2007-08 Undergraduate Catalog
Indiana, Pennsylvania 15705
 

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.

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.

ACCT 281 Special Topics

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.

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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.

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.

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ACCT 311 Cost Accounting

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 combines 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.

ACCT 401 Advanced 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.
     

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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.

ACCT 421 Federal Tax I

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)

ACCT 422 Federal Tax II

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.

ACCT 431 Auditing

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.

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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.

ACCT 461 Accounting Systems

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.

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ACCT 481 Special Topics

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.

ACCT 482 Independent Study

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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