NORTHWOOD UNIVERSITY
SEMESTER TRANSITION
ACCOUNTING COURSE GOALS AND OBJECTIVES
ACC 2410: Fundamentals of Financial Accounting 3 credits
Theory and practice of measuring and interpreting financial data for business units:
basic concepts, principles and procedures. Financial statement preparation and
analysis.
By the end of this course, Northwood wants students to:
1.
Identify and define the terminology, the governing and rule-making bodies,
the various careers, and the role in business of the field of accounting.
2.
Prepare double entry accounting entries to record business activities,
including adjusting and closing entries and correctly describe the
correlation between these entries and the accounting cycle as a whole.
3.
Prepare, and describe the interrelationship between, the financial
statements.
4.
Accurately define and analyze the various forms of business entities and
make appropriate changes in financial statement preparation based on the
difference between the equity accounts of the different entities. Student
will be able to calculate partnership income allocations, make entries to
admit and discharge a partner, and
5.
Explain the purpose of financial statement disclosures, describe the type
of information required to be disclosed for the operating activities studied
and demonstrate the ability to find and interpret disclosures in a
company’s annual report.
6.
Explain and apply the fundamental accounting principles and concepts
with regard to:
(a)
Cash – prepare bank reconciliations, make petty cash entries and
those dealing with cash controls
(b)
Receivables – establishing receivables, accounting entries to
record, write off, estimate uncollectible, record payment for, interest
calculations and entries
(c)
Property, plant and equipment – calculate cost, depreciation using
various methods, make entries for acquisitions and disposals
(d)
Intangible assets – define and make entries for amortization and
depletion
(e)
Liabilities – define, make entries to record assumption of liabilities
(including bond valuation), and repayment of liabilities
7.
Explain the different types of financial statement analysis tools and the
use of each. Analyze and interpret a corporation's results using the
company's annual report and horizontal, vertical, and ratio analysis.
ACC 2415 Fundamentals of Managerial Accounting 3 credits
Introduction to cost behavior, budgeting, responsibility accounting, cost control
techniques, and product costing. Use of budgets and methods of measuring
performance. Pre-requisite: ACC 2410
By the end of this course, Northwood wants students to:
1. Define managerial accounting and associated terminology, and explain the
differences between managerial and financial accounting.
2. Identify and classify costs by behavior, traceability and function
3. Prepare income statement, balance sheet and manufacturing statement for a
manufacturing enterprise
4. Identify the steps and forms and documents used in job order cost accounting
and calculate predetermined overhead rates based on various activity bases and
make entries associated with flow of materials, direct labor, factory overhead
application and over/under applied overhead.
5. Make entries to apply costs in a process costing manufacturing environment,
compute equivalent units of production and cost per equivalent unit, assign and
reconcile costs, prepare process cost summary
6. Define and prepare master budgets and all supporting budgets. Identify the
processes of budgeting and the order of preparation.
7. Compute variances, prepare flexible budgets, prepare journal entries
ACC 3110: Intermediate Accounting I 3 credits
The first of two intermediate accounting courses that describe accounting theory and
principles for defining, measuring, and reporting financial information with an emphasis
on assets. Provides an opportunity to understand the challenges and limitations of
accounting standards in order to critically evaluate and understand financial accounting.
It will require the use of spreadsheets for problem solving and analysis.
Prerequisite: ACC 2415
By the end of this course, Northwood wants students to:
1. Explain the process used to develop accounting standards
2. Properly analyze transactions and execute all steps in the accounting cycle.
3. Explain, prepare, and interpret financial statements prepared using appropriate
accounting standards and financial accounting concepts, including the required
disclosures.
4. Perform research and apply appropriate accounting standards to specific
business situations
5. Discuss ethical implications of accounting issues related to measuring, recording,
and reporting financial data.
6. Read current accounting and business literature to identify and analyze current
developments in accounting and their impacts on accounting and business
professionals.
