This course is for serious students and will require approximately three hours of homework for each hour in class. This course represents an introduction to corporate, partnership, trust, estate and exempt entity taxation. The student will become familiar with various related subjects including Alternative Minimum Tax, Accumulated Earnings Tax, Gift and Estate Tax and International Taxation. The overall emphasis of the course will be on corporate taxation and related effects to shareholders. 214 Cost Accounting I Cost Accounting as a tool for management is emphasized throughout the course.
Traditional methodology is emphasized.
Contemporary methodology and concepts relating to ABC and JIT accounting are introduced. An intensive study of financial accounting theory and procedures involving the topical areas of accounting standards and theory development, the statements of income, retained earnings, and financial position, time value of money, cash, receivables, inventory, and current liabilities. DPR 175 or CIS 120 is also recommended. An intensive continuation of the study of financial accounting theory and procedures involving the topical areas of accounting for property, depreciation, non-monetary transactions, intangible assets, long term liabilities, shareholder equity, investments, revenue recognition, financial analysis, and preparation of the Statement of Cash Flows. An intensive continuation of the study of financial accounting theory and procedures involving the specialized areas of accounting changes and error analysis, dilutive securities and earnings per share, accounting for pensions, income tax allocation, leases, interim financial reporting, and the principles of full disclosure.