Accounting

Course will include study of the theory and application of the Federal Internal Revenue Code, regulations, revenue rulings, revenue procedures and cases to individuals and sole proprietorships. Property transactions are covered together with the topics of gross income, deductions from gross income and losses, itemized deductions, losses and bad debts, employee expenses and deferred compensation, depreciation, cost recovery (ACRS and MACRS), depletion, amortization and inventory costs, non-taxable exchanges, section 1231 gains and losses, tax credits, and special tax computation methods.

Course includes a detailed study of the conceptual (theoretical) framework of external financial reporting and the financial statements utilized in external reporting (except the statement of cash flows) and an in-depth study of certain current and non-current assets and liabilities. Topics include basic theory, the income statement and statement of changes in retained earnings, the balance sheet, time value of money, cash and accounts receivable, inventories, fixed assets and depreciation, intangible assets, and current liabilities.

A continuation of the study of certain current and long-term assets and liabilities begun in ACCT3510. Topics include long-term liabilities, stockholders' equity, dilutive securities and earnings per share calculations, temporary and long-term investments, and computer spreadsheet applications. Accounting for pensions and post-retirement benefits, leases, statement of cash flows, and full disclosure will also be covered. 

Accounting students may enhance their academic experience through participation in an internship. Internships are a unique form of education, integrating classroom study with planned and supervised work experience. Learning objectives will be established prior to the start of an internship and one credit hour is awarded for every 40 hours of work. This course will be graded and may be repeated for credit.