7. Be able to articulate the theoretical framework on which accounting standards
are built.
ACC 3115 Intermediate Accounting II 3 credits
The second of two intermediate accounting principles courses that describe accounting
theory and principles for defining, measuring, and reporting financial information, with
an emphasis on liabilities and equity. Additionally, accounting for investments, leases,
debt and earnings per share will be considered. Provides an opportunity to understand
the challenges and limitations of accounting standards in order to critically evaluate and
understand financial accounting. It will require the use of spreadsheets for problem
solving and analysis.
Prerequisite: ACC 3110
By the end of this course, Northwood wants students to:
1. Explain the accounting theory used to define, measure, and report investing and
financing activities.
2. Analyze, explain and record investing and financing business transactions.
3. Describe, prepare, and interpret the portions of the financial statements,
including the necessary disclosures, for each of the accounting topics discussed.
4. Perform research and apply generally accepted accounting principles to specific
business situations involving operating, investing, and financing activities.
5. Discuss ethical implications of accounting issues related to measuring, recording,
and reporting of financial data.
6. Read current accounting and business literature to identify and analyze current
developments in accounting and their impacts on accounting and business
professionals.
ACC 3120 Managerial/Cost Accounting 3 credits
The managerial use of accounting data to make business decisions, particularly in the
areas of product cost, resource allocation, and performance evaluation and on the
accounting systems that managers use to assist them in their decisions. Concepts
relating to manufacturing and service entities will be discussed.
Prerequisite: ACC 2415
By the end of this course, Northwood wants students to:
1. Explain the role of cost management in decision making.
2. Discuss, compute and report product costs using job order, process and activitybased-costing (ABC) costing systems, including the corresponding journal
entries.
3. Make decisions using cost-volume-profit (CVP) techniques, including
identification of types of costs, their behaviors in the long- and short-run, and
interrelationships with sales and profits.
4. Explain various budgeting processes and discuss the relationships between
budgeting, operational planning, and strategic planning.
5. Prepare master budgets, static budgets, flexible budgets and related variances.
Explain how to use budgets to effectively motivate, evaluate and control
activities.
6. Compute joint costs and by-product costs, and discuss the impact on product
costs of each method.
7. Discuss variable and absorption costing, and compute inventory, cost of goods
sold, and net income under each method.
8. Discuss the importance of proper transfer pricing and the acceptable methods of
establishing an effective transfer price.
9. Explain the Just-In-Time inventory management model and the theory of
constraints optimization
10. Explain management control systems and factors that influence the design of a
cost management system.
ACC 3400 Federal Taxation 3 credits
Introduces a broad range of tax concepts and types of taxpayers; emphasizes the role
of taxation in the business decision-making process; provides opportunities to conduct
basic tax research and tax planning; and requires preparation of basic tax returns.
Coverage includes professional standards and ethics; the interrelationship and
differences between financial accounting and tax accounting; taxation of individuals,
corporations and partnerships.
Prerequisite: ACC 2415
By the end of this course, Northwood wants students to:
1.
Analyze and explain the impact of taxation on business decisions such as choice
of entity, tax planning strategies and asset acquisition and dispositions.
2.
Prepare basic tax returns for various entities both manually and using tax
preparation software.
3.
Determine the proper tax treatment of a transaction or event through research
using the Internal Revenue Code and other resource material and convey the
results of that research in written form.
4.
Demonstrate a basic understanding of the similarities and differences in taxation
for various entities and what comprises taxable income and deductions for those
entities through tax return preparation, problem solving and written analysis.
ACC 3500 Accounting Information Systems 3 credits
A study of accounting information systems (AIS) tracing the capture of accounting data,
processing of that data into information, and reporting that information in various
business environments. Areas of study include an introduction and discussion of the
AIS role in management decision making; internal controls for public and private
enterprises, including computer and technology controls; analysis of business
processes and how they are integrated; and systems studies, including the analysis,
design, development, implementation, and operation of AIS.
