Sep 27, 2021
ACC 105 - Survey of Accounting 3 Credits, 3 Contact Hours
3 Lecture Periods 0 lab periods
Introduction to both financial and managerial accounting topics. Includes concepts and relationships involved in preparing and analyzing financial statements; and basic decision making for internal financial managers.
Course Learning Outcomes
- Illustrate how accrual-based accounting is utilized to record business transactions, both during the month and month-end adjustments, for service, merchandising, and manufacturing businesses utilizing the accounting equation.
- Prepare an Income Statement, Statement of Retained Earnings, and Balance Sheet for a company.
- Explain the importance of the Sarbanes-Oxley Act and understand the objectives and elements of internal control, including preparing a bank reconciliation.
- Analyze the financial performance of a company using ratio analysis.
- Utilize cost-volume-profit and incremental analysis in business decisions.
- Describe the primary purpose and steps involved in budgeting, and prepare a sales and cash budget.
- Federal Tax Law for Individuals
- Federal tax laws governing individuals
- Standard deduction
- Gross Income
- Business Income and Expenses
- Schedule C
- Schedule E
- Retirement accounts
- Itemized Deductions (Schedule A)
- Deductible expenses
- Tax Credits and Special Tax Computations
- How tax credits are used
- Child tax credit
- Earned income credit
- Child and dependent care credit
- Education tax credits
- Temporary energy credits
- Alternative minimum tax
- Unearned income of minor children
- Community property
- Property Transactions
- Accounting periods
- Modified Accelerated Cost Recovery System (MACRS)
- Capital Gains and Losses
- Gains and losses and basis determination
- Non-taxable exchanges
- Capital gains and losses
- §1231 rules and recapture provisions
- Withholding, Estimated Payments, and Payroll Taxes
- Payroll taxes
- Federal tax deposit system
- Self-employment tax
- Tax Administration and Tax Planning
- The audit process
- Statute of limitations
- Tax planning
- Income Tax Preparation and Related Forms
- Tax preparation using tax software
Full Academic Year 2020/21
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