Accounting

AC 221 Financial Accounting (3)
Survey of financial accounting and reporting for all business division majors: accounting terminology and concepts, tax and payroll requirements, internal controls, interpretation of financial statements prepared by business and nonprofit organizations.

AC 222 Managerial Accounting (3)
Accounting information used for purposes of planning and control: product costing, breakeven, budgeting, performance evaluation, pricing, decision analysis. Prerequisite: AC 221

AC 321,322 Intermediate Accounting I,II (3,3)
In-depth study of financial accounting and reporting emphasizing both practice and underlying theory: review of the accounting cycle; control of cash, receivables and bad debts; inventory systems and valuation; payroll accounting; fixed assets; depreciation and amortization; bonds and notes payable; capital stock and retained earnings; earnings per share; income taxes; pensions; leases; cash flow statements; and reporting requirements. Prerequisite: AC 222

AC 330 Cost Management (3)
In-depth study of the controllership functions in organizations, emphasizing analysis and decision-making. This course focuses on manufacturing and cost accounting: product costing, types and behavior of costs, absorption and variable costing, job shop and batch processing, allocating overhead costs to products, activity-based costing and management, analysis of customer profitability, budget analysis, and allocation of service costs to operations.

AC 340 Federal Taxation I (3)
A survey of federal taxation of individuals, corporations, and partnerships. Preparation of Form 1040, including taxation of wages, dividends, interest, pensions, capital gains and losses, and business income; deductions and tax credits. Taxation of corporate and partnership income; allocation of partnership income to partners. Prerequisite: AC 221

AC 360 Nonprofit Accounting (3)
Introduction to accounting and financial reporting for nonprofit organizations, such as government agencies, public schools, universities, social welfare agencies, churches and other not-for-profit entities. The system of fund accounting to record revenues, expense assets, and liabilities of various funds. Budget preparation and interpretation of financial statements. Prerequisites: AC 221

AC 370 Accounting Information Systems
An introduction to the common body of knowledge of accounting information systems (AIS). This course emphasizes the user of information systems approach with an emphasis on the resources, events, agents, (REA) model. The student will learn the terminology, reports, documents, procedures, and controls inherent in a modern AIS. Prerequisite: AC 322

AC380 Forensic Accounting
A study of occupational fraud and abuse including asset misappropriation, corruption, and fraudulent statements. The course provides an understanding of fraud examination methodology, and sets forth the schemes used by executives, managers, and employees to commit fraud against their organizations. It provides an analysis of various kinds of frauds and includes cases that illustrate and help the student understand each type of fraud. Based on extensive empirical research in forensic accounting, the course aids the student in identifying exposure to loss and appropriate prevention, detection, and investigation approaches..

AC381 Fraud Detection and Deterrence
The opportunity to commit and conceal fraud exists only when there are assets susceptible to misappropriation and a lack of internal controls to prevent or detect fraud.  This course will focus on the high-risk fraud environments wherein assets are more vulnerable to misappropriation and fraud environments heightened by either a lack of, or non-functioning of, internal controls.  Various fraud investigative methods and the process for communicating an expert report will play an essential role in these studies.

AC382 Legal Aspects of Fraud
There are four general elements under common law, all of which must be present for fraud to exist: (1) a material false statement, (2) intent, (3) reliance on the false statement by the victim, and (4) damages. This course takes an in-depth look at each of these components in relation to crimes that fall under the umbrella of fraud. It also emphasizes federal legislation related to fraud examinations including coverage of laws that preserve the rights of individuals suspected of committing fraud and laws that govern civil prosecutions, the admittance of evidence, and the testimony of expert witnesses.

AC 400 Accounting Fundamentals (3)
Introductory survey of accounting, financial statements for both profit-making and nonprofit organizations, tax requirements, internal controls, cost analysis, cost accounting, budgeting, decision analysis, accounting terms and concepts. Open only to MBOL students without previous coursework in accounting.

AC 421 Advanced Accounting Problems (3)
This course will expand the student’s understanding of corporate expansion and accounting for business combinations, intercorporate investments in common stock, reporting entity and consolidated financial statements, branch operations, segment and interim reporting, and partnerships; formation, operation, changes in membership, and liquidation.

AC 429 Auditing and Accounting Ethics (3)
Introduction to auditing and the professional work of Certified Public Accountants; auditing standards and procedures, evaluation of internal control, legal liability, professional ethics, and auditor opinions. Prerequisite or concurrent: AC 322

AC 440 Federal Taxation II (3)
More advanced problems in taxation of individuals and business firms, based on the Internal Revenue Code and court cases. Topics include: tax planning by individuals and corporations to minimize tax liability, formation and dissolution of partnerships, estate and gift taxes and the effect of tax law on business decisions. Prerequisite: AC 340
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