Principles of external financial reporting for business entities, including income measurement and determination of financial position.
Attention-directing and problem solving functions of accounting in relation to planning and control, evaluation of performance, and special decisions.
Financial accounting theory and practice as they relate to generally accepted accounting principles and the accounting standard codification. Included are external financial reports with emphasis on the balance sheet and the income statement. Emphasis is placed on differences between US and international standards.
Expands upon the financial accounting concepts and principles in Intermediate Accounting I and the accounting standard codification. Key concepts include current liabilities, bonds, earning per share, pensions, leases, and stockholders' equity. Emphasis is placed on differences between US and international standards.
Application of cost accounting concepts and information used by business organizations to make strategic organizational and operational decisions. Topics include the role of planning and control in attaining organizational goals and objectives; the relationship among cost structures, cost behavior, and operating income; differential analysis in decision-making; and ethical issues for accountants.
Federal income tax law as it relates to planning individual transactions to minimize income taxes. Includes preparation of individual tax returns.
Principles and procedures of accounting for the various funds of governmental and not-for-profit organizations and budgetary accounting for planning and controlling of revenues and expenditures.
Legal system; crimes and torts; consumer, anti-trust, labor and employment law; environment and insurance; contracts and agency; business ethics; and international matters.
Corporations, bankruptcy, and the Uniform Commercial Code.
Estates and trusts, partnerships, corporations, foreign income, gift, and social security taxes.
The use of basic software, such as Excel, to design and implement an accounting information system. Topics include SOX requirements for internal controls, understanding internal control frameworks such as the COSO and COBIT frameworks, applying these frameworks to internal controls, and using computer applications for decision making analytics.
Principles of auditing including basic concepts that underlie the financial statement audit processes. Application of audit principles and concepts regarding reporting requirements of the independent auditor as well as review of internal controls, audit procedures, and development of audit programs will be emphasized.
Applications of auditing through case studies and computerized practice sets. Topics include audits of small businesses, forecasts, projections, compilations and the emerging nature of international auditing.
Accounting for business combinations. Consolidated financial statements; international transactions including the use of derivatives in international business; accounting for partnership establishment; and liquidation.
Focused research using databases from the Financial Accounting Standards Board, the Securities and Exchange Commission, and the International Accounting Standards Board to interpret accounting problems.
Contemporary areas of accounting. May be repeated with permission of advisor.