Accounting & Finance
Note: Courses are offered during each academic year based on student need and registration. Specific details may be obtained from the Office of the Registrar.
This course provides an introduction to fraud and an overview of the fraud problem. It introduces the accounting techniques used in the detection of financial fraud, malfeasance, embezzlement, bribery and corruption schemes, and other white-collar crimes. This course explores detection of fraudulent financial statements, the external auditors’ responsibility to detect fraud, and an understanding of internal controls as they relate to fraud. The course describes fraud perpetrators and their motivations for being dishonest and provides an overview of the different ways to fight and reduce fraud. It includes a plethora of cases.
Principles of Accounting I
This course emphasizes the nature and purpose of financial accounting as a means of recording, classifying and interpreting accounting data. It includes the use of generally accepted accounting principles and procedures in recording transactions, the accounting cycle, the accrual basis of accounting, the preparation of classified financial statements and internal control procedures as they relate to sole proprietorships. The accounting cycle is completed both manually and by computer.
Principles of Accounting II
This course develops an understanding of accounting principles and standards and their application to the interpretation and presentation of financial data. The course emphasizes concepts and procedures relating to - - corporate accounting, capital stock, long and short-term liabilities, investments, cash flow analysis and interpretation of financial statements.
Computerized Accounting I
A hands-on approach to integrated accounting on microcomputers. It consists of several major accounting systems: general ledger, accounts receivable, accounts payable, inventory, payroll, and the end-of-period procedures. Students are also taught hands-on methods for computerizing manual accounting systems.
Computerized Accounting II
To provide real-world computer applications of the principles taught in financial accounting courses, this course will increase students’ understanding and usage of other accounting software and the integration of spreadsheets in financial accounting packages. Students must create their own worksheets as well as learn to use programmed financial accounting templates which are in existence in the industry, in order to enhance their skills and the ability to solve day-to-day accounting problems encountered in the workplace. In addition, students must master at least one commercial computerized accounting package, which is in popular use (Peachtree -/- Accounting for Windows is recommended).
Federal Income Tax Law and Practice I
Federal Income Tax introduces basic concepts of the U.S. Tax Law, emphasizes filing requirements for individual taxpayers, gross income inclusions and exclusions, adjustments to income and itemized deductions and credits. Topics dealing with the Internal Revenue Service, the audit process, interest and penalties and methods of minimizing income taxes are also discussed. Tax return preparation, both manually and by computer, is emphasized and practiced.
Cooperative Education Seminar
An elective course that provides students with the opportunity to exercise their understanding of the academic field and to apply classroom theory in actual work settings in paid and non-paid supervised positions. A minimum of 15 hours per week of work, plus tutorial sessions, which include discussions of topics, related to matters on the job as well as career exploration.
Prerequisite: 30 credits.
Intermediate Accounting I
A comprehensive study of accounting theory, principles and practices relating to the interpretation of financial accounting data and statement presentation of cash, temporary investments, receivables, inventories, plant and equipment and intangible assets.
Intermediate Accounting II
An intensive coverage of corporate accounting and, in particular, capital stock rights, retained earnings, treasury stock and dividends. The following topics are also discussed: bonds payable, pensions, leases, accounting for income taxes, long term investment, statements of cash flow, direct and indirect costs and accounting changes on financial statements. Price level and present value problems are discussed. Full disclosure in financial reporting is explored.
Federal Income Tax Law and Practice II
A study of federal income taxation of corporations, partnerships, estates and trusts, gift taxes, and other taxes. Students prepare returns for each tax manually and by computer. There is also extensive research into the federal tax codes to determine proper tax liabilities and preparation/competition methodologies.
Advanced Computerized Accounting
A rigorous and intensive course in computer applications of accounting software for mid-sized businesses, large businesses, multinational corporations, and subsidiaries of large enterprises. The Great Plains Dynamics Accounting software is the center-piece of this course. Students are taught to become hands on users of all modules of the software, including System Video Training Sessions, Computer Based Tutorials, and Exercises. Mastery of this powerful accounting software will provide students with world-wide career opportunities.
Fraud Prevention, Detection, and Investigation
While some executives are “cooking” books to show better profits, some employees are embezzling money for self enrichment, and some purchasing agents are getting kickbacks from suppliers. This course discusses the nature of fraud, describes fraud perpetrators and their motivations for being dishonest, and provides an overview of different ways to fight and reduce fraud. It also focuses on fraud prevention, fraud detection methods; covers the various elements of fraud investigation, theft and concealment investigation methods are covered; various types of fraud are discussed including financial statement fraud, revenue and inventory related fraud, understating liabilities and expenses, overstating assets and inadequate disclosures, and divorce and bankruptcy fraud are introduced.
