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USA Undergraduate/Graduate Bulletin 2007-2008

 

ACCOUNTING (ACC)
 
ACC 211 Principles of Accounting I 3 cr
The course provides an understanding of ways in which accounting information supports business decision-making. Topics include financial accounting and reporting for assets and liabilities. ACC 211 and ACC 212 must be taken in sequence.
 
ACC 212 Principles of Accounting II 3 cr
The course provides an understanding of ways in which accounting information supports business decision-making. Topics include financial accounting and reporting for ownership interests, and managerial accounting concepts relevant to planning, control and analysis. Prerequisite: ACC 211.
 
ACC 321 Accounting for Entrepreneurial Businesses 3 cr
A study of the analysis and use of accounting information by entrepreneurial businesses. Among the topics covered are typical financing sources of entrepreneurial businesses and valuation of closely held businesses. In addition, the course includes coverage of how financial statements can be used to: manage a business, monitor an entity's performance, determine credit decisions, manage cash flow, and prepare forecasted financial statements. Prerequisite: ACC 212.
 
ACC 331 Taxation of Individuals 3 cr
Basic federal income tax law and tax planning considerations relating to individuals. Prerequisite: ACC 212.
 
ACC 341 Accounting Information Systems 3 cr
The study of Accounting as a comprehensive information system which provides for planning and control, special reports, and preparation of external financial statements. Prerequisites: ACC 212 and CIS 250.
 
ACC 371 Financial Accounting I 3 cr
Accounting theory as related to income measurement; preparation of balance sheets and income statements; recognition, measurement, and reporting of assets. (A minimum grade of "C" must be earned in ACC 371 before ACC 372 can be taken.) Prerequisite: ACC 212 with a minimum grade of “C”.
 
ACC 372 Financial Accounting II 3 cr
Includes measurement, recognition and reporting of liabilities, equities, investments, and deferred taxes; EPS; and the preparation of cash flow statements. Coverage of selected professional pronouncements. (A minimum grade of "C" must be earned in ACC 372 before ACC 451 may be taken.) Prerequisite: ACC 371 with a minimum grade of “C”.
 
ACC 381 Cost Accounting 3 cr
Includes cost-accounting theory and practice involving such topics as job-order and process-cost systems, cost-volume-profit relationships, budgets, standard costs, variance analysis, direct costing, and cost allocation. Prerequisite: ACC 212.
 
ACC 416 Advanced Financial Accounting 3 cr
Study of business combinations, consolidation issues, interim and segmented reporting, inflation accounting. Coverage of selected professional pronouncements. Prerequisite: ACC 372 with a minimum grade of “C”.
 
ACC 432 Taxation of Partnerships and Corporations 3 cr
An examination of the federal tax treatment of partnerships and corporations. Topics include: tax aspects of the formation of the entity, elements of gross income, treatment of property dispositions, allowable deductions and credits, determination of entity and investor basis, and liquidation of the entity. Prerequisites: ACC 331, ACC 372 with a minimum grade of "C".
 
ACC 451 Auditing (W) 3 cr
Theory and application of the attest function, ethical issues, and written communication for accountants. Includes standards, objectives, review of internal control structures, tests of controls, substantive testing and reporting. Ethical issues and the preparation of written letters and formal reports are covered. Prerequisite: ACC 372 with a minimum grade of “C”.
 
ACC 452 Advanced Auditing 3 cr
Advance study of the application of Auditing Standards; internal control evaluations; applications of statistics; audits of EDP systems; internal and operational auditing, ethical, legal and reporting obligations. Prerequisite: ACC 451 with a minimum grade of "C".
 
ACC 461 Accounting of Governmental and NFPE 3 cr
A study of the concepts and procedures underlying fund accounting, budgetary control, and financial reporting requirements for governmental and not-for-profit entities. Prerequisite: ACC 372 with a minimum grade of "C".
 
