Accounting

AC 111 Fundamentals of Accounting (4) This course takes a user-oriented approach to learning the accounting cycle from recording transactions to preparing statements. In addition to learning how to record and how to report assets, liabilities, and stockholder’s equity for a corporation, emphasis will be placed on how to interpret and make decisions from presented financial information. The topics of business income measurement, cash flow analysis, and asset valuation are also studied in this course. Meets 5 hours a week. Fall sem.

AC 231 Principles of Accounting I (4) This course provides a foundational understanding of financial accounting. In addition to the accounting cycle and the basics of accounting systems, specific issues related to cash, accounts receivable, inventories, and fixed assets are also learned. The student presents information on the income statement, statement of owner’s equity, and the balance sheet in good form and order. Meets 5 hours a week.

AC 232 Principles of Accounting II (4) Prereq.: At least “C” in AC 111 or 231. This course provides a study of financial accounting with an emphasis on corporations. Students demonstrate knowledge in accounting for investments, current and long-term liabilities, and stockholder’s equity as well as preparation and presentation of the statement of cash flows and financial statement analysis. Selected managerial accounting topics are also presented. Meets 5 hours a week.

AC 301 Cost Accounting (3) Prereq.: At least “C” in AC 232. The student will apply cost accounting principles and procedures in the computation and recording of job order and process and standard costing. The student will also prepare and use cost reports to control organizational costs. Fall sem.

AC 302 Advanced Cost Accounting (3) Prereq.: At least “C” in AC 301. This course demonstrates cost management for decision making including budgeting, activity-based management, variable costing, and performance evaluation. Students will learn and apply these methods through the use of decision models. Fall even.

AC 305 Managerial Cost Accounting (3) Prereq.: AC 232. Students use accounting information (such as cost behavior and analysis, inventory costing, overhead allocation, budgeting, standard costing, and variance analysis) to make informed managerial decisions. Computerized spreadsheets are used extensively for modeling and analysis. AC 305 may not be taken as an AC elective by accounting concentration. Fall sem.

AC 331 Intermediate Financial Accounting I (3) Prereq.: At least “C” in AC 232. Students learn the organizations and concepts that influence accounting theory and practice, and they gain a practical knowledge of the presentation and evaluation of the four basic financial statements. Current accounting literature and professional pronouncements are an integral part of this course. Meets 4 hours a week. Fall Sem.

AC 332 Intermediate Financial Accounting II (3) Prereq.: At least “C” in AC 331. Students demonstrate understanding of specific elements of the financial statements including inventories, fixed assets, leases, bonds, and pensions. Both practical and conceptual issues are addressed. Current accounting literature and professional pronouncements are an integral part of this course. Meets 4 hours a week. Spring sem.

AC 403 Principles of Taxation (3) Prereq.: At least “C” in AC 232. This course provides a survey of federal income taxation of individuals. The students will demonstrate knowledge of filing requirements, the identification of gross income, losses and deductions, property transactions, special tax computations, tax credits, and basic tax planning strategies. Fall sem.

AC 404 Advanced Taxation (3) Prereq.: At least “C” in AC 403. The federal income taxation of corporations and their shareholders is the primary emphasis of this course. Corporate formation and structure will be studied along with distribution, reorganization and accumulation, consolidated tax returns, and international taxation. Also introduced will be the taxation of partnerships, gifts, and estates. Tax research and planning will be an integral part of this course. Spring sem.

AC 410 Accounting Information Systems (3) Prereq.: At least “C” in AC 332 and senior. The federal income taxation of corporations, partnerships, and their owners is the primary emphasis of this course. Students will demonstrate knowledge of the formation, structure, and taxation of partnerships and corporations including distributions, reorganizations, and consolidated returns. The student will also acquire a basic understanding of the taxation of gifts and estates. Tax research and planning is an integral part of this course. Spring sem.

AC 431 Advanced Accounting I (3) Prereq.: At least “C” in AC 332. This course teaches the accounting for various forms of business combinations. Applying the theories of consolidation, students prepare required entries to combine activities of multiple corporations into a single-reporting entity. Students demonstrate the ability to construct worksheets from which consolidated financial statements are generated. Meets 4 hours a week. Fall sem.

AC 432 Advanced Accounting II (3) Prereq.: At least “C” in AC 431. The students will learn to record and report financial transactions for multinational, governmental, not-for-profit, partnership, and financially distressed entities. Interim and segmental reporting principles will also be applied. Meets 4 hours a week. Spring sem.

AC 462 Auditing (3) Prereq.: At least “C” in AC 332. This course teaches auditing standards and procedures applied by auditors, the development of audit programs, the cyclical approach to accumulating audit evidence, tests of internal controls, and the different types of audit reports. Students perform sampling techniques for gathering audit evidence and learn fraud detection procedures. Spring sem.

AC 463 Advanced Auditing (3) Prereq.: At least “C” in AC 462. Students are introduced to the theory and practice of internal auditing as they cover its standards, ethics, concepts, audit techniques, and reporting practices. In addition to enhancing students’ audit planning and working papers skill, students learn how to use statistical methods to form audit judgments and how to use audit software. Fall odd.