ACCOUNTANCY COURSE DESCRIPTIONS

201 202. ACCOUNTING PRINCIPLES 3 cr. each Prerequisites: MN 106 and sophomore standing. Elements of accounting theory, covering revenues, expenses, assets, and liabilities; account classification; analysis and recording of transactions; sources of accounting data; corporation accounting; theory of accounting valuations; preparation of financial statements; manufacturing cost flows and analysis.

211. ANALYSIS OF ACCOUNTING INFORMATION 3 cr. Prerequisites: AC 201 and sophomore standing. Terminal course for students desiring a single year of accounting. Emphasis on the user perspective, including the analysis and classification of assets, liabilities, and net worth; measurement of income; preparation and interpretation of financial statements; problems in control of costs; break even analysis; and return on investment.

303 304. INTERMEDIATE ACCOUNTING 3 cr. each Prerequisites: for AC 303, minimum grade of C in AC 202; for AC 304, minimum grade of C in AC 303. Advanced problems of corporate accounting; theory and problems of asset and liability valuation, cash flow, and application of funds.

310. ACCOUNTING FOR FINANCE MAJORS 3 cr. Prerequisites: AC 201 202. Finance majors may take this course or the AC 303 304 sequence to fulfill accounting requirements. Advanced problems of financial reporting by corporations, including the conceptual framework of financial reporting; the establishment of reporting standards; techniques of data accumulation and preparation of financial statements; and applications of accounting principles.

312. COST ANALYSIS AND BUDGETARY CONTROL 3 cr. Prerequisite: minimum grade of C in AC 303. Distinction between managerial and financial accounting. Cost terminology, costing methods for different types of manufacturing processes, static and flexible budgets using standard costs for planning and control of operations; cost and profit analysis to support decision-making; ethical and behavioral considerations for the management accountant.

321. FEDERAL TAXES I 3 cr. Prerequisite: minimum grade of C in AC 303. The theory of the income tax. Historical review of tax development, the effect of statute regulations and the courts; determination of the elements of taxable income and computation of tax and tax credit for individuals. Emphasis on theory of taxation; preparation of returns used to illustrate theory.

341. ACCOUNTING INFORMATION SYSTEMS 3 cr. Prerequisites: MN 300 and minimum grade of C in AC 303. Introduction to, analysis and understanding of the role of accounting information systems in business organizations. Operation and evaluation of manual and computerized accounting systems.

405. SEMINAR IN ACCOUNTING 3 cr. Prerequisites: minimum grade of C in AC 304 and/or as announced. Contemporary issues in accounting not covered in depth in other departmental courses. Specific topics, methods of presentation, and student requirements will be designated by the seminar leader.

422. FEDERAL TAXES II 3 cr. Prerequisite: AC 321 and minimum grade of C in AC 304. Designed to acquaint students with reporting of taxpaying entities other than individuals. These include corporations, partnerships, estates and trusts. The course also includes a review of tax research techniques and property transactions.

431. AUDITING 3 cr. Prerequisite: AC 341 and minimum grade of C in AC 304. Auditing standards, ethics, audit reports, accountants= legal liability, and audit concepts and procedures. The major emphasis is on public accounting and financial auditing, but coverage is extended to the field of internal auditing and operational auditing.

481. ADVANCED FINANCIAL ACCOUNTING 3 cr. Prerequisite: minimum grade of C in AC 304. Advanced problems in accounting not covered in AC 304, including business combinations and financial reporting by multinational corporations. Recommended for students wishing to pursue CPA license.

483. SEMINAR IN CONTROLLERSHIP 3 cr. Prerequisite: minimum grade of C+ in AC 312 and C in AC 304. Includes advanced topics in managerial accounting not covered in AC 312. Focus is on the role of the controller as the chief financial and managerial accounting officer. The impact of ethics also receives consideration.

484. ACCOUNTING THEORY AND POLICY 3 cr. Prerequisite: minimum grade of C in AC 304. Accounting theory and policy decisions with respect to contemporary business problems and issues..

498. INDEPENDENT STUDY 1-3 cr. Prerequisites: minimum grade of C in AC 304, consent of chair and faculty member. Research project supervised by a member of the Department of Accountancy willing to act as adviser. The student selects an aspect of accounting, establishes goals, and develops a plan of study. The plan must be approved by the chair and filed with the dean=s office. Consult the chair for departmental guidelines established for such study.