Prerequisite: ACC 3110
By the end of this course, Northwood wants students to:
1. Explain the financial manager’s role relative to management and accounting
information systems.
2. Explain the stages of system design, including systems planning, analysis,
documentation, design, development, implementation, operation and evaluation.
3. Document accounting information flows using flow diagrams, charts, narratives,
and questionnaires.
4. Evaluate and apply controls within business processes, including operating,
investing, financing, and reporting cycles.
5. Discuss the current developments in information technology and explain how
they impact existing accounting information systems and/or the development of
new systems.
6. Perform various accounting tasks using computer software program(s).
7. Consider, analyze, and explain the impact of current legislation on accounting
systems and internal controls in business.
ACC 3800 Taxation of Individuals 3 credits
An in-depth study of individual taxation examining the tax rate structure and applicable
federal tax laws as well as determining income, deductions and tax credits for a variety
of different scenarios.
Prerequisite: ACC 2415
By the end of this course, Northwood wants students to:
1.
Discuss the federal income tax rate structure and calculate federal income tax
due in various situations.
2.
Prepare manually and with tax preparation software simple to moderately
complex individual tax returns.
3.
Analyze the Form 1040 with a basic understanding of the income, deductions,
and credits pertinent to the return.
4.
Research the facts in assigned problems and cases and provide a professional,
justifiable opinion as to the proper tax treatment, reporting requirements and tax
planning opportunities.
ACC 3850 Special Topics 1 – 3 credits
Various topics in accounting. These may be one-time or occasional course offerings.
Prerequisite: Dependent on specific course content
ACC 3990 Internship 3 credits
The internship (400 hours with an approved employer) is designed to provide the
student with supervised on-the-job experience. A contracted and supervised work
program is arranged between the student, employer, and the university to meet program
objectives.
ACC 4010 Auditing (3 credits)
Fundamental procedures, principles, and philosophy of independent and internal
auditing. Professional ethics, audit reports, audit work papers, internal controls,
evidence, proper disclosure, statistical sampling and testing, and general audit
procedures are emphasized. Other assurance and attestation services will be
introduced, and the accountant’s professional obligations for all attestation services will
be discussed in view of the accountant’s liability to clients and third parties.
Prerequisite: ACC 3500
By the end of this course, Northwood wants students to:
1. Identify, explain, and apply generally accepted auditing standards applicable to
public and non-public company audits. (Similar to Intermediate, can we just call
this “auditing standards” in place of GAAS?)
2. Describe auditor activities in all stages of the audit, from audit planning to issuing
an opinion.
3. Identify and justify the appropriate audit opinion to be issued under various
circumstances.
4. Assess the sufficiency and competency of evidence in light of audit risk and
materiality.
5. Identify, test, and assess effectiveness of internal control procedures as they
relate to a financial statement audit.
6. Explain the regulatory climate in which auditors work (proposed cut naming SEC
and SOX for greater flexibility).
7. Explain the auditor’s ethical and legal responsibilities.
8. Describe other assurance services, including internal and compliance audits, and
how auditors perform them.
ACC 4040 Governmental and Non-Profit Accounting 3 credits
This course is a comprehensive review of the accounting principles, reporting (including
tax requirements), and procedures for governmental units and not-for-profit entities.
Topics covered include the study of the accounting cycle, budgeting, fund accounting,
accounting for state and local governments, accounting for colleges and universities,
hospital units, voluntary health and welfare organizations, and other not-for-profit
entities. The Governmental Accounting Standards Board objectives of accounting and
financial reporting for governmental entities and not-for-profit entities will be examined.
Prerequisite: ACC 3115
ACC 4060 Fraud Examination 3 credits
Defines fraud and examines the nature of those who commit fraud, how it is prevented,
detected and investigated, the different types of fraud and their impact, and methods of
resolution, legal and other-wise.
Prerequisites: ACC 4010
By the end of this course, Northwood wants students to:
1. Define and describe the history of forensic accounting and fraud examination and
the career options for accountants who specialize in these fields.
