Accounting principles will be examined as they apply to individual proprietorships, partnerships and corporations in the service and merchandising industries. Emphasis will be placed on the use of accounting information in decision making rather than data accumulation and presentation. Frequent reference to GASB and FASB standards and other authoritative pronouncements. Students who are majoring in accounting are encouraged to take this course before or at the beginning of the Junior year.
Frequent reference is made to authoritative accounting pronouncements.
The accumulation of costs is demonstrated for use in planning, control and decision making. Cost accounting techniques are analyzed in traditional and modern manufacturing and service environments. Includes gross income, exclusions and deductions from gross income, nonbusiness deductions, gains and losses on sale or exchange of assets, and tax credits. Frequent reference to the Internal Revenue Code and Regulations. Students may apply for academic credit for activities emphasizing the practical application of accounting, auditing or tax.