This course is intended to examine and apply the basic assumptions, principles, concepts, and methods commonly used in the accounting profession. The course is intended more for the users of accounting information than for the originators of it. Debits and credits are virtually ignored. Thus, the student examines the "whys" of accounting to a much greater degree than the "hows". The course is split into two major components. The first half examines financial accounting topics, using the financial statements as a basis of study.
A student may contract for one to three credit hours of independent study through an arrangement with an instructor who agrees to direct such a study or project. The student will submit a plan acceptable to the instructor and to the department chair. The instructor and student will confer regularly regarding the progress of the study.
This course will cover all aspects of accounting for payroll, including the requirements of the Fair Labor Standards Act, calculations relative to gross pay, statutory and non-statutory deductions, employee and employer payroll taxes, general journal entry work relative to payroll, the payroll register, and the individual earnings record. Determining the amount and timing of payroll deposits, and preparing required quarterly and annual reports will also be covered.
Continuation of ACCT 3423. Topics include: long-term investments, fixed assets, current and long-term debt, and stockholder's equity. Special problems of income determination, statement of cash flow and statements from incomplete records.
Topics include: federal income taxation for the individual including filing requirements and status, exemptions, deductions, determination of taxable income, computation of tax, tax credits and tax payments; business or professional income from the sole proprietorship, self-employment tax, supplemental sources of income, and capital gains and losses.
Topics include: objectives of cost accounting, the role of cost accounting in relation to the performance of management functions with the emphasis on control and responsibility accounting; cost/benefit analysis; variable and fixed costs; period and product costs; cost-volume-profit relationships; The development and use of static and flexible budgets as managerial tools for planning and control; variance analysis for product costs under static and flexible budgeting; variable vs. absorption costing, and J.I.T. production.
This course provides an in-depth examination of accounting theory in the treatment of assets, liabilities and stockholder’s equity. The accounting cycle is reviewed in detail and a full examination and analysis of financial statement development and usage is undertaken. Continual focus will be on fundamental accounting concepts and principles with special emphasis on the contemporary theory and practice that applies to accounting statements. Topics covered include the foundations of accounting, the accounting process, accounting statements, and structure of the balance sheet.
Topics include: current liabilities; nature of corporations and related equity and income reporting issues; long-term liabilities; statement of cash flows; analysis of financial statements; nature and behavior of manufacturing costs; introduction to cost accounting concepts and systems; cost-volume-profit relationships; introduction to budgetary planning.
Topics include: fundamental principles of accounting, the accounting cycle and basic procedures, statement of financial position, determination and reporting of periodic earnings, cash and accrual basis of accounting; accounting for a merchandising firm and inventory valuation, principles of internal control; and accounting for the acquisition, depreciation, and disposal of property plant, and equipment.