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Accounting

These are 2013-2014 course descriptions.

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ACCT 1211 Financial Accounting (A, SP, SU)

3 credits
This course covers the generally accepted accounting principles and the framework for preparing financial reports on corporations and proprietorships for external users. Recording transactions, adjusting balances, and preparing financial statements are demonstrated. The financial statements covered in this course include Income Statement, Owner’s Equity Statement, Cash Flow Statement, and Balance Sheet. Recommended: Students complete MATH 1020 with grade of “C” or better.
Lecture: 3 hours Lab fee: $2.00

ACCT 1212 Managerial Accounting (A, SP, SU)

3 credits
This course is a continuation of ACCT 1211 with special emphasis on the uses of financial measurements, calculations, and reports used by an organization to make a variety of management decisions. Specific uses
discussed are methods for costing products and services, decision analysis, and budgeting. Recommended: Students complete MATH 1020 with grade of “C” or better. To be successful in this course, it is recommended that students have a “C” or better in ACCT 1211.
Lecture: 3 hours Lab fee: $2.00

ACCT 1400 Accounting Systems (A, SP, SU)

3 credits
ACCT 1400 studies current practices and computer technologies used to design, utilize, and manage accounting information systems. Transaction process cycles, general ledgers, and subsidiary ledgers are analyzed.
Internal controls, information security, and fraud detection are also examined. Students will prepare flowcharts and practice on accounting system software.
Lecture: 3 hours
Prerequisite: ACCT 1211 Lab fee: $5.00

ACCT 2211 Cost Accounting (A, SP, SU)

3 credits
ACCT 2211 offers a study in the cost analysis of acquiring and using resources in an organization’s planning and decision making.
Lecture: 3 hours
Prerequisite: ACCT 1212 Lab fee: $2.00

ACCT 2231 State & Local Taxation (A, SP)

3 credits
ACCT 2231 covers payroll and unemployment taxes (withholding and reports); current state and local tax law; and preparation of forms and reporting requirements. Also addressed are the Commercial Activity Tax,
Ohio income and personal taxes, sales and use taxes, real estate taxes, and various other taxes. Multi-state taxation and pass-through entities will be discussed as well.
Lecture: 3 hours
Prerequisite: ACCT 1211 Lab fee: $2.00

ACCT 2232 Federal Taxation I (A, SP)

3 credits
ACCT 2232 covers individual income taxes, forms and returns, exemptions, deductions, gains and losses, rates, adjustments, and credits. Course also explores issues of proprietorship, retirement, inventories, depreciation accounting, installment and deferred sales treatment. Students will learn about filing requirements, payments, refunds, claims, and tax planning techniques, along with corporate and partnership taxation.
Lecture: 3 hours
Prerequisite: ACCT 1211 Lab fee: $5.00

ACCT 2236 Federal Taxation II (SP)

3 credits
A continuation of ACCT 2232, this course deals primarily with the taxation of corporate entities, partnerships, and Sub-chapter S corporations. Specific topics include non-liquidating distributions; earning and profits; corporate complete liquidations; corporate reorganization; U.S. taxation of multinational companies; and partnership, LLC, and Sub-chapter S corporation’s reporting of income, distributions, and liquidations.
Lecture: 3 hours
Prerequisite: ACCT 2232 Lab fee: $5.00

ACCT 2239 Advanced Taxation (A)

3 credits
This course is a continuation of ACCT 2236 and covers federal transfer taxes, wealth planning, and taxation of fiduciary and exemption entities. Topics include valuation of trusts, estates, and gifts; computation of taxable transfers; exclusions; unified credit; generation-skipping tax; public charities and private foundations; reporting requirements and special situations.
Lecture: 3 hours
Prerequisite: ACCT 2236 Lab fee: $5.00

ACCT 2240 Tax Practice (A)

3 credits
ACCT 2240 is an advanced tax course covering the administrative aspects of practice before the IRS including rules, penalties, procedures, and ethics for client representation as a CPA, EA or general tax preparer. This course also covers research techniques and understanding the structure of the Federal tax system. Also discussed are the requirements and processes to become a professional tax preparer.
Lecture: 3 hours
Prerequisite: ACCT 2236 Lab fee: $5.00

ACCT 2241 Auditing (A, SP)

4 credits
This is a course concerned with the identification of professional qualifications and responsibilities of an auditor and the study of auditing concepts utilized in the investigation and appraisal of economic information. Students will also participate in the practical application of audit techniques. Topics will include the role of the auditor in society, auditing standards, professional liability, audit objectives, and ethics.
Lecture: 4 hours
Prerequisite: ACCT 2250 Lab fee: $2.00

ACCT 2250 Intermediate Accounting I (A, SP)

