Courses In Accounting

ACT 161. Financial Accounting. Basic concepts of accounting including: accounting for business transactions, preparation and use of financial statements, and measurement of owners' equity.  3 credits.

ACT 162. Managerial Accounting. Cost-volume-profit relationships, cost analysis, business segment contribution, profit planning and budgeting as a basis for managerial decision making.  Prerequisite: ACT 161 with a minimum grade of C- or better. 3 credits.

ACT 251. Intermediate Accounting I. Study of the theory and development of generally accepted accounting principles as they relate to financial reporting; the application of these principles to the preparation of financial statements; special emphasis on revenue recognition as well as valuation, classification and disclosure of current assets.  Prerequisite: ACT 162. 3 credits.

ACT 252. Intermediate Accounting II. Study of the application of accounting principles for noncurrent assets, long-term liabilities and stockholder's equity, including analysis of financial statements.  Prerequisite: ACT 251 with a minimum grade of C- or better. 3 credits.

ACT 253. Intermediate Accounting III. This course is a continuation of ACT 252 with the study of the measurement and reporting of income taxes, pensions, leases, accounting changes, disclosure issues, the cash flow statement, and the effects of errors. The course also addresses international accounting standards as they compare to U.S. GAAP and international reporting issues for U.S. companies. Case study component. Strongly recommended for students planning to take the CPA exam.  Prerequisite: ACT 252. 3 credits.

ACT 351. Advanced Accounting. The emphasis of this course is on business combinations and consolidated financial statements. The course also addresses accounting principles applicable to partnerships, SEC reporting, insolvency, and fiduciaries.  Prerequisite: ACT 252. 3 credits.

ACT 352. Government and Non-Profit Accounting. Basic concepts of fund and budgetary accounting used for financial activities of governmental units and not-for-profit organizations.  Prerequisite: ACT 162. 3 credits.

ACT 353. Cost Accounting. Analysis and use of techniques for cost management and control; the accumulation and recording of the costs including job-order, process and standard cost systems, joint and by-product costing; contemporary topics such as activity based costing and just-in-time manufacturing.  Prerequisite: ACT 162. 3 credits.

ACT 400. Internship. Practical and professional work experience related to the student's career interests, involving both on-site and faculty supervision. Internship credit does not fulfill required electives in the major.  Graded¬†pass/fail. May be repeated for credit (up to 12 credits of internship may be counted toward the degree). Prerequisites: 2.75 GPA, permission of the chairperson, completion of department's application form. Generally limited to juniors and seniors. 1-12 credits.

ACT 451. Individual Income Tax. Analysis of the federal income tax laws as applied to individuals; case problems, preparation of returns.  Prerequisite: ACT 162. 3 credits.

ACT 452. Corporate Taxation. Analysis of the federal income tax laws as applied to corporations, partnerships and fiduciaries; case preparation of returns.  Prerequisite: ACT 451. 3 credits.

ACT 455. Auditing. A study of the process of evaluation of internal controls and interpretation of financial information to permit an auditor to express a professional opinion on financial reports.  Prerequisite: ACT 252. 3 credits.

ACT 460. Accounting Information Systems. This course provides an introduction to information systems for accounting students to provide them with an understanding of key concepts that they will need to be successful in their careers in using and helping to purchase or build accounting information systems.  Prerequisite: BUS 130 and ACT 162. 3 credits.