Sep 27, 2021  
2021-2022 College Catalog 
    
2021-2022 College Catalog
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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
  1. 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.
  2. Prepare an Income Statement, Statement of Retained Earnings, and Balance Sheet for a company.
  3. Explain the importance of the Sarbanes-Oxley Act and understand the objectives and elements of internal control, including preparing a bank reconciliation.
  4. Analyze the financial performance of a company using ratio analysis.
  5. Utilize cost-volume-profit and incremental analysis in business decisions.
  6. Describe the primary purpose and steps involved in budgeting, and prepare a sales and cash budget.

Outline:
  1. Federal Tax Law for Individuals
    1. Federal tax laws governing individuals
    2. Standard deduction
    3. Exemptions
  2. Gross Income
    1. Adjustments
    2. Inclusions
    3. Exclusions
  3. Business Income and Expenses
    1. Schedule C
    2. Hobbies
    3. Schedule E
    4. Retirement accounts
    5. Farming
  4. Itemized Deductions (Schedule A)
    1. Deductible expenses
    2. Limitations
  5. Tax Credits and Special Tax Computations
    1. How tax credits are used
    2. Child tax credit
    3. Earned income credit
    4. Child and dependent care credit
    5. Education tax credits
    6. Temporary energy credits
    7. Alternative minimum tax
    8. Unearned income of minor children
    9. Community property
  6. Property Transactions
    1. Accounting periods
    2. Depreciation
    3. Modified Accelerated Cost Recovery System (MACRS)
  7. Capital Gains and Losses
    1. Gains and losses and basis determination
    2. Non-taxable exchanges
    3. Capital gains and losses
    4. §1231 rules and recapture provisions
  8. Withholding, Estimated Payments, and Payroll Taxes
    1. Payroll taxes
    2. Federal tax deposit system
    3. Self-employment tax
  9. Tax Administration and Tax Planning
    1. The audit process
    2. Statute of limitations
    3. Tax planning
  10. Income Tax Preparation and Related Forms
    1. Tax preparation using tax software


Effective Term:
Full Academic Year 2020/21



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