The use of funds, budgetary controls, encumbrances, modified accrual accounting, financial reporting, and other special areas unique to governmental and nonprofit accounting are covered. Cash and receivables, inventories, tangible operating assets, intangibles, investments, liabilities, reserves and valuation accounts, net income determination, and financial statements emphasized. Investments, liabilities, revenue recognition, stockholders' equity, accounting changes and error analysis, the statement of cash flow and financial statement analysis. Continuation of BU 310. Analysis of federal income tax legislation concerning individuals.
Computer software is used for application.
Elements of production in a manufacturing type of business, including materials, labor, and overhead as they apply to the job cost system, the process cost system and the standard cost system. Fundamental techniques of cost developed and the scope of applicability broadened. Standard costs comprehensively treated with emphasis on cost control and product costing. Continuation of BU 315. Beginning through intermediate knowledge and skill development of applied word processing utilizing computers.