AC-161 PRINCIPLES OF ACCOUNTING I
3 credits
This course emphasizes the nature and purpose of financial accounting as a
means of recording, classifying and interpreting
accounting data. It includes the use of generally
accepted accounting principles and procedures
in recording transactions, the accounting
cycle, the accrual basis of accounting, the
preparation of classified statements and internal control procedures as they relate to sole proprietorships. The accounting cycle is completed both manually and by computer.
AC-162 PRINCIPLES OF ACCOUNTING II
3 credits
This course develops an understanding of accounting principles and standards and their application to the interpretation and presentation of financial
data. The course emphasizes concepts and procedures
relating to partnership accounting, corporate
accounting, long and short-term liabilities, investments, cash flow analysis and interpretation of financial statements. PREREQUISITE: AC-161
AC-211 COMPUTERIZED ACCOUNTING I
3 credits
A hands-on approach to integrated accounting on microcomputers. It consists
of several major accounting systems: general
ledger, accounts receivable, accounts payable, inventory, payroll, and the end-of-period procedures. Students are also taught hands-on
methods for computerizing manual accounting
systems. PREREQUISITE: AC-161
AC-212 COMPUTERIZED ACCOUNTING II
3 credits
To provide real-world computer applications of the principles taught in financial
accounting courses, this course will increase
students’ understanding and usage of other accounting software and the integration of spreadsheets in financial accounting packages.
Students must create their own worksheets
as well as learn to use programmed financial
accounting templates which are in existence in the industry, in order to enhance their
skills and the ability to solve day-to-day
accounting problems encountered in the workplace. In addition, students must master at least one commercial
computerized accounting package, which is in popular use (Peachtree and/or Simply Accounting are
recommended). PREREQUISITES: AC-211
AC-231 FEDERAL INCOME TAX LAW AND PRACTICE I
3 credits
Federal Income Tax introduces basic concepts of the U.S. Tax Law, emphasizes filing requirements for individual taxpayers, gross income inclusions and exclusions, adjustments to income and itemized deductions and credits.
Topics dealing with the Internal Revenue Service,
the audit process, interest and penalties and methods of minimizing income taxes are also
discussed. Tax return preparation, both manually and by computer, is emphasized and practiced.
AC-290, 291 COOPERATIVE EDUCATION SEMINAR
3 credits
An elective course that provides students with the opportunity to exercise their understanding of the academic field
and to apply classroom theory in actual work
settings in paid and non-paid supervised positions.
A minimum of 15 hours per week of work, plus tutorial sessions, which include discussions
of topics, related to matters on the job as well as career exploration. PREREQUISITE: 30 credits.
AC-330 INTERMEDIATE ACCOUNTING I
4 credits
A comprehensive study of accounting theory, principles and practices relating to the interpretation of financial accounting data and statement presentation of cash, temporary investments,
receivables, inventories, plant and equipment and intangible assets. PREREQUISITE: AC-162
AC-331 INTERMEDIATE ACCOUNTING II
4 credits
An intensive coverage of corporate accounting and, in particular, capital stock
rights, retained earnings, treasury stock and dividends. The following topics are also discussed: bonds payable, pensions, leases, accounting for income taxes, long term investment, statements of cash flow, direct and indirect costs and accounting changes
on financial statements. Price level and present
value problems are discussed. Full disclosure in financial reporting is explored. PREREQUISITE:
AC-330
