Accounting

An introduction to accounting as the language of business. The student will be introduced to the procedures necessary to record, classify, and summarize basic business transactions. The course will cover the accounting cycle for service and merchandising sole proprietorships, including: journalizing transactions in general and special journals, recording adjusting and closing entries, and preparing worksheets and financial statements. The course will also cover banking and payroll procedures.

A more in-depth study of accounting procedures and concepts. The course closely examines balance sheet accounts, such as accounts receivable, notes receivable and payable, inventory, property plant and equipment and long-term debt. Different structures of equity are examined through the study of partnership and corporate forms of business. Financial statement analysis and the statement of cash flows are introduced. General accounting principles are introduced and applications are discussed throughout the course.

Accounting for transactions and summarizing data particular to manufacturing and service environments. The course will examine in detail the three elements of cost: materials, labor and overhead, in both the job order and process cost systems. It will also cover standard cost systems, including variance analysis. The student will be introduced to cost behavior patterns and apply them to cost analysis for decision making.

The study of the use of accounting information for management decision-making purposes in the manufacturing and service environments. Cost behavior and classification, as well as cost-volume-profit analysis, differential cost analysis and absorption vs. variable costing principles, will be applied to cost and volume control, pricing, and other management decisions. The student will learn to develop budgets and evaluate performance internally. Special considerations of decentralized operations and capital investment decisions will be studied. The student will be exposed to current trends in the global business environment, including the principles of activity-based costing, Just-in-Time manufacturing, and the theory of constraints.

A study of Federal Income Tax regulations and reporting. The course will cover individual returns, including filing requirements and status, rules of dependency, income inclusions and exclusions, expenses, deductions and credits, capital gains and losses. Special attention will be paid to depreciation. The partnership and corporate returns will be introduced. Topics relating to tax administration and tax planning will also be covered.

This course will introduce students to computerized accounting systems using QuickBooks Accountant and MS Excel. The accounting procedures done manually in accounting I will now be performed on the computer using accounting software that is currently being used in business and industry. Students will set up and perform routine tasks such as recording business transactions, controlling inventory, processing sales, maintaining fixed asset and depreciation schedules, and preparing payroll. Additional procedures students will perform include setting up a chart of accounts, summarizing data, generating financial reports, and banking transactions.