Specific topics include the time value of money, receivables, inventories, long term assets, and current liabilities, intangibles, and contingencies. Fall semester only. Co-registration in AC321 is required. A challenging course including the rigorous study of theory and application of generally accepted accounting principles to complex accounting topics including stockholders' equity, revenue recognition, earnings per share, pensions, leases, accounting for taxes, accounting changes and error analysis, and cash flows. Co-registration in AC322 is required.
Computer software is used in solving application problems.
The provisions of the Internal Revenue Code and related regulations will be used extensively. Tax issues connected to formation, operation, distributions, and liquidation will be examined. A general study of the functions and procedures of law. Included will be a detailed analysis of legal principles governing contracts, torts, agency and business organizations. This course represents the first half of the Business Law sequence.