ACC 115 Applied Accounting (3 cr.)

Presents practical accounting procedures for retail stores, professional individuals in firms, and personal service occupations. Covers the accounting cycle, journals, ledgers, preparation of financial statements and payrolls, and checking account management. Prerequisites: Students should have completed developmental courses in English, reading, and mathematics prior to enrollment in ACC 115. Waivers must be granted by program, school, or counselor approval. Lecture 3 hours per week. Offered in fall, spring, and summer.

Presents accounting systems and methods used in computing and recording payroll to include payroll taxes and compliance with federal and state legislation. Lecture 3 hours per week. Offered in spring and summer.

Introduces taxes most frequently encountered in business.  Includes payroll, sales, property, and income tax.  Studies the fundamentals of income tax preparation of business taxes for small businesses organized as proprietorships and partnerships.  Includes sales and property taxes and income tax preparation related to business assets; business of the home; employment taxes; excise taxes; schedules C, SE and 1040; self-employed retirement plans; tip reporting and allocation rules, etc.  Lecture 3 hours per week. Offered in spring.

Presents accounting principles and their application to various businesses. Covers the accounting cycle, income determination, and financial reporting. Studies services, merchandising, and internal controls. Prerequisites: Students should have completed developmental courses in English, reading, and mathematics prior to enrollment in ACC 211. Waivers must be granted by program, school, or counselor approval. Lecture 3 hours per week. Offered in fall, spring, summer.

Continues Accounting Principles 211 with emphasis on the application to partnerships, corporations, and the study of financial analysis. Includes an introduction to cost and managerial accounting concepts.  Prerequisite: ACC 211. Lecture 3 hours per week. Offered in fall, spring, summer.

Introduces the computer in solving accounting problems. Focuses on operation of computers. Presents the accounting cycle and financial statement preparation in a computerized system and other applications for financial and managerial accounting. Prerequisite: ACC 115 or ACC 211 or equivalent or school approval. Lecture 3 hours per week. Offered in summer.

Explains how financial data are generated and limitations of the data, techniques for analyzing the flow of a business’s funds, and the methods of selecting and interpreting financial ratios. Highlights the conceptual framework for analysis, and offers basic and advanced analytical techniques through the use of comprehensive case studies. Prerequisite: ACC 212 or equivalent. Lecture 3 hours per week.  Offered in summer, even years.

Introduces fund accounting as used by governmental and nonprofit entities. Stresses differences between accounting principles of for-profit and not-for-profit organizations. Prerequisite: ACC 212 or equivalent. Lecture 3 hours per week. Offered in fall.

Covers accounting principles and theory, including a review of the accounting cycle and accounting for current assets, current liabilities, and investments. Introduces various accounting approaches and demonstrates the effect of these approaches on the financial statement users. Prerequisite: ACC 212 or equivalent. Lecture 3 hours per week. Offered in fall.

ACC 222 Intermediate Accounting II (3 cr.)

Continues accounting principles and theory with emphasis on accounting for fixed assets, intangibles, corporate capital structure, long-term liabilities, and investments. Prerequisite: ACC 221 or equivalent. Lecture 3 hours per week.  Offered in spring.

Studies cost accounting methods and reporting as applied to job order, process, and standard cost accounting systems. Includes cost control, capital budgeting, and pricing decisions. Prerequisite: ACC 212 or equivalent. Lecture 3 hours per week. Offered in fall.

Presents techniques of investigating, interpreting, and appraising accounting records and assertions. Studies internal control design and evaluation gathering techniques and other topics. Prerequisite or corequisite: ACC 222. Lecture 3 hours per week. Offered in spring.

Presents the study of federal taxation as it relates to individuals and related entities. Covers gross income, deductions and credits, sales and other disposition of property, capital gains, losses and timing. Includes tax planning, compliance, and reporting. Emphasizes personal tax burden minimization and preparation of personal tax returns. Prerequisite: ACC 211. Lecture 3 hours per week. Offered in fall.

See General Usage Courses.

02.18.08