Prerequisite: AC-150 and AC-162
Fraud, Criminology,and Civil Litigation
When people commit fraud, they can be prosecuted criminally and/or civilly. This course discusses the types of evidence and the role evidence plays in successful prosecution and/or litigation. A plethora of federal statues prohibiting a wide variety of fraudulent and corrupt practices are examined, including bribery of public officials, Anti-Kickback Act of 1986, mail fraud, bank fraud, securities fraud, and the Racketeer Influence and Corrupt Organization (RICO) statute. The major differences between civil and criminal cases are illustrated and discussed. This course also focuses on psychological and sociological theories of criminal behavior relative to forensic accounting.
Prerequisite: AC-150, AC-162, BL-l0l
This is an intensive course dealing with financial accounting and reporting for business combinations, mergers, consolidated financial statements, branch office accounting, foreign currency transactions, equity method of reporting investments, translation of financial statements of foreign affiliates, segment reporting and interim reporting, fund accounting and accounting for governmental units, and corporate reorganization and liquidation. Accounting for non-government-non-business organizations and other specialized areas selected by the instructor are covered.
This course thoroughly examines the job order cost system and process cost system. Budgeting and standard costing are introduced. Emphasis is on accumulating and using cost data to evaluate and control manufacturing costs and to assist management in planning, decision-making and performance analysis.
Cooperative Education Seminar
An elective course that provides students with the opportunity to exercise their understanding of the academic field and to apply classroom theory in actual work settings in paid and non-paid supervised positions. A minimum of 15 hours per week of work, plus tutorial sessions, which include discussions of topics related to matters on the job as well as career exploration.
Prerequisite: 30 credits
Corporate Internship in Accounting and Finance
This course provides students with the opportunity to apply skills learned in the classroom within their discipline to a corporate experience. The goal is to better prepare students to be professionals in their chosen career by gaining “Real Life” experience while immersing them fully into a corporate setting.
Students are required to complete 320 hours at the Corporate Internship setting.
The Internship can be an integral part of each of the majors and its primary goals are the following:
1. To enable the student to apply the knowledge gained in the classroom in a practical business setting.
2. To help the company solve particular business problems and get to know a prospective full-time candidate, assessing his/her profile and fit in the company.
Fraud Auditing and Forensic Accounting
In-depth study of Fraud Auditing which is the process of detecting, preventing, and correcting fraudulent activities. Examines the many components of fraud, such as the human element, organizational behavior, evidence and standards of proof, an awareness of the personality for fraud, and how to recognize the so called red flags. The course provides bases for distinguishing actual fraud from human error with respect to modified records, missing records, destroyed records, counterfeit records, and omissions. Intensive study of The Sarbanes- Oxley Act (SOX) and The Statement on Auditing Standards (SAS) No. 99 which were passed in 2002 as a result of the major financial fraud scandals involving Enron, Tyco, and WorldCom.
Prerequisite: AC-330, AC-336
Advanced Fraud Investigation
Management’s responsibility for fraud is effective prevention measures and deterrence and the forensic accountant’s responsibility for fraud is detection and investigation. This course includes a capstone experience involving the four major fields of fraud examination: financial transactions, fraud investigation, criminology and ethics, and legal elements of fraud. In order to complete the assignments in this course, students must transfer knowledge and skills developed in the other courses in the forensic accounting curriculum. Students are taught real world experience in performing complex investigative assignments and analyses. Students apply forensic accounting interrogation and interviewing techniques. They learn the right way to conduct investigative interviews.
Prerequisite: - AC-338 and AC-401
This course reviews managerial accounting concepts and methods which are used in management decision making. Topics discussed include systems of cost accumulation, budgeting, standard costs and direct costing. The course also integrates material from accounting with economic analysis, quantitative methods, cost-volume profit analysis and profit performance.
This course explores the auditing environment and auditing objectives. Auditing theory and practice, the ethics of the accounting profession and diversified techniques of auditing are integrated into class discussions. Procedures for auditing the income statement and the balance sheet are emphasized. The importance of independence and other aspects of the code of professional ethics, legal liability and internal control are discussed. The auditor’s responsibility for subsequent events are also considered.
Accounting Theory and Problems
This course emphasizes the interrelationship between accounting theory and practice. It provides for the advanced study of the essential concepts and assumptions under-lying accounting theory and practice. Major aspects of the historical development of accounting theory are reviewed. Special emphasis is placed on an analysis and evaluation of the current status of Generally Accepted Accounting Principles (GAAP) as well as issues facing the accounting profession. The course involves a study of the content and implications of the literature of the profession contained in Financial Accounting Standards Board (FASB) pronouncements. Attention is given to regulatory bodies, and their influences, such as the Securities and Exchange Commission (SEC). Federal tax implications are reviewed where appropriate.
Forensic Acounting: Computer Fraud/IT Auditing
The information technology age has made it easier and faster to store and manipulate large amounts of data and it has also made it easier and faster for criminals to commit fraud. This course focuses on the fundamentals of computer fraud prevention and detecting computer fraud schemes. Timely real world auditing cases and computerized management information systems are thoroughly analyzed concepts and postulates of information technology on the audit process as they relate to forensic accounting are covered in depth. Key areas of potential computer risk are identified, including operations, data management, systems development, system maintenance, electronic commerce, and computer operations. A fully functional version of leading general audit software on the market, Audit Command Language (ACL) is used in the course to provide the students with hands-on audit experience.
