This course covers the conceptual framework for accounting theory and practice, which includes identification and explanation of the objectives of financial reporting, the qualitative characteristics of useful accounting information, and the interrelationship between financial statements. Accounting issues surrounding asset, liability, equity, revenue, and expense transactions are explored. The concepts of liquidity, financial flexibility, risk, operating capability, and return on investment are emphasized in an integrated and balanced discussion. This course covers the federal income tax law applicable to individuals, partnerships, and corporations. Taxation of S corporations is introduced.
Students also learn to prepare several different types of federal income tax returns.
This course is designed for the student who will be called upon to demonstrate a practical working knowledge of cost accounting. The course proceeds from the basic elements of cost accounting systems, and the management accounting information generated by these systems, to the management accounting decision techniques which incorporate this information. Budgeting, standard costs, planning and control, activity-based costing and decision making are some of the topics covered in this course. Topics covered include the audit framework, internal control testing, statistical sampling, evidence evaluation, audit cells , EDP audit applications, audit reporting, auditing ethics, and the legal environment of auditing. The course will review selected aspects of operational auditing and special external audit reporting issues.