2005-06 Undergraduate Catalog
Indiana, Pennsylvania 15705
Accounting (ACCT)
Department of Accounting
Eberly College of Business and Information Technology
Credit designation below each title is expressed in (c) class hours per week, (l) lab or (d) discussion section hours per week, and (cr) credits per semester.
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ACCT 441 Accounting for Government and
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ACCT 488 Internship in Accounting
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Note: Except for Accounting, Business Education, and nonbusiness majors who have met the required prerequisites, students scheduling 300 and 400 courses are expected to have achieved junior standing as described in the Eberly College of Business and Information Technology Academic Policies.
ACCT 200 Foundations of Accounting
3c-01-3cr
Provides a framework in which nonbusiness majors can see how accounting relates to and reports on business activities. Introduces the basic financial accounting concepts, principles, and practices applied to the preparation and interpretation of the major financial statements. Takes a business process approach to the information requirements of external decision makers.
ACCT 201 Accounting Principles I
3c-0l-3cr
Prerequisite: Sophomore status (except for accounting majors)
Introduces the basic financial accounting concepts, principles, and practices applied to the preparation and interpretation of the major financial statements. Includes complete coverage of the accounting cycle which is designed to satisfy the information requirements of external decision makers. Topics covered are asset valuation, liability measurement, income determination, and equity activities. Integrated throughout is a discussion of ethical issues and considerations.
ACCT 202 Accounting Principles II
3c-0l-3cr
Prerequisite: ACCT 201
An introduction to traditional managerial
accounting concepts and procedures utilized in the organization and processing
of accounting information for management decision-making purposes. Topics
include managerial accounting and the business environment, cost terms and
concepts, cost systems, cost behavior, and cost-volume-profit analysis. Also
covers the master budget, standard costing and variance analysis, performance
evaluation, responsibility accounting, relevant cost analysis, and decision
making.
var-1-3cr
Prerequisite: As appropriate to course content
Offered on an experimental or temporary basis to explore topics not included in the established curriculum. A given topic may be offered under any special topic identity no more than three times. Special topics numbered 281 are offered primarily for lower-level undergraduate students.
ACCT 299 Cooperative Education I
0c-0l-2cr
Prerequisites: Completion of 55cr with a minimum 2.0 GPA including a grade of C or better in ACCT 201, ACCT 202, and IFMG 241, and approval of the cooperative advisor
The initial experience in a program designed to combine classroom theory with practical application through job-related experiences. Students are actively employed in the accounting area in business, industry, government, and a variety of organizations and agencies with a work focus which relates to their academic training and career objectives in accounting. The student is expected to complete subsequently ACCT 399 or an internship.
ACCT 300 Managerial Accounting
3c-0l-3cr
Prerequisite:
ACCT 202 (not open to Accounting
majors)
Emphasizes the use of accounting
information in performing the managerial functions of planning, control,
decision making, and performance evaluation. Note: Accounting majors will not be
granted degree credit for
ACCT 300.
ACCT 303 Financial System Analysis
3c-0l-3cr
Prerequisite: Grade of C or better in
ACCT 202
Focuses on preparation and analysis of
financial information for business performance and financial condition
decisions. Financial accounting software is integrated throughout the course to
demonstrate financial accounting system design. Basic accounting standards,
concepts, and current issues underlying financial reporting are reviewed.
ACCT 304 Intermediate Accounting I
3c-0l-3cr
Prerequisite: Grade of C or better in
ACCT 303
Primarily focuses on financial reporting
for asset wealth typically found in business environments. Coverage includes
recognition and measurement of such assets as cash, receivables, investments,
inventories, plant assets, and intangible assets. Present value concepts in
financial reporting are also emphasized. (Offered as ACCT 301 prior to 2002-03)
ACCT 305 Intermediate Accounting II
3c-0l-3cr
Prerequisite: Grade of C or better in
ACCT 304
Concentrates on financial reporting of
creditor and investor claims on business assets in the form of liabilities and
equity. Specialized financial reporting topics such as earnings per share, stock
options, income tax, pension, and lease accounting are also covered. (Offered as
ACCT 302 prior to 2002-03)
3c-0l-3cr
Prerequisite: Grade of C or better in
ACCT 202
Studies the aggregation and use of
financial information for internal management decision-making. Discussions
concentrate on cost management system design, cost estimation methods for budget
preparation and achievement, cost accumulation methods for manufacturing and
service organizations, inventory control procedures, transfer pricing
administration, and managerial performance evaluation techniques.
