Accounting (ACCT)

ACCT 101 ACCOUNTING PROCEDURES I
Credits: 3
Term: (F,S)

Content of the course covers the complete accounting cycle including creating source documents, journalizing transactions, posting to ledgers, preparing worksheets and basic financial statements including the income statement and balance sheet, end-of-period closing activities, payroll and special journals for both service and merchandising businesses.

ACCT 102 ACCOUNTING PROCEDURES II
Credits: 3
Term: (F,S)
Prerequisites: ACCT 101, CIT 110, MATH 104 or concurrent enrollment

This course is a continuation of Accounting Procedures I. Additional topics covered include notes payable and notes receivable, valuation of receivables and uncollectible accounts, valuation of inventories, plant assets and depreciation, partnership accounting, corporate organization, capital stock, worksheets, taxes, dividends, and corporate bonds, statement of cash flows and comparative financial statements.

ACCT 190 PAYROLL ACCOUNTING
Credits: 3
Term: (F,S)
Prerequisites or Co requisites: ACCT 101, CIT 110, MATH 104

Students will become knowledgeable in the payroll records required to comply with various federal and state laws affecting payroll. The Federal Fair Labor Standards Act and the Montana Wage/Hour laws are studied. Students will develop skills in actual payroll preparation. Activities include computing gross salaries, social security, federal and state income tax deductions, journalizing payroll transactions, posting to ledgers and preparation of federal and state payroll tax returns, and reports.

ACCT 221 FINANCIAL ACCOUNTING
Credits: 3
Term: (F)
Prerequisites: ACCT 102, MATH 108

This course is an introduction to financial accounting principles. Specific topics studied include generally accepted accounting principles and concepts, the accounting cycle, financial statement preparation, internal controls, cash, short-term investments, receivables, inventory, plant and intangible assets, current and long-term liabilities including present value concepts, corporations and stockholders equity, the statement of cash flows, and financial statement analysis.

ACCT 222 MANAGERIAL ACCOUNTING
Credits: 3
Term: (S)
Prerequisite: ACCT 221

This course is an introduction to managerial accounting principles concerned with providing information to managers for use in planning and controlling operations and in decision making. Specific topics studied include manufacturing cost concepts for job and process cost accounting, service department cost allocation, cost-volume-profit analysis, master and flexible budgeting, standard costs and variance analysis, capital budgeting and relevant costs.

ACCT 224 COMPUTERIZED ACCOUNTING
Credits: 3
Term: (F)
Prerequisites: ACCT 190, ACCT 221 or concurrent enrollment

Students will complete a variety of accounting projects using microcomputer accounting software.

ACCT 231 INCOME TAX FUNDAMENTALS
Credits: 3
Term: (S)
Prerequisites: ACCT 190, ACCT 221

This course introduces students to the basic income taxation principles, concepts, and procedures of individuals, proprietorships, partnerships, and corporations.