I deals with branch accounting, merger and consolidations. Advanced Accounting II deals with partnerships, trusts, insurance, governmental accounting and other advanced topics. Prerequisite for ACCT 401 is ACCT 204 and for ACCT 402 is ACCT 401 or permission of Department Head. This is the capstone course. A complete review of accounting theory and practice, business law, ethics, taxation and auditing in preparation for taking the November Uniform Examination for Certified Public Accountants.
Course provides understanding of important dimensions of management function of accounting.
I treats principles and practice of federal tax with topics including gross income, itemized deductions, capital gains and losses, net operating loss, carrying forward and back, history of taxation, inception of law, credits, exemptions, tax research, and operation of tax forms. Federal Taxation II deals with more involved problems of income determination, reorganization, partnership and specially taxed corporations, foreign taxes, Social Security, estate and gift taxes, and administrative procedures. Federal Taxation III provides an in-depth understanding of a broad spectrum of federal income taxation and a review of tax procedures and law for the Internal Revenue Service Special Enrollment Examination. Useful as a refresher course in federal tax procedures for the tax practitioner. Either ACCT 480 or ACCT 481 can be taken first but both should be taken before ACCT 482.