Course Descriptions — Accounting

ACC2010 Principles of Financial Accounting 4 semester hours
This course addresses the study of the fundamental principles of financial accounting theory and practice, including the analysis of assets, liabilities and owners’ equity accounts; allocation, estimation and accrual procedures for financial statement preparation.

ACC2020 Principles of Managerial Accounting 4 semester hours
This course will help students understand and utilize financial statement information for decision making. Topics will include determining product costs, cost behavior, how volume effects cost, different approaches to profit reporting and operational efficiency. Methods of budgeting, standard costing and variance analysis will be discussed as it relates to product costing and measuring operational performance. Activity-based costing and the “just-in-time” philosophy will also be addressed.

ACC3110 Intermediate Accounting I 4 semester hours
This course addresses the study of accounting theory and practice as it relates to current assets, including monetary assets, receivables and inventories. The standard setting process, the accrual process, present value applications, accounting for discontinued operations and extraordinary items, and the preparation of financial statements will also be examined. Additional topics include plant assets, intangible assets, cur rent liabilities, bonds and contingencies. Class work builds on previous coursework, facilitating self-discovery of knowledge and the development of professional skills and attitudes. This course focuses on working through and resolving complex accounting problems in a professional manner.
Prerequisite: ACC2010.

ACC3120 Intermediate Accounting II 4 semester hours
This course provides a study of accounting theory and practice as it relates to stockholder’s equity, investments, revenue recognition, income taxes, pensions and postretirement benefits, leases, accounting changes, cash flow, and full disclosure in the financial statements. Earnings per share for both simple and complex capital structures will also be examined. This course focuses on working through and resolving complex accounting problems in a professional manner.
Prerequisite: ACC3110.

ACC3210 Cost Accounting 4 semester hours
This course applies general accounting principles to the recording, analysis, and interpretation of material, labor, and overhead costs for divisions, functions, departments, and operations; product cost systems, job cost systems, and factory overhead cost.
Prerequisite: ACC2020.

ACC3310 Federal and State Taxation of Individuals 4 semester hours
This course addresses the study of individual income tax principles underlying filing status, personal exemptions, dependency, gross income, deductions for adjusted gross income, standard and itemized deductions, and income tax calculation. This is a hands-on course consisting of the preparation of various individual income tax returns using Form1040EZ, Form1040A, Form1040, and IL-1040. This course also includes voluntary income tax preparation for low income and elderly taxpayers.

ACC3320 Federal Taxation of Business Entities 4 semester hours
This course provides a study of federal taxation of business entities of sole proprietorships, C corporations, partnerships and S corporations. Federal gift and estate taxes and income taxation of trusts and estates will also be studied.
Prerequisite: ACC2010.

ACC3910 Professionalism and Ethical Leadership 4 semester hours
This is a seminar course which discusses the accountant's ethical, legal and social responsibility necessary to function as a professional. Topics include the need for independence in fact and appearance, professional regulation and fidicuary duties.
Prerequisite: ACC2010.

ACC3940 Accounting Internship 4 semester hours
Students will have the opportunity to embark on new related experiential learning opportunities through the use of general elective accounting internships. Students will work with a faculty coordinator to identify an organization where they can gain pragmatic accounting skills. Specific new learning objectives will be set and agreed upon by the student, site coordinator and faculty member.
Prerequisite: Determined by faculty sponsor.

ACC4140 Advanced Accounting 4 semester hours
This course provides a study of accounting principles as it relates to business combinations, segment and interim reporting, legal reorganizations, liquidations and partnerships.
Prerequisite: ACC3120.

ACC4410 Auditing 4 semester hours
This course studies generally accepted auditing standards and procedures used in examining financial statements and supporting records, including the auditor’s responsibilities to third parties, the evaluation of the client’s internal control and the ethics of the profession. Particular emphasis is placed upon the auditing of cash, accounts and notes receivable, prepaid expenses, inventory, property, plant and equipment, current liabilities, long-term liabilities and stockholder’s equity. Electronic auditing will also be reviewed.
Prerequisites:
MTH2320; ACC3120.