This course is designed to give the student a basic understanding of the federal income tax as it pertains to individuals. Reference is made to the latest tax forms and changes. Emphasis is on the tax accounting concepts of the law. Topics covered include income, exemptions, deductions, capital gains, tax rates and filing requirements. As a continuation of Accounting 205, this course is designed to give the student a basic understanding of the federal income tax as it pertains to partnerships and corporations.
Constant reference is made to the latest tax forms.
Demonstrations of problems and possible solutions are stressed. This course emphasizes theory and concepts and provides an in-depth study of principles, procedures and practices used in financial recording and reporting. Following a review of the fundamental accounting processes, emphasis will be on financial statements, time value of money and current assets. This course is a continuation of AC 211, continuing the emphasis upon corporate financial reporting. A continuation of AC 211 and AC 212 to prepare students interested in accounting as a career, it covers specialized topics in accounting, including leases, pensions, accounting for income taxes, price level changes, corrections and errors and additional financial reporting analysis.