ACC 490 Special Topics 3 cr
Designed to provide senior students an opportunity to study selected topics of particular interest. Prerequisite: Permission of the department chair. (A student may count no more than three hours of Special Topics in the Concentration.)
 
ACC 494 Directed Study in Accounting 3 cr
Primarily designed to give superior students an opportunity to study some phase of accounting of particular interest. Conferences, a bibliography, and a formal research report are required. Prerequisites: Junior or senior standing, a cumulative GPA of 2.5 or better, and approval of the department chair following the evaluation of a written proposal.
 
ACC 496 Accounting Internship 3 cr
Students obtain practical accounting experience, with respect to which they are to report to a faculty advisor in accounting and satisfy the requirements set forth for the course. No more than three hours of internships may be counted toward a degree in the Mitchell College of Business. Grades are awarded on a satisfactory/ unsatisfactory basis. Prerequisites: Declared accounting concentration, an overall grade point average of at least 2.5, an accounting grade point average of 2.5, and completion of ACC 372 with a grade of at least "C". In addition, the students must obtain the signed approval of the department chair.
 
ACC 501 Survey of Financial Accounting 3 cr
A study of the basic concepts in accounting with an emphasis on analysis and use of financial accounting information for decision-making by management.
 
ACC 502 Managerial Accounting 3 cr
An introduction to the interpretation and evaluation of accounting information as a basis for planning and controlling by management. Prerequisite: ACC 501.
 
ACC 511 Financial Accounting Theory 3 cr
The evolution of general accounting theory leading up to and including the conceptual framework will be discussed as well as the specific theory underlying certain accounting topics of current interest.
 
ACC 516 Advanced Financial Accounting 3 cr
Study of business combinations, consolidation issues, interim and segmented reporting, inflation accounting. Coverage of selected professional pronouncements.
 
ACC 521 Advanced Managerial Accounting 3 cr
Advanced managerial and cost accounting topics. Tools for planning and control, development of cost information for decision making, cost allocations, inventory management systems, capital budgeting, performance measurements, transfer pricing and multi-national considerations.
 
ACC 531 Tax Planning and Research 3 cr
An examination of tax research tools, their utilizations, and various tax planning considerations. Students are require to conduct research and tax planning upon assigned topics, and write a report on their findings.
 
ACC 532 Taxation of Partnerships and Corporations 3 cr
An examination of the federal tax treatment of partnerships and corporations. Topics include: tax aspects of the formation of the entity, elements of gross income, treatment of property dispositions, allowable deductions and credits, determination of entity and investor basis, and liquidation of the entity.
 
ACC 534 Taxation of Gifts, Trusts and Estates 3 cr
An examination of the federal tax treatment of gratuitous transfers made during life and at death.
 
ACC 541 Advanced Accounting Systems 3 cr
Analysis of accounting information system case studies in order to expose students to real-world system problems and applications. Course work includes hands-on work with a variety of computer-based accounting application packages.
 
ACC 552 Advanced Auditing 3 cr
Advanced study of the application of auditing standards; internal control evaluations; applications of statistics; audits of EDP systems; internal and operational auditing, ethical, legal and reporting obligations.
 
ACC 561 Accounting for Governmental and NFPE 3 cr
A study of the concepts and procedures underlying fund accounting, budgetary control, and financial reporting requirements for governmental and not-for-profit entities.
 
ACC 571 Professional Accounting 3 cr
A capstone course study of contemporary issues and responsibilities relevant to the accounting profession, including ethical, legal and international considerations.
Prerequisites: ACC 511, ACC 521, ACC 531 and ACC 541.
 
ACC 590 Special Topics 3 cr
Designed to provide graduate students an opportunity to study selected topics. Permission of department chair. (A student may count no more than three hours of Special Topics in the graduate program).
 
ACC 594 Independent Study in Accounting 3 cr
Readings and research on selected topics. Conferences and formal research report required. Prerequisites: Approval of department chair.
 
 

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