ACCT 399 Cooperative Education II
0c-0l-3cr
Prerequisites:
ACCT 299,
completion of 85cr with a cumulative 2.0 GPA, a 2.3 GPA in
ACCT 304,
305, and
311
with a grade of C or better in each
course, and approval of the cooperative advisor
The subsequent course in cooperative education is designed to combine classroom theory with practical application through job-related experiences. Students are actively employed in the accounting area in business, industry, government, and a variety of organizations and agencies with a work focus which relates to their academic training and career objectives in accounting.
3c-0l-3cr
Prerequisite:
ACCT 305
A study of accounting issues of
specialized nature including partnerships, organization and liquidation, agency
and branch accounting, accounting for business combinations, preparation of
consolidated financial statements, accounting for government and not-for-profit
entities, accounting for estates and trusts, and receivership accounting.
ACCT 412 Advanced Cost Accounting
3c-0l-3cr
Prerequisite: Grade of C or better in
ACCT 311
A study of budgets, standard costs, direct
and absorption costing, analysis of cost variances, and extensive analysis of
various cost control and profit planning programs.
3c-0l-3cr
Prerequisite: Grade of C or better in
ACCT 202
Introduces the fundamental concepts of
federal taxation, with special emphasis on individuals. Creates an awareness and
recognition of the tax consequences involved in financial decision-making, with
special emphasis on use of professional tax software and Internet resources.
(Offered as ACCT 321 prior to 2005-06)
3c-0l-3cr
Prerequisite:
ACCT 421
Introduces the fundamental concepts of
federal taxation of corporations, partnerships, estates, and gift transactions.
Creates an awareness and recognition of the tax consequences involved in
financial decision-making, with special emphasis on use of professional tax
software, the Internal Revenue Code and Regulations, and Internet research.
3c-0l-3cr
Prerequisite:
ACCT 304
A study of auditing theory and practical
application of auditing standards and procedures to the review, testing, and
evaluation of accounting controls and to the verification of transactions and
balances to express an opinion in an audit report on the fairness of financial
statements’ presentation.
ACCT 432 Forensic and Internal Auditing
3c-0l-3cr
Prerequisite:
ACCT 431
Introduces forensic auditing in fraudulent
financial reporting and employee theft. Also covers the foundation of internal
auditing and operational audits performed by internal auditors.
ACCT 441 Accounting for Government and Nonprofit Organizations
3c-0l-3cr
Prerequisite:
ACCT 305
Presents the views of authoritative
professional organizations as to desirable standards of accounting and reporting
for governmental and nonprofit entities. Topics include budgeting and budgetary
accounts, accounting for various funds, the general fixed assets group of
accounts, the financial reporting process, and application of the principles of
fund accounting in specific areas.
ACCT 451 Seminar in Accounting Standards
3c-0l-3cr
Prerequisite:
ACCT 305
A study of professional standards having
authoritative support in the field of accounting. APB opinions, FASB
interpretations, and SEC Accounting Series Releases are discussed.
3c-0l-3cr
Prerequisites:
ACCT 305,
311,
IFMG 300
A study of concepts, principles, and
procedures of accounting system design, installation, implementation, auditing,
and maintenance in relating to system objectives, information requirements,
constraints, system elements, and considerations on a computerized basis.
ACCT 471 International Accounting
3c-0l-3cr
Prerequisite:
ACCT 311 for Accounting majors or
ACCT 300 for non-Accounting majors
A comparative study of the effects of
differences in cultural and business philosophies on national and international
accounting policies. Specific financial accounting controversies, such as
accounting for transactions involving foreign currency exchanges, are discussed.
International management accounting topics include international transfer
pricing policies, performance evaluations of multinational managers and
divisions, and management information systems. International aspects of
financial planning, auditing, and taxation practices are also reviewed.
var-1-3cr
Prerequisite: As appropriate to course content
Offered on
an experimental or temporary basis to explore topics not included in the
established curriculum. A given topic may be offered under any special topic
identity no more than three times. Special topics numbered 481 are primarily for
upper-level undergraduate students.
var-1-3cr
Prerequisite: Prior approval through advisor, faculty member, department chairperson, dean, and Provost’s Office
Students
with interest in independent study of a topic not offered in the curriculum may
propose a plan of study in conjunction with a faculty member. Approval is based
on academic appropriateness and availability of resources.
ACCT 488 Internship in Accounting (Industrial and Government)
6cr
Prerequisites:
Consent of department chairperson and dean, Eberly College of Business and Information Technology; cumulative 2.75 GPA and 3.0 GPA in accounting courses
Practical
experiences, generally totaling 400 hours, in an industrial or government
accounting setting.
ACCT 493 Internship in Accounting (Public)
6cr
Prerequisites:
Consent of department chairperson and dean, Eberly College of Business and Information Technology; 3.00 cumulative GPA and 3.00 GPA in Accounting courses
Practical experiences, generally totaling 400 hours, with a public accounting firm.
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