Accounting

Courses

ACT 1010. Financial Accounting. 3 hrs.

An introduction to financial accounting as an information processing system that communicates relevant financial data regarding the business entity to external decision-makers. Emphasizes the basic concepts, principles, and techniques used in the generation of accounting data for financial statement preparation, interpretation, and use. (Students with one year of high school accounting may enroll by consent of instructor.) Prerequisite: Sophomore standing with a 2.0 GPA or completion of ACT 1210 with a grade of "C." IAI: BUS 903.

ACT 1020. Managerial Accounting. 3 hrs.

Course deals with basic managerial accounting concepts and practice including classification of costs, cost-volume-profit relationship, manu- facturing costs, job order and process cost systems, budgeting, standard costs and variance analysis, direct and absorption costing, cost allocation, decentralized operations, pricing decisions, capital budgeting, financial statement analysis, and statement of cash flows. Prerequisite: ACT 1010. IAI: BUS 904.

ACT 1210. Fundamentals of Accounting. 3 hrs.

Emphasis is placed on the procedural aspects of financial accounting for a sole proprietorship. The accrual basis is used, debit and credit is studied as it relates to the accounting equation. The entire accounting cycle is covered for service and merchandising businesses, including adjust- ment preparation of financial reports, and closing procedures. Also included are bank statement reconciliation, petty cash, special journals, and payroll accounting, A practice set is included at the end of the course to review the entire accounting cycle. Intended for students who plan to take only one semester of accounting or for those who need preparation before enrolling in ACT 1010.

ACT 1220. Practical Income Tax Prep. 2 hrs.

Students will acquire knowledge and skills and gain practical experience in the preparation of Income Tax returns (IRS 1040 form and supporting schedules). Documents will be prepared and filed electronically as a service to low-income and senior citizens within the IVCC district. Students will recognize the key role individual tax preparers play in recording and reporting tax information. Students will also become acutely aware of the importance of this information in financial tax planning.

ACT 1240. Payroll Accounting. 2 hrs.

This course is designed to prepare students to handle payroll preparation and record keeping, as well as computation, payment, and reporting of payroll related taxes. Various other business taxes are covered including sales tax and highway use tax. (Students with practical accounting experience may enroll by consent of instructor.)

ACT 1280. Quickbooks-Pro Accounting. 3 hrs.

This course utilizes QuickBooks-Pro Software to perform various financial accounting functions including general ledger, accounts payable, accounts receivable, inventory, and fixed assets. There is an emphasis on payroll regulations and the payroll functions of maintaining employee information, processing the payroll, and preparing required governmental reports. Prerequisite: ACT 1210 (with "C" or better) or ACT 1010 or consent of instructor.

ACT 2020. Cost Accounting. 3 hrs.

A study of the process of generating accounting data which will be useful to management in performing the functions of planning and control and decision making. Topics emphasized include: product costing, cost-volume-profit relationships, and budgeting and standard costs. Prerequisite: ACT 1020.

ACT 2200. Tax Accounting. 3 hrs.

The course is intended for students that seek to file business and personal tax returns. Such topics as methods of payment of tax liability, recognition of gains and losses, capital gains and losses, dividends, inventories, and depreciation will be covered. Prerequisite: ACT 1210.

ACT 2221. Intermediate Accounting I. 3 hrs.

A study of the theory, concepts and procedures underlies the preparation of external accounting reports for corporate organizations. Topics to be covered include: financial statement preparation, monetary assets, inventories, plant assets, current liabilities, intangibles, and time value of money concepts. Prerequisite: ACT 2221.

ACT 2222. Intermediate Accounting II. 3 hrs.

A continuation of Intermediate Accounting I dealing with theory and concepts of external reporting. Topics covered include comprehensive treatment of liabilities, capital stock, retained earnings, the statement of cash flows, financial statement analysis, and full disclosure in financial accounting. Emphasis is also given to internal records including sole proprietorships and manufacturing firms. Computerized accounting methods are explored. Lecture, two hours per week; lab, two hours per week. Prerequisite: ACT 1020 and ACT 2221.

ACT 2230. Certified Bookkeeper Review. 2 hrs.

This course is intended for AAS Accounting students in their final semester of the program. The course is a review and includes new information that is essential for students to master prior to entering the field of accounting. The course covers six (6) main topics: adjusting entries, correction of accounting errors, payroll,depreciation, inventory, and internal controls and fraud prevention. Upon completion of the course students will be prepared to take the four-part nationally recognized Certified Bookkeeper exam. Once students pass all four exams they will gain candidate status and be able to enter the workforce. After two years of experience in accounting the students can then be issued their Certified Professional Bookkeeper designation. Lecture, 2 hours. Prerequisite: ACT 1010 and ACT 1020.