Prerequisites: - AC-440
Timely real-world auditing cases, readings, and computerized management information systems are thoroughly analyzed. This course provides a detailed examination of audit sampling and internal control. Students will learn to apply audit sampling to the audit of sales, cash receipts and accounts receivable. Concepts and postulates with respect to the effects of information technology on the audit process are covered in depth. Key areas of potential computer risk are identified, including Operations, Data Management, Systems Development, System Maintenance, Electronic Commerce, and Computer Operations. The issues most relevant to the auditor’s assurance responsibilities in each of these risk areas are developed. A fully functional version of the leading general audit software on the market, Audit Command Language (ACL), is used in the course to provide students with hands- on audit experience.
Research Seminar in Accountancy
The goal of this capstone course is to provide students with the opportunity to use their accounting skills to analyze and evaluate real-world problems. In the first part of the course, students will be given a strong systematic approach to performing professional research. In the second part of the course, students will work in teams. Each team will choose a firm that has been involved in recent accounting scandal and examine the firm’s financial reporting before and after the scandal in financial media sources. Based on this information, as well as understanding GAAP and ethical conduct in business, each team will write a report and make an in-class presentation on the results.
Business Law I
Introductory course designed to provide an understanding of the substantive law, procedural law and principles of the law of contracts, public policy and consumer protection under the Uniform Commercial Code. Students are urged to complete EN-109 prior to enrolling in this course.
Business Law II
Concepts, analysis, perspective, the regulatory environment and cases in commercial law are covered. The laws of agency, partnership and corporations are thoroughly examined. Commercial paper, as treated under the Uniform Commercial Code’s methodology, is presented.
Economics and Finance
An introduction to macroeconomic theory. A study of the economy as a whole, the nature of national income, gross national product, investment, employment, and problems of economic growth. The ways in which fiscal and monetary policy are utilized to maintain stability of the national economy are also examined.
This is an introductory course in micro-economic theory. This course introduces the student to the disciplines of micro-economics and provides a basic under-standing of how microeconomics functions in today’s society. This course centers around understanding the market for particular or individual outputs or inputs. It includes such topics as individual buyer and seller behavior, individual prices of goods and services, employment and individual businesses and industries. This course also focuses on the household, the firm, and the industry.
Principles of Finance
Introduction to the basic principles of finance. The time value of money, financial statement analysis and debt and equity instruments are all considered along with other important concepts. Students will gain insight into the role of finance in the world of business and the role of the financial managers in an organization.
Prerequisites: AC-161 and EC-201
Money and Banking
A study of the nature of money, its functions, and role in economic life as well as banking, and monetary principles and practices. Also covered are the powers and functions of the Federal Reserve System, monetary policy, its impact on economic activity and the dynamics of a rapidly changing banking system.
This course will provide students with the techniques for analyzing the recent innovations in the Capital Markets along with the proven theories and foundations of Corporate Finance. Corporate sources and uses of funds are extensively examined with special consideration of the most economical means of financing Capital Formation and the financial techniques of selecting assets. Particular attention is given to Capital Structure, Cost of Capital, Management of Cash, Receivables and Inventories; selection of Sources of Funds and Dividend Policy.
This course will provide students with an understanding of the financial decisions which continuously confront managers and the basic financial tools which are available for solving financial problems. This course emphasizes financial analysis of equity financing, short-term and long-term debt financing; financial analysis of the firm’s current and future financial conditions. Efficient management of the firm’s assets is examined. The theory pertaining to capital budgeting, valuation of assets, capital structure, and timely financial decisions is introduced.
Prerequisite: EC–201 and FA-302
This course will provide the student with methodologies for general analysis of various types of securities, valuation tests for common stocks and bonds, investment management, the security markets, and money markets. Various practices and instruments used for investment in financial markets will be introduced. The basic principles of investing in capital markets will be set forth. The student will learn how to evaluate stocks based on the price-earnings ratio, income expected to accrue from holding them, market and overall economic conditions and on the analysis of the company.
Quantitative Analysis and Forecasting
A quantitative/analytical approach is employed to determine the relative valuation of individual investments. Topics explored include evaluation of investment performance, the impact of psychology on security price fluctuations; economic forces affecting security price movements; financial forces affecting security price movements; the role of sources of long-term financing; and potential merger opportunities to enhance capital structure.
Prerequisites: EC-203, FA–302
This course explores the international financial decisions of businesses which have foreign subsidiaries, foreign affiliates, and multinational businesses. The advantages and risks relative to foreign exchange transactions are examined. Other topics include reasons for foreign operations and investments, problems of multinational businesses, influence of devaluation of currencies, inflation and the affects of the value of the U.S. dollar against foreign currencies, international banking operations, the gold standard and the collapse of the gold standard, and government methods to encourage exports.
Prerequisite: FA–305, FA-308, and AC-330