2. Apply the tools and practices for fraud prevention, detection and investigation.
3. Evaluate the need for fraud control and the impact of fraud in the marketplace.
4. Report and discuss specific fraudulent accounting procedures which can be used
by managers, internal accountants, CEO’s and CFO’s who are engaged in
fraudulent accounting and the motivation for conducting such practices.
5. Compare the relationship between the internal controls and audit procedures and
the prevention of fraudulent behaviors and practices.
ACC 4070 Federal Tax Research 3 credits
Student complete a series of case studies and exercises requiring the familiarization
with the most important elements of Federal Tax Law and utilize the Internal Revenue
Code and other resources, such as on-line professional research sites . Students will
gain experience in locating, understanding and interpreting source material and in
communicating the results of their research.
Prerequisites: ACC 3400 or ACC 3800
By the end of this course, Northwood wants students to:
1. Create research plans using standard tax research methodology.
2. Using the primary resources of Federal Tax Law, professional knowledge support
resources, and computer research tools and resources, effectively interpret and
assess specific situations in tax law.
3. Communicate research results, professional opinions, and options, to the office
as well as to the client and justify the position taken on the matter.
4. Given the structure of the Internal Revenue Service (IRS), evaluate the best
strategies for working effectively with the organization.
5. Describe tax practice and administration to include: sanctions, agreements, and
disclosures.
6. Compare the relationship between the tax law and its administrative and judicial
analysis.
ACC 4080 Accounting Ethics 3 credits
Develops students’ understanding of the accountant as a financial watchdog for the
investing public. This is done through philosophical rigor and analysis of case
studies. Students will explore the accounting profession’s ethical responsibilities, the
accountant's role in corporate governance, and corporate codes of conduct. Recent
examples of unethical corporate behavior are examined, and students offer
prescriptions for preventing similar incidents. The course deliberately emphasizes
the importance of personal integrity for enabling professional ethical conduct.
Prerequisite: ACC 3115
By the end of this course, Northwood wants students to (TX):
1. Define ethics in general.
2. Distinguish between ethical and unethical practices in business.
3. Develop and understand their individual ethical framework in such a way that
their decisions will protect their ethical values and principles.
4. Communicate awareness of what is expected ethically from accounting
professionals in all areas of business and the professional and personal
consequences of unethical behavior by certified public accountants.
5. Evaluate the historical basis and reasons for the expectations and regulations to
which the accountant profession is currently held.
6. Analyze the actual accounting entries made by companies attempting to
perpetrate fraud through financial statements presenting an inaccurate picture of
their company.
7. Compare common attributes of several individuals who are well known for
perpetrating fraud through financial misbehavior.
By the end of this course, Northwood wants students to: (FL/MI)
1. Understand the basis of ethical obligations in business, particularly in a system
based on property rights and free markets.
2. Explain the differences among the views that business is moral, amoral, or has
its own set of ethics.
3. Apply the significance of fiduciary responsibility to business decisions, especially
accounting and finance decisions.
4. Construct valid, defensible ethical arguments on issues in business.
5. Recognize and evaluate emerging trends in moral and legal expectations from
business, particularly in accounting and finance.
6. Appreciate the difference between economic and moral arguments and their
implications in evaluating the morality of business decision-making and practice.
7. Apply ethical principles to a general selection of business activities including
human resources and advertising, emphasizing accounting and finance.
8. Distinguish the function and obligations of a business versus those of other
organizations.
9. Understand competing but erroneous expectations for business, both moral and
economic
10. Discern the necessity of sound corporate governance for moral and economic
success in business, and the role of accounting in effective governance.
11. Explain accounting profession’s ethical guidelines and monitoring processes.
12. Appreciate and explain the tension between accounting’s governing bodies, and
the pressures of accountability mechanisms outside the profession.
13. Have researched recent breaches of accounting ethics and discuss possible
explanations.