4 credits
This course is a continuation of ACCT 1211 and ACCT 1212. It reinforces the mechanical phase of theoretical concepts enabling accounting majors to apply double entry accounting methods toward the daily maintenance
of accounting resources and the preparation of basic financial statements. Additional topics explored in an in-depth study of the accounting processes, valuation, and statement presentation will be conducted on the following accounts: cash, receivables, inventories, property, plant, & equipment, and intangibles. Recommended: Students complete MATH 1030 with grade of “C” or better. To be successful in this course it is recommended that students have a “C” or better in ACCT 1212.
Lecture: 4 hours
Prerequisite: ACCT 1212 Lab fee: $1.00

ACCT 2252 Intermediate Accounting II (A, SP)

4 credits
This course offers a continuation of ACCT 2250 including analysis and methods of valuation and statement presentation of the following items: current liabilities, long-term liabilities including contingent items and
deferred charges, investments, stockholders equity, dilutive securities, deferred taxes, earnings per share, leases, pensions, cash flow statement, error analysis, and full disclosure in financial reporting. Recommended:
Students complete MATH 1030 with grade of “C” or better. To be successful in this course it is recommended that students have a “C” or better in ACCT 2250.
Lecture: 4 hours
Prerequisite: ACCT 2250 Lab fee: $1.00

ACCT 2258 Advanced Accounting (A, SP, SU)

3 credits
This course is the study of financial accounting theory and practice relating to accounting for business combinations, consolidated financial statements, partnerships, and foreign operations.
Lecture: 3 hours
Prerequisite: ACCT 2252 Lab fee: $1.00
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ACCT 2266 Public Administration/Fund Accounting (A, SP, SU)

3 credits
ACCT 2266 deals with the principles and applications of fund accounting as it relates to state and local governments. It includes budgeting, accounting, reporting, and auditing for federal government, colleges,
universities and hospitals.
Lecture: 3 hours
Prerequisite: ACCT 2250 Lab fee: $1.00

ACCT 2275 Fraud Examination (A)

3 credits
This course is designed to introduce students to the concepts of fraud. Topics include understanding who commits fraud and the various fraud schemes involving asset misappropriation. Symptoms of fraud and the
reasons fraud may be committed will be discussed as well as the control systems used to prevent and detect fraud. This course will also introduce detection and investigative techniques employed by fraud examiners, as
well as best practices of fraud prevention.
Lecture: 3 hours Lab fee: $2.00

ACCT 2281 Sarbanes Oxley (A)

3 credits
In the first half of the Sarbanes-Oxley course, we discuss the background of the Sarbanes-Oxley Act of 2002. The Act’s various sections will be analyzed with an emphasis on how they affect the accounting and audit
profession. Later in the course we focus more on one of the key issues addressed in the Act: corporate governance. This course includes several areas of importance such as how corporations police themselves, how they may get into ethical dilemmas while trying to be successful, and what external forces influence a corporation’s actions.
Lecture: 3 hours Lab fee: $2.00

ACCT 2291 Internal Auditing (SP)

3 credits
Internal Auditing introduces concept, standards and processes involved in the internal audit of an entity. Students will be introduced to internal auditing concepts and theories as well as the steps required in the planning, execution, and completion of an audit. The professional nature of the auditing function including codes of conduct and standards will also be discussed. Other concepts include various internal audit documentation
and work papers as well as an understanding of the consulting engagement.
Lecture: 3 hours Lab fee: $2.00

ACCT 2293 Operational Auditing & Special Topics (SP)

3 credits
The first half of this course focuses on the basic objectives of operational auditing. Operational auditing is concerned with enabling an organization to work more effectively, efficiently and economically. Topics introduced in the course include operational auditing concepts and theories, the steps required in the planning, execution, and completion of an operational review, and the benefits of a well executed operational audit. The second half of the course will incorporate all of the areas covered in the previous certificate courses, focusing on corporate ethics and responsibilities through material that investigates the causes of famous corporate fraud
cases.
Lecture: 3 hours Lab fee: $2.00

ACCT 2901 Accounting Practicum & Seminar (A, SP, SU)

3 credits
ACCT 2901 offers a structured employment situation in which the student is working in an actual accounting office for a minimum number of hours a week performing many of the accounting procedures studied in the conjunction with their other classes (i.e., bank reconciliation, payroll, journal entries, etc.). Weekly reporting is used to solve any job-related problems and to attempt to develop a sense of responsibility and a professional attitude within the student/intern. In addition to working the job, emphasis is placed upon analyzing and further understanding the student’s working environment by requiring additional assignments inherent to that environment.
Seminar: 1 hour – Practicum: 14 hours