ACCOUNTING

Course Descriptions

MSB 110 — Introduction to Financial Accounting (3)

A survey of the financial accounting concepts and procedures used as applied to service

and trading business with an emphasis upon the uses and interpretation of fi nancial statements.

Previously ACCT 110.

MSB 120 — Introduction to Management Accounting and Planning (3)

An introduction to the role of accounting information in the measurement of business

and employee performance, and to facilitate planning decisions such as product and service

selection, budgeting, investments, and profit measurement. Prerequisite: MSB 110.

Previously ACCT 120.

ACCT 115 — Introduction to Financial Accounting II (3)

Further develop the accounting cycle; recording, summarizing, interpreting financial data

for partnerships and corporations, including cash flows, long-term liabilities, plant assets,

and payroll accounting. Course also presents the conceptual framework of accounting,

accounting environment, information systems, and the presentation of formal financial

statements. Prerequisite: MSB 110. Students must also register for ACCT 115L — Financial

Accounting II Lab.

ACCT 115L — Financial Accounting II Lab (1)

This course requires students to complete the accounting cycle and prepare solutions to

accounting problems utilizing computer applications. A practice set and general ledger

and/or spreadsheet computerized accounting are required. One hour lab per week in addition

to the class time required in ACCT 115.

ACCT 240 — Intermediate Accounting I (3)

The fi rst upper-level course in a comprehensive sequence in fi nancial accounting with

an emphasis upon the study of the generally accepted accounting principles underlying

financial statements. These topics are discussed in the context of professional standards,

ethical values, and fundamental accounting concepts. A thorough study of the balance

sheet components, such as cash, receivables, inventories, operational assets, and liabilities,

and stockholder’s equity. In addition, concepts fundamental to accounting are analyzed,

with special attention given to revenue recognition. Prerequisites: ACCT 115 and MSB

120 (A student must have earned a minimum 2.0 G.P.A. in each course.).

ACCT 250 — Intermediate Accounting II (3)

Focus on the formation and financial operations of the corporation. Debt and equity

transactions such as those encompassing investments in securities, leases, derivatives,

deferred income taxes, and pension plans are examined in detail. The reporting function

of the corporation as interim and segment reports are reviewed. Prerequisite: ACCT 240.

ACCT 310 — Advanced Accounting (3)

Topics include accounting for business combinations, segment reporting, and financial

reporting by multinational companies, including approaches to foreign currency translation.

Complex problems of the partnership and accounting for a non-profit organization

will be included. Prerequisite: ACCT 250.

ACCT 340 — Advanced Managerial Accounting (3)

A study of the broad range of cost and advanced managerial accounting concepts. Topics

include the measurement and accumulations of costs, including direct and indirect costs,

costs allocation procedures, cost volume relationships, and the application of overhead.

The controls in applying cost accounting to the design of the information system, inclusive

of the flexible budgets, responsibility accounting, profit center analysis and standard costs

will be studied. How cost accounting assists in decision making and planning for capital

budgeting and inventory planning will be considered. Previously ACCT 320 - Cost Accounting.

Prerequisites: MSB 110 and 120.

ACCT 410 — Auditing (3)

A study of the contributions of the independent accountant or the internal auditor to the reliability of financial and other data. Topics include generally accepted auditing standards, professional ethics, accountant’s legal responsibilities, internal control, and the auditor’s reports, utilizing the computer to audit, auditing computerized systems, and statistical

sampling. Prerequisites: ACCT 250 and 340.

ACCT 420 — Tax Accounting (3)

Taxes and their impact on decision-making. Tax principles will be applied to cases involving individuals, corporations, and partnerships. Prerequisite: MSB 120.

ACCT 440 — Accounting Information Systems (3)

This course provides the accounting major with a systems perspective applied to traditional and current accounting topics. Topical coverage includes accounting systems concepts and tools, the structure of internal control in a computerized environment, computer auditing and the cycle of transaction processing. Prerequisites: CIS 110 and ACCT 250.

ACCT 460 — Advanced Federal Taxation (3)

A study of federal taxation involving partnerships, corporations and estates, and trusts.

Problem solving, planning, and research, will be emphasized. Prerequisite: ACCT 420.

ACCT 470 — Accounting Policy & Professional Responsibility (3)

This course will familiarize the accounting major with the GAAP Standard Setting process

and function of the Financial Accounting Standards Board (FASB) and The Securities

112 Accounting and Exchange Commission (SEC). It will also integrate professional responsibility of the

accountant through case study analysis of ethical issues. Prerequisite: ACCT 410.

ACCT 480 — CPA Review (3)

A study of pronouncements of the CPA Review, including the Financial Accounting Standards

Board and the Securities and Exchange Commission, as well as a review of theories

and problems of accounting as related to the CPA examination. Recommended elective for

second semester junior and senior accounting majors. Prerequisites: ACCT 310, 340, 420.

ACCT 490 — Independent Study in Accounting (3)

Advanced projects in a specialized area of Accounting under the supervision of a faculty

member in the Accounting Department. Senior status required. Open to juniors only with

permission of the Department Chairperson.

ACCT 498 — Topics (3)

Topics selected from contemporary accounting issues which may be offered from time

to time to meet the need of the students. Prerequisites may be required based upon the

content of the course.

ACCT 499 — Accounting Internship (1-6)

A work experience meeting time requirements for the credits earned within a recognized

accounting firm or industry setting. Selection determined by academic background and

interviews with Department Chairperson’s approval required in writing prior to the work

experience. Open to accounting majors only.