Accounting

Topics included in this course are the 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. Other topics will include accounting for the acquisition, depreciation, and disposition of property, plant, and equipment.

Topics include: Cost benefits analysis, direct and indirect costs, variable, fixed, and mixed costs, current liabilities; nature of corporations and related equity and income reporting issues; long-term liabilities; statement of cash flows; nature and behavior of manufacturing costs; introduction to cost accounting concepts and systems; cost-volume-profit relationships; introduction to budgetary and activity based costing systems and planning.

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.