Acct 101
Financial Accounting I
(3 credits)
This course introduces students to the basic principles, concepts, and applications of financial accounting. The courese emphasizes the practical application of accounting and includes the following topics:
- Financial reporting and the accounting cycle
- Accounting for merchandising activities
- Merchandise inventories and cost of sales
- Internal control and cash
- Receivables and temporary investments
Upon completion of the course, students will be competent in all functions of the accounting cycle including preparaton of financial statements, applying the basic principles and concepts of financial accounting in the evaluation of assets, and being conversant with internal control procedures involving assets.
Prerequisites: None
Acct 102
Financial Accounting II
(3 credits)
Accounting 102 continues the basic principles, concepts, and applications of financial accounting that were introduced in Accounting 101. The practical application of accounting will be emphasized in the following topics:
- Plant and euipment, amortization, natural resources, and intangible assets
- Payroll
- Current liabilities
- Partnerships
- Corporate organizations
- Notes payable and bonds payable
- Interpretation of financial statements
- Financial analysis
Upon completion of this course, students will have a complete understanding of the balance sheet, income statement, and statements of changes in owner's equity, and apply the basic principles and concepts of financial accounting in the evaluation of assets, liabilities, and owner's equity.
Prerequisites: ACCT 101
Acct 205
Managerial Accounting I
(3 credits)
Students will examine the basics of managerial accounting including the gathering of costs, allocation of costs to products and services and the effects of these costing methods on the managerial use of the information. In addition, measurement, control and alternative choice information are examined as outputs of a managerial accounting system. Specific topics include direct cost analysis, overhead application methods, budgeting (static and flexible) and alternative choice decisions based on relevant revenues and relevant costs. Also, the uses of responsibility centers (cost, revenue, invoice and ROI) are analyzed from a motivational point of view, and the establishment of supervisory information (variance analysis) and related departmental responsibility techniques are examined.
Prerequisites: ACCT 101 and 102