Special attention is directed to the use of accounting information in managerial decision making. This course may not be taken for credit by business majors. Topics include accumulation allocation, analysis, and reporting of internal financial data. Discussion of the use of cost information in inventory valuation, income determination, planning, controlling, and decision making. Examination of techniques for analysis and design of systems that provide accounting and financial data for both internal and external users.
Emphasis is on the accountant's role in systems development and control.
Preparation of financial statements, including related supplemental disclosures and detailed analysis of the components of financial statement. Consideration of concepts underlying financial accounting and application of professional accounting standards. Continuation of ACCT 331. Introduction to federal income taxation of individuals. Examination of tax laws and procedures through the use of illustrative examples and problems.