Accounting

*Course Information is subject to change. The latest information will always be provided in our College Catalog.

AC111: PRINCIPLES OF ACCOUNTING I - CREDITS: 3

This course provides an introduction to the concepts and uses of financial accounting information in a business environment. Primary areas of study include the theory of debits and credits, special journals, the accounting cycle, accounts receivable and payable, the determination of net income, the preparation and analysis of basic financial statements, accounting for merchandise and service transactions, journalizing, posting, preparing a trial balance and worksheet, adjusting and closing entries, preparing a post­ closing trial balance and payroll.


AC112: Principles Of Accounting II - CREDITS: 3

Prerequisite: AC111

The accounting cycle will be reviewed including partnership accounting and accounting for corporations. The student will gain an understanding of computerized accounting topics that include: stockholders equity, long-term liabilities (bonds, investments), cash flow, inventory valuation, accounting for property, plant and equipment, preparation and analysis of partnership and corporate financial statements. Managerial aspects of accounting, such as manufacturing statements and job order and process cost systems, will be introduced.


AC121: Business Law I - CREDITS: 3

This course will provide the student with an understanding of basic legal terminology, principles, and procedures. The role of the business professional and the relationship between commerce and the legal system will be emphasized. The student will be provided with applications using the Internet, database, word processing, and network research systems.


AC122: Business Law II - CREDITS: 3

A detailed study of the legal principles applicable to commercial activity today. Topics will include sales contracts, product liability, property laws, and bankruptcy. Special attention will be given to accounting and management issues, as well as to New York State Business Law. The student will be provided with applications using the Internet, database, word process, and network research systems.


AC130: Principles Of Finance - CREDITS: 3

Prerequisite: AC111

This course provides the student with a study of the basic principles, methods, and procedures of computerized finance encompassing financial markets, sources and uses of funds. Emphasis will be placed on the determination of specific assets a firm should acquire, and the least costly methods for financing these assets. Topics investigated will include the management of cash, inventories and receivables, selection of alternative investments, short and long-term sources of financing, the cost of capital, and capital structure. This course will also include elements of real estate, consumer finance, and principles of foreign trade.


AC211: INTERMEDIATE ACCOUNTING I - CREDITS: 3

Prerequisite: AC112

The principles of intermediate accounting processes are reviewed. Topics of accounting systems will include the development of accounting theory and practice, the accounting cycle and analysis, accounting for cash, cash flow statements, marketable securities, current assets and current liabilities, plant assets, and intangibles.


AC212: Intermediate Accounting II - CREDITS: 3

Prerequisite: AC211

This course will continue the review of accounting and reporting. Topics will include cash flows (revisited) and articulation, bonds, investment in corporate activities, retained earnings, dividends, stock options and warrants, leases, pensions, income taxes and financial analysis.


AC220: Cost Accounting - CREDITS: 3

Prerequisite: AC112

This course provides the student with an understanding of the principles, methods, and procedures of computerized cost accounting. Topics presented included accounting for materials, labor, factory overhead, job order, cost analysis for management decision making, cost accumulation techniques, such as job order and process cost systems, control through budgets and standard cost systems, and decision making aspects of cost accounting.


AC221: Taxation I - CREDITS: 3

Prerequisite: AC111

This course provides the student with an understanding of the principles, methods, and procedures of computerized federal taxation. Topics in Federal Income Taxation of Individuals will be studied, including gross income, standard deductions, itemized deductions, business expenses and losses, and calculation of gain and loss recognition.


AC222: Taxation II - CREDITS: 3

Prerequisite: AC221

This course is a study of the principles, methods, and procedures of computerized state and local taxation accounting. Topics will include New York State and New York City taxes such as: franchise tax, sales tax, occupancy tax, unincorporated business tax, FICA tax, and income tax.


AC223: Federal Taxation of Corporations - CREDITS: 3

Prerequisite: AC221

This course provides the student with an understanding of the principles, methods, and procedures of Federal Taxation of Corporations and partnerships. Topics include: operating rules of corporations, organization and capital structure, earnings and profits and dividend distributions, partnerships and S corporations.


AC230: Internal Auditing - CREDITS: 3

Prerequisite: AC112

The basic principles and procedures of computerized auditing, internal controls, evidence, developing and maintaining audit working papers, and verification procedures will be studied.


AC261: Advanced Computer Applications for Business - CREDITS: 3

Prerequisite: CP100, and AC111

This course will provide the student with an understanding of accounting application programs and their integration into business and industries. Topics include the use of current application packages such as Peachtree and QuickBooks. The student will gain an understanding of the skills necessary to perform bookkeeping and accounting functions and tasks in businesses such as sole proprietorship, partnerships and corporations.


AC296: Accounting Internship I- CREDITS: 3

The internship offers students an opportunity to include professional work experience in their program of study. A minimum of 135 hours must be spent on an internship assignment. Periodic meetings with a faculty advisor are required.


AC297: Accounting Internship II - CREDITS: 3

The internship offers students an opportunity to include professional work experience in their program of study. A minimum of 135 hours must be spent on an internship assignment. Periodic meetings with a faculty advisor are required.