ACCOUNTING COURSE DESCRIPTIONS

ACC2010 Foundations of Financial Accounting                   3 semester hours
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. (Fall and Spring)
No prerequisites.

ACC2020 Foundations of Management Accounting           3 semester hours
The accounting procedures that help business managers in decision making: job order and process costing, cost behavior and how volume effects cost, different approaches to profit reporting, standard costing and variance analysis, and differential analysis and product costing. Activity-based costing and the “just-in-time” philosophy will also be addressed. (Fall, Spring)
Prerequisites: ACC2010.

ACC3110 Intermediate Accounting I                                      4 semester hours
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, current 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. (Fall)
Prerequisites: ACC2020.

ACC3120 Intermediate Accounting II                                     4 semester hours
The 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. (Spring)
Prerequisites: ACC3110.

ACC3210 Cost Accounting                                                        3 semester hours
Application of 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. (Fall)
Prerequisites: ACC2020.

ACC3310 Federal and State Taxation of Individuals           4 semester hours
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. (Spring)
Prerequisites: ACC2020.

ACC3320 Federal Taxation of Business Entities                 3 semester hours
The 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. (Fall)
Prerequisites: ACC3310.

ACC3940/4940 Accounting Internships                             2-4 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.
Prerequisites: Determined by faculty sponsor.

ACC4140 Advanced Accounting                                              3 semester hours
The study of accounting principles as it relates to business combinations, segment and interim reporting, legal reorganizations, liquidations, and partnerships. (Fall)
Prerequisites: ACC3120.

ACC4410 Auditing                                                                       4 semester hours
The study of 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. (Spring)
Prerequisites: MTH1120, MTH2320 ACC3120.

ACC5510 Accounting Information Systems                         3 semester hours
The study of accounting information systems. The technology and documentation associated with accounting information systems is examined as well as the collection, recording, and storing of business data by accounting information systems. Additional topics include: controls and security in accounting information systems, and the systems study associated with developing effective accounting information systems. Students will utilize assigned accounting software to run a mock company through the accounting cycle. (Spring) Available only for senior accounting students with overall G.P.A. greater than 3.0. May be taken for credit toward MBA degree with approval from advisor.
Prerequisites: ACC2020.

ACC5520 Governmental and Non Profit Accounting          3 semester hours
The study of the five governmental funds including General, Special Revenue, Capital Projects, Debt Service and Permanent Funds. The course also includes the study of Fiduciary Funds, Fixed Assets, Long Term Debt, and College & University Accounting. (Fall) Available only for senior accounting students with overall G.P.A. greater than 3.0. May be taken for credit toward MBA degree with approval from advisor.
Prerequisites: ACC3110.