Accounting

This is a course of study that introduces financial accounting and financial reporting for business entities. It offers an introduction to accounting information system with emphasis on measuring, reporting, and using accounting information related to operating, investing, and financing activities, and involves detailed discussion of accounting concepts and issues concerning the financial position, income statement, statement of stockholders’ equity and statement of cash flows.

This is a course of study that introduces managerial accounting for business entities. It offers an introduction to managerial accounting topics including cost analysis, cost allocation, job order and process costing systems, activity-based-costing, cost-volume-profit analysis, short-run decision making, budgeting, standard costing and variance analysis, capital budgeting decisions, and financial statement analysis. Accounting ethics and values are also emphasized.

The goals of this course are to develop an understanding of personnel and payroll records that provide information required by numerous laws. Payroll accounting systems using payroll registers, recording of accounting entries and payroll are presented relating to the payments of wages and salaries. A computerized payroll project is required.

A study of cost accounting, embracing an inquiry into the methods of accounting for materials, labor and overhead in a manufacturing operation. Standard cost systems and managerial cost applications are also covered.

The more important provisions of Federal Income Tax and the interrelationships between income tax rules and accounting principles utilized in developing taxable income information are emphasized.

The course is designed to provide students with the necessary skills to analyze, process, and report accounting information by utilizing three (3) accounting methods: 1) manual accounting applications, 2) Microsoft Excel, and 3) computerized accounting software system (QuickBooks Pro). Through the use of a manual practice set students will be exposed to realistic documents and records, including multi-copy business forms, to enhance their learning experience and reinforce knowledge gained by students in ACC 120. Course will then provide hands-on experience in accounting uses of Microsoft Excel. This section includes using multiple sheets with Excel formulas, preparing professional qualify financial reports, creating graphs to interpret results and using Excel functions to evaluate accounting data. The course will conclude by having students learn how to setup and maintain new company systems, manage chart of accounts and ledgers, analyze and enter transactions, generate financial reports, import/export data, manage files, and manage system security by using a computerized accounting software system.

The goal of this internship is a supervised, on-the-job work experience related to the study of Federal Income Tax. Students must pass Federal Income Tax tests consisting of five parts (Ethics, Basic, Intermediate, Advanced, and Heath Savings Accounts). Students are required to attend seminars (45 hours of class offered both online and live) prior to the official start of the spring semester. Students are required to submit certificates of Course Completion (Ethics, Basic, Intermediate, Advanced, and Heath Savings Accounts) to the instructor. Students are also required to work no less than 90 hours preparing personal Federal and State income tax returns. Students will receive additional training from their Tax Counseling for the Elderly/Volunteer Income Tax Assistance (TCE/VITA) volunteer supervisors and will obtain practical experience relating to work place policies and procedures.