COURSES IN ACCOUNTING

(2007-2008 Westminster College catalog)

ACC 201, 202 Principles of Accounting I and II. A two-semester study of the basic principles and concepts underlying the measurement of financial activity, and the preparation and use of financial statements. Among the topics will be basic accounting theory, transaction analyses, income determination, asset and liability valuation. The second semester will be a continuation of the basic accounting concepts, plus issues that relate to the financial management of a company, cost behavior, cost control, capital budgeting and profit planning. Prerequisite: ACC 201 for ACC 202.

ACC 300 Cost Accounting. Development and use of financial information for management purposes. Coverage includes cost determination, analysis and control, budgeting, decision making, and performance evaluation. Prerequisites: ACC 202. (Also listed as BA 300.)

ACC 305, 306 Intermediate Accounting I and II. A two-semester advanced study of accounting principles as they relate to the preparation, form, content and decision usefulness of financial statements. Selected topics include the conceptual framework of accounting, current professional pronouncements, revenue recognition, income determination and presentation, asset valuation and measurement, liability and equity reporting and financial statement analysis. Prerequisite: ACC 202 for ACC 305, and ACC 305 for ACC 306.

ACC 310 Federal Income Taxation. A study of the current federal income tax law as it pertains to individual taxpayers, including their interaction with sole proprietorships. The concept of taxable income is developed. Tax planning and tax determination within the provisions of the law are covered. Prerequisite: ACC 202.

ACC 320 Corporation and Partnership Taxation. A study of the principles of taxation pertaining to corporations, partnerships, and related entities. Emphasis is placed on the impact of taxation on business transactions and its role in planning and decision making. Prerequisite: ACC 202.

ACC 350 Advanced Accounting. A course presenting accounting principles and problems as they relate to partnerships, home office and branch accounting, business mergers, consolidations, governmental, and not-for-profit organizations. Prerequisite: ACC 306.

ACC 410 Auditing. A study of auditing objectives, standards, and procedures employed in the examination of business enterprises and verification of their financial statements. This course includes an evaluation of internal control, preparation of work papers, report writing, professional ethics, and current auditing trends. Prerequisite: ACC 306.

ACC 560, 570, 580, 590 Field Experience/Internship (1–4 SH). Not counted in the minimum number of courses needed in the major. All grading S/U. Prerequisites: six courses in accounting, economics and/or business, junior or senior standing, consent of department, and a GPA of at least 2.0.

ACC 601 Auditing II – Emerging Issues in Financial Reporting & Auditing. A study of regulatory concepts, statements, and opinions regarding the measurement and presentation of financial information. Issues related to the practice of professional accounting will be explored through research and presentations. Serves as the capstone for the accounting major. Prerequisite: ACC 410.

ACC 610, 611 Seminar/Advanced Topics (1–4 SH). A study of relevant topics and techniques pertaining to the current business and economics environment. Solution processes and problem defining are stressed.

ACC 620, 630, 640, 650 Independent Study (1–4 SH). Prerequisites: six courses in economics and/or business with at least a 3.250, junior or senior standing, and consent of department.

ACC 660, 670, 680, 690 Honors Project. Required 3.500 average overall. (See p. 59.)