Accounting 125 is a prerequisite for Accounting 126, and the Accounting 125–126 sequence is required for all accounting, management, marketing, and international business majors.
ACC 125 PRINCIPLES OF ACCOUNTING I
An introduction to accounting concepts for financial reporting. Accounting theories and principles relative to asset valuation, liability reporting, and income determination will be examined. The uses and limitations of external financial reports will be emphasized. Foley, Jones, Marino, Niece, Piwko, Skypeck/Three credits
ACC 126 PRINCIPLES OF ACCOUNTING II
A consideration of some of the more complex areas of financial accounting and an introduction to managerial accounting and its role in the planning and control of business operations. Changes in financial position, analysis of financial statements, cost accounting, and budgeting will be examined. The impact of accounting information on internal decision making will be emphasized. Prerequisite ACC125. Foley, Jones, Marino, Niece, Piwko, Skypeck /Three credits
ACC 200 INTERMEDIATE ACCOUNTING I
An intensive study of financial accounting and reporting problems. The class will discuss generally accepted accounting principles as applied to income determination, cash, receivables, investments, inventories, and productive resources. Emphasis is on the theory and practice of providing useful information to external financial statement users. The course will include coverage of the primary differences between U.S. GAAP and International Financial Reporting Standards (IFRS). Prerequisite: ACC 125–126. (Fall) Foley, Piwko/Three credits
ACC 201 INTERMEDIATE ACCOUNTING II
A continuation of ACC 200. Discussion focuses on debt and equity capital issues, leases, pensions, earnings per share, income taxes, and cash flow. The course will include coverage of the primary differences between U.S. GAAP and International Financial Reporting Standards (IFRS). Prerequisite: ACC 200. (Spring) Foley, Piwko/Three credits
ACC 210 COST ACCOUNTING
Deals with the processing, reporting, and use of accounting data for managerial decision making. Focuses on the use of cost accounting as a highly developed quantitative device for the selection and achievement of objectives. Emphasis on cost/volume/profit relationships, job-order costing, process costing, activity-based costing, standard costs, budgeting, capital budgeting, and performance evaluation. Prerequisite: ACC 125–126. Jones, Piwko/Three credits
ACC 211 ACCOUNTING INFORMATION SYSTEMS
The overall objective of the course is to develop a framework for the analysis and design of accounting information systems. Based on this framework, the objective is then to show the student how to analyze accounting information systems that satisfy the transaction processing, reporting, decision making, and internal control requirements. Prerequisite: ACC 125–126. Niece, Jones/Three credits
ACC 310 FEDERAL INCOME TAXES
The course will focus on the Federal Internal Revenue Code, its origins, organizations, principles, and application. The emphasis will be on the tax consequences of decisions made by both individuals and corporations. Specific practical problems will be used to illustrate the application of many of the basic principles of taxation. Consideration will be given to the historic, economic, and social causes and effects of tax law. Prerequisite: ACC 201 or permission of instructor. (Fall) Skypeck/Three credits
ACC 320 ADVANCED ACCOUNTING
This course concentrates on advanced applications of financial accounting concepts not considered in depth in previous courses. Topics covered may include partnership organization, operation, and liquidation; business combinations; special financial reporting issues, governmental and non-profit accounting; Securities and Exchange Commission requirements; and financial reporting by multinational companies. The objective of the course is to expand and refine the problem-solving techniques introduced in ACC 200–201. Prerequisite: ACC 200–201. (Spring) Marino/Three credits
ACC 331 FRAUD EXAMINATION
This course examines the subject of fraud from both management and accounting perspectives. Utilizing a variety of techniques including text, lecture, case studies, and occasional training videos, the course seeks to familiarize students with the conditions which facilitate fraud, the profile of the fraud perpetrator, common types of fraud, and methods of prevention, detection, and resolution. Numerous historical cases of fraud are examined. Prerequisites: ACC125–126, MGT100. Marino/Three credits
ACC 332 FORENSIC ACCOUNTING
This course serves as a follow-on to Fraud Examination, ACC/MGT 331, and builds upon the concepts learned in that course. The course covers the role of the forensic accountant including common types of engagements performed. It includes discussion of specific types of occupational and management fraud in depth with emphasis on detection techniques. There is coverage of the structure of forensic financial investigations, including those related to business frauds, business valuations, and matrimonial settlements. Cases from the text and other sources are used to illustrate key concepts. Prerequisite: ACC/MGT 331. (Spring) Benvenuti /Three credits
ACC 350 PERSONAL FINANCIAL MANAGEMENT
This course will examine personal choices and their impact on the realization of an individual’s financial objectives. The overall personal financial plan is the focus of the course and, accordingly, the course will include discussion of investment selection, housing, inflation, transportation, consumer credit, insurance, and record keeping. It will provide students with a solid grounding in personal financial management principles. Prerequisite: Senior standing or instructor’s permission. (Spring) Foley, Jones, Skypeck/Three credits
ACC 385 INDEPENDENT STUDY IN ACCOUNTING
Open to highly qualified junior and senior majors. Permission of the department chair is required. Staff/Three credits
ACC 395 SPECIAL TOPICS IN ACCOUNTING
This course permits the study of selected topics as designate by the instructor. Topics will change each time the course is offered. Staff/Three credits
ACC 420 AUDITING
An examination of the theory and practice of auditing. Emphasis is on generally accepted auditing standards, professional liability of auditors, ethics of the accounting profession, the structure and conduct of the audit, and the preparation of the auditor’s report. Prerequisites: Senior standing and ACC 200–201. (Fall) Marino/May be taken without Lab for three credits or with Lab for four credits
ACC 420L AUDITING LAB
This optional lab course is open only to Senior Accounting majors concurrently enrolled in ACC 420. Through the use of an audit practice case, Microsoft Excel, and other audit software, it examines the role of the personal computer as an audit tool while reinforcing conceptual foundations presented in ACC 420. Primarily for students interested in public accounting. Presumes a working knowledge of Microsoft Excel. (Fall) Marino/One credit
IDS 250 (CSL) COMMUNITY TAX ASSISTANCE
(FORMERLY INDIVIDUAL INCOME TAX ASSISTANCE) This course combines the study of low-income taxpayers with community service learning. Students examine sociological issues, such as social class, in addition to researching individual tax credits targeted at low-income taxpayers. They will also become proficient with tax software. Students will apply their learning through the electronic preparation of tax returns for low-income Worcester residents. (Spring) Niece/Three credits