Accounting

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 asset structure of the balance sheet.

This course will focus on fundamental income tax concepts related to understanding and completing individual federal income tax returns. Manual and computerized income tax preparation will be required. Coverage will include: income tax formula for individuals, gross income and exclusions, taxation of self-employed individuals, retirement plans, rental properties, standard vs itemized deductions, tax credits and additional taxes, depreciation, and capital gains/losses. Students will apply course theory to a contemporary tax software product through the computerized completion of progressively challenging federal tax returns.

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. The course will then apply payroll and other accounting activities to a contemporary accounting software product covering the following topics: creating a new business, establishing a chart of accounts, recording typical business transactions, creating related financial statements, closing the books and employing available business research and evaluation techniques.