AC 131 Accounting I (3)
Prerequisite:
ESL 089, MS 098
Establishes
a foundation for the understanding of the accounting environment, basic
accounting concepts, and the accounting model. Each step of the accounting
cycle is covered in detail. Also covered are the sales, purchases, cash
receipts and cash payments journals and their accompanying accounts receivable
and accounts payable subsidiary ledgers; cash; and preparation of financial
statements.
Prerequisite:
AC 131
Builds
on the understanding of accounting principles. This includes accounting for:
payroll; accounts receivable and bad debts; notes and interest; inventory;
depreciation, amortization, depletion and disposal of long-term assets; and
partnerships and corporations.
AC 250 Managerial
Accounting (3)
Prerequisite:
AC 220
Develops
concepts related to the information managers' need in carrying out three
essential functions within the business enterprise, such as how to plan
operations, to control activities and to make decisions.
AC 270 Internship (3)
To
further build on the understanding of accounting principles and apply the
knowledge so obtained to everyday business transactions (accounting
practices). This will include accounting
for long-term liabilities and investments; preparation of the cash flow
statement; financial statement (ratio) analysis and interpretation; accounting
for departments and branches; and a 96-hour internship program.
AC 320 Intermediate Accounting I (3)
Prerequisite:
AC 250
Covers in detail the accounting process and the application of
generally accepted accounting principles to assets and liabilities. Emphasis is upon accounting theory.
AC 321 Intermediate
Accounting II (3)
Prerequisite:
AC 320
Covers in
detail the application of generally accepted accounting principles to
accounting for owner's equity, long-term investments and debts, funds flow,
consolidations, and financial statement analysis.
AC 325 Cost Accounting (3)
Prerequisite:
AC 250
Covers cost accounting system output relevant to managerial
decision-making, planning and control. Topics
include job order and process costing, direct and standard cost systems, with
emphasis on application and analysis of cost.
AC 330 Taxation I (3)
Prerequisite:
AC 250
Covers federal income tax, social security tax and other taxes and
deductions and credits as they relate to individuals, corporations, and
partnerships. Special consideration is given to
gross revenue tax (GRT) and other FSM taxes.
AC 335 Governmental and
Non-Profit Accounting (3)
Prerequisite:
AC 250
Covers
accounting principles as applied to nonprofit organizations, particularly
local, state and national government. Emphasis is on budgetary control and fund
accounting.
AC 370 Accounting Internship (3)
Prerequisite:
AC 320
Students
apply the knowledge obtained in prior accounting and other relevant courses to
everyday business transactions (accounting practices) under supervised
conditions. Includes a 120-hour internship in the accounting
department of a local private business or public entity; in addition to a
two-week pre-internship lecture on special topics not covered in the
Intermediate Accounting classes. The student submits periodic written
reports and a comprehensive final report.