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Accounting Mr. Donald Materniak, CPA, CFP, chairman Accounting is an indispensable tool of modern business and one of the fastest-growing professions. Since the contemporary accountant develops budgets, probes costs, measures performance, and helps plan for future development, a wide knowledge outside the field is also needed. As a result, students planning to concentrate in this field are given a basic liberal arts background as well as intensified courses in accounting. Additionally, you’ll be grounded in sound business practices and learn how to apply Christian values in an increasingly complex business world. Bachelor of Science Degree in Accounting FRESHMAN YEAR
SOPHOMORE YEAR
JUNIOR YEAR
SENIOR YEAR
*Acc 300, 301, 302, 303, 407, and 408 are offered in alternate years in the day division. We try to offer these courses in the evening division when they are not offered in the day division. The student is required to take these courses in the junior or senior year to fulfill the program requirements. Students must take either Acc 303 or Acc 408; students are not required to take both. **Acc 400 Internship may be applied for here. Suggested electives: Acc 303, 408, 436; Bus 102, 307, 402, 408; Csc 140; Eng 290, 320; and Mth 161. Accounting Major Requirements Acc 101, 102, 210, 211, 300, 301, 302, 403, 404, 407, 434, and 303 or
408; Accounting Minor Mth 153-154; Bus 101; Acc 101-102, 210-211, and one 300-400 level accounting course. Associate of Arts Degree A two-year program in accounting leads to an associate of arts degree as described below.
COURSES (*Cycled courses offered every other year) ACC 101 INTRODUCTORY ACCOUNTING I is an introduction to the accounting process of analyzing, recording, summarizing, and reporting of financial data to provide information useful in the decision-making process. Topics of study include the basic accounting equation, the accounting cycle, the design and preparation of books of accounts, and the development of a set of simple financial accounting for receivables and payables, inventory, and tangible operating assets. 3 credit hours ACC 102 INTRODUCTORY ACCOUNTING II continues the focus on the accounting for proprietorships while introducing both partnerships and the corporate form of organization. Topics include the formation, income distribution, and liquidation of partnerships. Additional areas covered include the formation of the corporate organization, accounting for shareholders capital, including common and preferred stocks, and dividend determination and distributions including cash and stock dividends. Further topics include the preparation and analysis of the statement of cash flow. Prerequisite: Acc 101 3 credit hours ACC 210 INTERMEDIATE ACCOUNTING I develops the underlying accounting theories that are the logical basis for preparing meaningful financial statements. Topics include the conceptual framework of accounting theory as it relates to the nature, composition, and valuation of assets, liabilities, and equities. Other topics include the determination of revenue and expense, and financial statement reporting and disclosure. Prerequisites: Acc 101-102 4 credit hours ACC 211 INTERMEDIATE ACCOUNTING II continues and enhances the theoretical considerations and practical applications introduced in Acc 210. This course expounds upon such topics as the corporate form of business organization, stock transactions affecting the organization, accounting for long-term debt issues, stock option incentive plans, earnings per share, employer pension plans, operating and capital leases, accounting for income taxes, and cash flow preparation and analysis. Prerequisite: Acc 210 4 credit hours ACC 300 ACCOUNTING INFORMATION SYSTEMS examines the role of the accounting information system as a component of management information systems. Text and lecture material covering data processing, the flow of information in major transaction cycles, internal accounting and data processing controls, functions of database files in the accounting process, and technological advances in accounting provide the student with an in-depth understanding of the financial processing that occurs within the accounting environment. 3 credit hours ACC 301* COST ACCOUNTING presents a detailed exposure to the principles of cost accounting for products and services. The course focuses on the accountant's role in the organization, cost concepts and classification, traditional cost accounting methods, as well as contemporary tools such as activity-based costing and just-in-time inventory methods. The fundamentals of overhead application, job order costing, and process costing are examined, as well as joint production and by-product costing and allocation of support department costs. Prerequisites: Acc 101-102 3 credit hours ACC 302* AUDITING develops an understanding of the role of auditor in the financial reporting process. The course focuses on the philosophy and methodology of the auditing process as well as the "hands on" preparation of audit workpapers. Audit programs, audit testing, internal control evaluation, sampling, ethics, and legal liabilities are discussed within the framework of the Statements on Auditing Standards. Prerequisite: Acc 300 3 credit hours ACC 303* ADVANCED COST ACCOUNTING further develops the portfolio of decision- making tools available to the cost accountant, including cost-volume-profit analysis, the activity resource usage model and relevant costing, and capital investment analysis. Budgeting, standard costing, strategic cost management, life-cycle cost management, and quality costing are also examined. Prerequisite: Acc 301 3 credit hours ACC 400 INTERNSHIP is a work-experience opportunity with the purpose of expanding education by applying accumulated knowledge in accounting. The availability of internships is limited to upper-level students, normally seniors. Students are approved individually by the academic department. A contract can be obtained from the Career Planning and Services Office. Prerequisite: Senior standing 1-6 credit hours ACC 403 ADVANCED ACCOUNTING I emphasizes consolidation of parent and subsidiary financial statements including both the "purchase" and "pooling of interest" methods. Detailed topics include the rules relating to the pooling of interest methods and the related equity transfer procedures, inter-company transactions such as the sale of inventory, operating assets, bonds/notes payable, and leases. Additional topics include changes in the controlling interests and indirect and mutual holdings. Special emphasis is placed on the working paper techniques involved. Prerequisites: Acc 210-211 3 credit hours ACC 404 ADVANCED ACCOUNTING II includes the study of various special topics such as partnership accounting, foreign exchange and the multi-national enterprise, insolvency, estate and trust accounting, and other current accounting topics. Prerequisite: Acc 403 3 credit hours ACC 407* FEDERAL INCOME TAX I provides an understanding of the basic philosophy of taxation, including its uses as a political and economic tool. The course focuses primarily on individual taxation including the determination of gross, adjusted, and taxable income; and deductions, credits, and the calculation of various individual taxes. Prerequisites: Acc 101-102 3 credit hours ACC 408* FEDERAL INCOME TAX II provides an understanding of special topics in individual taxation, as well as the taxation of corporations, partnerships, S-Corporations, estates, and trusts. The course also introduces tax research methodology using both printed and electronic media. Prerequisite: Acc 407 3 credit hours ACC 409* MANAGERIAL ACCOUNTING is a study of techniques involved in the gathering, recording, and interpretation of accounting and statistical data used in the solution of internal management problems. The use of cost data and the interpretation of cost reports, measurement of managerial control, establishment of operating and financial standards, and construction, analysis, and interpretations of reports are analyzed. Prerequisites: Acc 101-102 3 credit hours ACC 434 THESIS requires the accounting major to develop and produce a paper on a topic within the student's area of interest. This is required of all seniors majoring in accounting and written under the guidance of the accounting faculty. 1 credit hour |
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