Academic Catalog

Accounting (ACCT)

ACCT 224 Financial Accounting3 cr

Introduces basic principles of accounting as a language, including terminology, the accounting cycle, analyzing the effect of transactions, and developing financial statements in accordance with GAAP. Students will discuss and evaluate earning manipulation from technical and ethical perspectives. Students research public companies using the SEC EDGAR research tool and apply basic ratio analysis for decision making. Spreadsheet and word processing software are used.

Prerequisite: BADM 110  
ACCT 225 Managerial Accounting3 cr

Introduces basic cost principles and methods used to determine, plan and control costs. The course focuses on developing and using relevant managerial accounting information to make business decisions. Students use current technological resources to analyze and record managerial accounting information.

ACCT 320 Accounting Systems3 cr

Studies how accounting information is recorded, processed and summarized in accounting information systems. Students will be introduced to the design, operations, and management of computerized accounting information systems and will develop an understanding of internal controls, risks, applications, and ethics around accounting information systems.

Prerequisite: ACCT 224  
ACCT 321 Financial Reporting I3 cr

Studies measurement and disclosure methods and issues in the creation and evaluation of financial statements. Students explore accounting theory, recognition of select financial transactions, and conduct research using FASB Codification System. Learners create and analyze financial statements and disclosures using the appropriate technology.

Prerequisite: ACCT 320  
ACCT 322 Financial Reporting II3 cr

Continues the study of measurement and disclosure issues in accounting for liabilities and equity in accordance with GAAP. Further studies the theoretical, practical, and ethical issues involving alternative GAAP, as well as the income statement and the statement of cash flows. Students use computer software in the analysis/presentation of financial reporting issues.

Prerequisite: ACCT 321  
ACCT 330 Cost Accounting3 cr

Focuses on the development of cost information needed by managers to plan and control in manufacturing, merchandising, and service enterprises. Topics build on material introduced in managerial accounting and include; job and process costing, standard costing, cost allocations, inventory management, transfer pricing, and performance measurement. Spreadsheet and general ledger software will be used in the analysis of cost accounting information.

Prerequisite: ACCT 225  
ACCT 335 Federal Taxation - Individuals3 cr

Studies federal income tax laws for individuals, with a broad overview of Massachusetts income tax laws for individuals. Students use commercial tax preparation software to enhance their ability to interpret and apply income tax law as it applies to individuals.

Prerequisite: ACCT 224  
ACCT 395 Accounting for Entrepreneurs3 cr

Explores the advantages and disadvantages of various organizational structures and tax issues as they relate to entrepreneurs. Students will be introduced to basic financial and managerial accounting concepts, taxation, funding sources, and general ledger software.

Prerequisite: ENTR 201  
ACCT 421 Advanced Financial Accounting3 cr

Explores the theoretical and practical issues involved in accounting for business combinations, multinational transactions, partnerships, governmental units and not-for-profit organizations. Students use computer software in the analysis/presentation of cases.

Prerequisite: ACCT 322  
ACCT 423 Auditing3 cr

Examines the professional standards and ethics of auditing. Explores the theoretical foundation of standards. Considers how field work, sampling, computers, and management characteristics impact audit risk assessment. The moral and ethical responsibilities of the profession permeate the course. Students use software in the analysis and solution of cases/audit process.

Prerequisite: ACCT 321  
ACCT 435 Federal Taxation - Entities3 cr

Studies federal income tax for C corporations, S corporations, partnerships, trusts, and estates, and more complex personal income taxes. Students will prepare entity tax returns, perform basic tax planning, and research publicly available federal tax information from the Internet.

Prerequisite: ACCT 335  
ACCT 550 Accounting Internship3 cr

Offers eligible students the opportunity for enhanced educational opportunities by providing actual field experience in public or private accounting that relate to their accounting interests. During the assignment, the student will complete an individualized learning contract sponsored and approved by a faculty member from the department. Only 3 internship credits may be applied to the 30 required accounting credits to sit for the CPA exam.

Prerequisite: ACCT 322, junior status, 2.5 GPA  
Repeatable: Maximum of 15 credits