This course continues topics presented in ACCT-215. Property, intangibles, liabilities, stockholders equity, retained earnings and earnings per share are covered. This course continues topics presented in ACCT-305 and includes investments, income measurement issues, full disclosure in financial reporting, and special issues in expense and liability recognition. This course covers federal income tax concepts and their effect on individuals. Topics include the history and background of taxes, gross income, exclusions, allowable deductions and the basis for gain and loss on the disposition of property. In this lab students learn to use tax return preparation software, develop basic research and tax planning skills, and enhance their communication skills.
Students learn to use manual and computerized research tools in addition to computer software.
Spreadsheet software is used in the planning process, and word processing and Internet skills are required. Manufacturing costs and using relevant accounting data to improve decision making are also emphasized. This course provides real-world business operations experience. Topics include standard cost systems, budgeting, break-even analysis and corporate taxes. Service, retail and manufacturing organizations are compared, as are manual and electronic accounting systems.