitate accounting tasks in a more efficient and accurate way. Students will apply their knowledge from Principles of Accounting I by using Excel to record journal entries, financial statements, inventory costing, bank reconciliations, amortization schedules, and payroll registers. Students will perform vertical and horizontal analysis on financial statements by creating charts and calculating financial ratios. Data analysis tools will be introduced to perform budgeting and cost analysis. Pre-req ACC105. Objectives: 1. Create and customize a spreadsheet in order to journalize and post transactions by utilizing Excel’s basic features that will be the foundation for all subsequent topics. 2. Create an Excel file as a base to significantly increase the efficiency of preparing financial statements by using row/column manipulation, text alignment/control, and worksheet management. Create, modify, copy, and correct Excel formulas in order to perform accounting tasks. 3. Examine an inventory listing and calculate inventory cost under the FIFO, LIFO, and Weighted Average methods by using analysis tools in Excel such as data bars and pivot tables. 4. Import data from other sources and apply quick styles and conditional formatting in order to prepare a bank reconciliation. 5. Use the Quick Analysis button and built-in functions of Excel to calculate the depreciation expense for fixed assets. 6. Use advanced functions to create a payroll register, examine the VLOOKUP function, and enhance the layout of your worksheets. 7. Create a bond amortization schedule using complex financial functions such as the PV (present value), FV (future value), and PMT (payment) functions. 8. Perform vertical and horizontal analysis on financial statements by creating charts and calculating financial ratios. Use data analysis to perform budgeting and cost analysis. 1920 Course Catalog ACC 305 Intermediate Accounting I Intermediate Accounting I is an intensive study and application of Generally Accepted Accounting Principles (GAAP) necessary for preparing, reading, understanding, and interpreting financial statements. Emphasis is placed on the principles pertaining to balance sheet accounts including current assets, inventory, property, plant, and equipment, and intangible assets. (3 credits) Pre-requisites: ACC105 and ACC110 Objectives: 1. Describe the meaning of generally accepted accounting principles, the role of the Codification for GAAP, and the major policy-setting bodies in the accounting field. 2. Prepare