ACT 110: Fundamentals of Accounting
3 Credits
Description: Covers the basic concepts and principles of accounting, along with introduction and usage of account terminology. The technical aspects of accounting are practiced through recording, classifying, and summarizing the financial information that arises within a business enterprise. The accounting cycle, including statement presentation, is examined along with such areas as sales, purchases, cash, receivables, and payroll.
Prerequisite: Open to students who have not completed ACT 131 or higher, with a grade of “C” or better.
Offered: Fall/Spring (A)
ACT 120: Introduction to Financial Statement Analysis
3 Credits
Description: This course takes an in-depth look into company financial statements and shows how this information can be analyzed and used to aid many individuals including creditors, investors, and managers in their business decisions. It equips students with a wide array of tools and techniques useful in many fields of management. Students will develop a comprehensive understanding of each of the four financial statements and their purposes. Students will also become familiar with such financial analysis tools as vertical and horizontal analysis. Basic ratios in each of the following areas will be introduced: liquidity, solvency, and profitability.
Offered: Spring (A)
ACT210: Principles of Accounting I
3 Credits
Introduces the basic concepts and principles of financial accounting for proprietorships, partnerships and corporations. Emphasis is placed on collecting, summarizing, analyzing, and reporting financial information. Topics include the accounting cycle, conceptual framework, preparation of financial statements, a n d understanding t h e role and responsibilities of accountants in business.
Prerequisite: MAT125/126
Offered: Fall/Spring (A)
ACT 220: Principles of Accounting II
3 Credits
A continuation of ACT 2 10. Emphasis is placed on financial accounting reporting requirements; advanced corporate transactions; and managerial accounting for decision- making.
Prerequisite: ACT 210
Offered: Fall/Spring (A)
ACT 310: Intermediate Accounting I
3 Credits
A continuation of the study of financial accounting principles with in-depth coverage of theoretical concepts and financial statements. Topics include generally accepted accounting principles and statements of extensive analyses of balance sheet components.
Prerequisite: ACT220
Offered: Fall (A)
ACT 320: Intermediate Accounting II
3 Credits
A continuation of ACT 310. Emphasis is place on special problems, which may include leases, bonds, investments, ratio analyses, present value applications, accounting changes, and corrections.
Prerequisite: ACT 310
Offered: Spring (A)
ACT 330: Cost Accounting
3 Credits
Introduces principles and techniques used to describe and account for costs. Topics include analysis of manufacturing direct materials, direct labor, and overhead application methods, including activity-based techniques; job order, process and standard costing systems; cost- volume-profit, absorption and variable costing; joint and by-product cost allocation; normal and standard costing methods of valuation.
Prerequisite: ACT220
Offered: Spring (O)
ACT 340: Managerial Accounting
3 Credits
Emphasis is placed on the use of accounting data in managerial decision-making. Topics include budgeting and internal reporting as tools in the planning and controlling functions. Performance evaluation, strategic control systems, activity- based management, and relevant costing are among the topics covered.
Prerequisite: ACT 220
Offered: Spring (O)
ACT 350: Accounting Information Systems
3 Credits
This course covers microcomputer applications in financial and managerial accounting to improve productivity in a business environment. This course provides a working knowledge of industry standard software packages and their use in accounting. Emphasis is placed on using integrated accounting software to analyze complex business transactions. Topics include the following computerized functions: automated billing and collection systems, integrated general ledger, accounts receivable, accounts payable, inventory, payroll, depreciation, preparation of financial statements. This course may not be used to satisfy an accounting elective requirement; it may be used to satisfy a general elective requirement for business majors.
Prerequisite: ACT 220
Offered: Spring (E)
ACT 410: Federal Tax I*
3 Credits
An introductory course in taxation. This course covers relevant laws governing individual income taxation. Emphasis is placed on filing status, exemptions for dependents, including the study of gross income, exclusions, business and non- business deductions, credits, property transactions, accounting periods and methods, deferred compensation and computation of tax.
Prerequisite: ACT 210
Offered: Fall (O)
ACT 420: Federal Tax II*
3 Credits
This course introduces the relevant laws governing business and fiduciary income taxes. Emphasis is placed on corporations, partnerships, estates, trusts, and gifts. Topics include tax depreciation, accounting periods and methods, valuation and liquidity problems, and tax administration and practice.
Prerequisite: ACT 410
Offered: Spring (E)
ACT430: AuditingTheory/Practice*
3 Credits
Provides the overall framework to prepare and conduct an internal or external audit. Emphasis is placed on collecting data from working papers, arranging and systematizing the audit, and writing the audit report.
Prerequisite: ACT 320
ACT 435: Accounting Internship*
3 Credits
Supervised accounting work experience in business establishments, institutions, or other organizations. Students are required to gain prior approval to enroll in the Internship course.
Prerequisite: Senior standing
ACT 440: Advanced Accounting*
3 Credits
Focus is placed on the analysis of complex and specialized accounting problems and practices. Topics include equity method of accounting for investments; business combinations, partnerships, branch and consignment, estates and trusts, price-level adjusted statements, segment reporting, interim statements and foreign currency transactions.
Prerequisite: ACT 320
ACT 450: Gov. & Not-for-Profit Acct.*
3 Credits
Introduces financial accounting principles and procedures applicable to governmental and not- for-profit organizations. The topics include budgetary accounting procedures and fund accounting with emphasis on governmental entities, schools, hospitals and voluntary health and welfare organizations.
Prerequisite: ACT 220
ACT 460: Accounting Seminar
3 Credits
This course is designed for an individual student at the recommendation of his/her professor and is only available to those seniors with a specialized future career or educational goal in mind. Such a course could include a special service learning project or a research paper on a specific topic of interest to the student.
Prerequisite: The course would require approval of the student’s advisor with the individual course outline receiving approval of the Professor, Division Chair, and Vice President of Academic Affairs (in keeping with Lane College’s Independent Study policy).