ACC – Accounting

Study of recording business transactions, preparing working papers, special journals, subsidiary ledgers, financial reports, and basic payroll procedures along with periodic payroll reporting for governmental agencies.

Introduction to basic accounting theory. The course centers on recording business transactions, preparing working papers, and financial reports. Special topics include receivables, payables, inventories, fixed assets, and long-term debt and investment accounting.

Focus on managerial accounting concepts. The course includes studies on cost behaviors and analysis and the use of managerial accounting information as the basis for management decisions.

Survey and analysis of methods of accounting for current assets and liabilities. Students are exposed to an intensive study of the content and format of financial statements and reports using General Accepted Accounting Principles and Financial Accounting Standards Board Pronouncements.

Study of the acquisition, use, retirement, and depreciation of plant and equipment. Students study the nature and valuation of intangible assets. Students also learn how to account for transactions which are unique to corporate accounting with emphasis being placed on capital stock, stock rights, stock options, retained earnings, dividends, and long-term liabilities.

Use of accounting software program QuickBooks to record business transactions for an organization. Students will learn how to account for receivables, payables, payroll, year-end adjusting entries, and bank reconciliations.

In-depth study of the federal income tax laws as they relate to taxation for individuals, sole-proprietorships, partnerships, and corporations (including LLCs and S Corporations). The course focuses on the preparation of tax returns and also utilizes a tax preparation software program.

Study of job order and process cost accounting systems. Students will study joint and by-products, job order costing, process costing, standard costing, and payroll accounting. Budgeting and analysis of budget variances are also addressed in this course.

Course takes one of two directions. The student can work in the accounting field and receive course credit for their work. Students are required to work a minimum of 10 hours per week. As an alternative, students can prepare case analysis of the financial reports of companies.