This course emphasizes the understanding of fundamental accounting principles and procedures and will develop the student's accounting problem-solving ability. Topics covered include the basic structure of analyzing and recording transactions, establishing accounting policy, generally accepted accounting principles, control of cash, receivables and payables, merchandise inventory valuation methods, recording of property, plant, and equipment transactions, and long-term financing. Sources of equity capital for corporations and financial statements are analyzed. This course emphasizes the fundamental concepts for planning, control, and decision making. This course gives students an overview of the accounting system utilized by state agencies.
Course includes basic governmental accounting terminology and entry-level, practical applications.
Topics covered include objectives and principles of accounting for governmental entities, differences between business and government accounting, accounting for the general fund, special revenue funds, capital projects funds, debt service funds, general fixed asset and long-term debt account groups, proprietary funds, and accounting colleges and universities and other non profit organizations. The impact of FASB and GASB standards on governmental and non-profit accounting is studied. Topics covered include resource utilization, supply and demand, opportunity cost, production possibilities curve, the mixed economy, consumption sector, government sector, unemployment, inflation, utility, cost and profit, monopolies, circular flow of money and the relationship of current events with economic concepts. Offered Spring Semester A capstone class utilizing accounting research, business knowledge, computer techniques, and communication skills in preparing a professional student portfolio. This course is designed to meet specific learning needs for students.