Accounting

ACC 099 Business Recordkeeping (3-0) 3 hrs.
Presents standard bookkeeping procedures for small firms, both business and professional. The material covers journalizing, posting, preparing a work sheet, financial statements, bank reconciliation, petty cash and payroll.

ACC 101 Introduction to Financial Accounting (4-0) 4 hrs.
Presents accounting as an information system that produces summary financial statements primarily for users external to a business. Emphasizes the reporting of the effect of transactions and other economic events on the financial condition and operating results of a business. Topics include: basic accounting concepts, financial statements, accrual and cash basis, the accounting cycle, monetary assets, inventories, fixed assets, current and long-term liabilities and owner¹s equity. The course assumes a corporate form of organization. IAI BUS 903

ACC 102 Introduction to Managerial Accounting (3-0) 3 hrs.
Presents accounting as a system of producing information for internal management use in a business. Emphasis is on the identification, accumulation and interpretation of information for planning, controlling and evaluating the performance of the separate components of a business. Topics include: theory and application of product costing, operational control, cost allocation, performance evaluation for manufacturing and service organizations, standard costing, job order and process costing, budgeting, JIT inventory control, decentralized operations, differential analysis, capital investment analysis and financial statement analysis. IAI BUS 904
Prerequisite:
ACC 101 with a grade of C or better.

ACC 155 Tax and Payroll Accounting (4-0) 4 hrs.
Explains the federal tax structure and instruction in the application of tax principles to specific problems. Also, the preparation of payroll records, including tax returns for old age benefits and employment insurance.

ACC 201 Intermediate Accounting I (3-0) 3 hrs.
Presents accounting and reporting process, accounting theory, inventories, tangibles and intangible fixed assets. This is a problem solving course that continues accounting principles begun in ACC 101 and ACC 102.
Prerequisite:
ACC 102 with a grade of C or better.

ACC 202 Intermediate Accounting II (3-0) 3 hrs.
Presents course materials in the following sequences: Accounting for corporations, including capital stock, retained earnings, bonds payable, income statement and balance sheet analysis, pensions and leases, fund flow analysis, consignments and installment sales.
Prerequisite:
ACC 201 with a grade of C or better.

ACC 203 Introductory Cost Accounting (3-0) 3 hrs.
Includes an examination of the nature of costs and the use of relevant accounting data for purposes of improved decision making. Topics covered are product costs (process, job order and standard), overhead variance, by-product costs, joint-product cost and direct and variable costing.
Prerequisite:
ACC 102 with a grade of C or better.

ACC 211 Business Law I (3-0) 3 hrs.
Presents the history of the source of law, civil and criminal wrongs, law of contracts, agency, employment, property and related topics. Problems and case materials are used. (NOTE: Transfer students should check with the school they will be transferring to regarding the transferability of this course.) IAI BUS 912

ACC 212 Business Law II (3-0) 3 hrs.
Presents business organizational concepts, commercial transactions, basic legal concepts of commercial paper, sales, secured transactions, creditors' rights and related topics. Problems and case materials are used.
Prerequisite:
ACC 211 with a grade of C or better. (NOTE: Transfer students should check with the school they will be transferring to regarding the transferability of this course.)

ACC 213 Legal Environment of Business (3-0) 3 hrs.
Introduces the student to the nature, function and application of law in the commercial context. Emphasizes the regulation of business by statutes, administrative regulations and court decisions. IAI BUS 913

ACC 216 Employment Law (3-0) 3 hrs.
Examines past and present employment laws in the United States and their impact on employers and employees. Creates an understanding of the rights, duties and obligation of both employment groups under the law.

ACC 250 Income Tax Accounting (3-0) 3 hrs.
Offers a practical study of current federal and Illinois taxes as they relate to business and individual income tax procedures. Topics studied include income inclusions and exclusions, capital gains and losses, business and personal deductions and accounting methods.
Prerequisite:
ACC 102 with a grade of C or better.

ACC 251 Advanced Tax Accounting (3-0) 3 hrs.
Presents the basic concepts of corporation income taxation, partnerships, estates and trusts. The course includes a study of the taxation on the transfer of wealth, both during lifetime and testamentary.
Prerequisite:
ACC 102 with a grade of C or better.

ACC 253 Advanced Accounting I (3-0) 3 hrs.
Studies municipal accounts, business combinations and the preparation of consolidated financial statements. Topics will include branches, consolidated statements, elimination of intercompany transactions, general funds and nonprofit service organizations.
Prerequisite:
ACC 202 with a grade of C or better.

ACC 254 Auditing (3-0) 3 hrs.
Examines the auditory theory and procedures involving the topical areas of audit reporting, auditing standards and evidence, statistical, sampling and electronic data processing. The legal and ethical dimensions of auditing will also be studied with emphasis on how government affects financial reporting through court decisions, federal securities laws, the S.E.C. and the Foreign Corrupt Practice Act.
Prerequisite:
ACC 202 with a grade of C or better.