14. Explain the role of accounting attestation in business.
15. Be able to discuss external criticism of accounting attestation, and appreciate
merits of same.
16. Be aware of and able to explain internal and external accountability mechanisms
for accountants.
ACC 4100: Financial Statement Analysis and Valuation 3 credits
This course focuses on users of financial statements and how these users evaluate and
value a business based on financial information available. The objective is to use
various analytical tools as well as perform other quantitative and qualitative analyses
when making judgments concerning the financial condition of a company. Upon
completion of this course a student should be equipped with the skills necessary to
analyze financial information for decision making.
Prerequisite: ACC 3115
ACC 4150 Estate Planning Theory 3 credits
This course introduces fundamental tax, financial and legal questions encountered in
estate planning; provides an overview of inter-vivos planning in today's changing
environment; analyzes post mortem strategies and the administration of estates; and
covers planning for medical and health related issues and incapacitation. Emphasis is
placed on various planning techniques used in estate planning including the use of
trusts and charitable planning.
Prerequisite: ACC 2415 and LAW 3000 or LAW 3025
By the end of this course, Northwood wants students to:
1. Describe gift and estate taxes, the interrelationship between the two, and
calculate the appropriate amount of each tax.
2. Given a variety of scenarios, use tax research techniques to evaluate each
situation and determine the best course of action given the gift and estate
planning objectives. Report on and justify the recommendations.
3. Analyze and critique existing gifting and estate plans and make suggestions
for improvement.
4. Discuss various techniques for planning for disability and/or incapacitation of
the client.
5. Identify and describe the various methods of charitable planning.
6. Analyze gift and estate tax returns and the various supporting schedules;
discuss the process of administering an estate and process of preparing an
estate tax return.
ACC 4220: Advanced Accounting, 3 credits
Accounting for business combinations and consolidations, interim and segment
reporting, accounting for foreign currency transactions, the translation and remeasurement of foreign currency financial statements, and an introduction to
governmental and not-for-profit accounting.
Prerequisite: ACC 3115
By the end of this course, Northwood wants students to:
1. Account for and report investments using the equity method of
accounting.
2. Prepare consolidated financial statements and explain supporting theory.
3. Describe and apply the rules for interim and segment reporting.
4. Record foreign currency transactions including various hedging
instruments.
5. Translate and remeasure foreign currency financial statements.
6. Describe and account for business reorganizations, troubled debt
restructurings and bankruptcy.
7. Compare and contrast selected international and U.S. accounting
standards considering implications of ongoing IASB actions.
8. Account for partnership admissions, retirements, income allocations, and
liquidations.
9. Prepare non-profit and governmental transactions and financial reports.
ACC 4250 International Accounting 3 credits
Course topics include the history and evolution of international accounting and the
international standards used today. Students compare and contrast various countries'
accounting standards and study the harmonization efforts and standards promulgated
by the International Accounting Standards Board. Current international accounting
issues will be examined. The course will examine the impact on the financial reporting
environment of International Financial Reporting Standard (IFRS), as well as its
relationship to US GAAP.
Prerequisite: ACC 3115
By the end of this course, Northwood wants students to:
1. IFRS: Compare the key differences between IFRS and GAAP, describe the
transition process for the US, the history and framework of IFRS, and the
proposed financial statement presentation under IFRS
2. Analyze the motivation and effects of international harmonization of accounting
standards recognizing the various barriers to harmonization.
3. Describe the International Accounting Standards Board (IASB) membership and
the standard setting process for international standards and principles. Identify,
use, and explain the various authoritative accounting literature, business
literature, and research materials used in the practice of international accounting.
4. Analyze financial conditions of various international and multinational
corporations and explain the historical, legislative, and theoretical concepts
behind the accounting presentation.
5. Prepare a study of the impact of inflation as it relates to international financial
reporting.
6. Analyze the problems of budgeting and performance evaluation, including the
impact of foreign exchange and transfer pricing, in the multinational enterprise.