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SALISBURY UNIVERSITY

Accounting & Legal Studies

Accounting & Legal Studies

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Course Descriptions

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ACCT 201 - Introduction to Financial Accounting
3 hours credit

Provides students with a general overview of financial accounting including the underlying accounting principles and concepts, financial statement preparation, financial statement analysis, cash flow, etc. Prerequisite: Twenty-four college credit hours taken at or accepted by SU. Three hours per week.


ACCT 202 - Introduction to Managerial Accounting
3 hours credit

Provides students with an understanding of the use of accounting in business operations. Topics include job order costing, cost behavior (cost-volume - profit analysis), budgeting, performance valuation using variances from standard costs, differential analysis, capital investment analysis, cost allocations including activity based costing, the cash flow statement, financial statement analysis etc. Prerequisite: C or better in ACCT 201. Three hours per week.


ACCT 248 - Legal Environment
3 hours credit

In-depth analysis of legal principles and their relationship to commerce. Topics include areas of torts, constitutional law, contracts and government regulation. Three hours per week.


ACCT 302 - Cost Accounting I
3 hours credit

Emphasizes the use of accounting information for budgeting, planning and control, and decision making. Topics include integrated budgeting, variance analysis, job-order costing, activity-based costing, relevant costs for decision making, etc. Major Prerequisites: C or better in ACCT 201, 202 and admission to the Professional Program. Non-Major Prerequisites: C or better in ACCT 201, 202 and junior standing. Three hours per week.


ACCT 304 - Intermediate Accounting I
3 hours credit

Detailed analysis of the accounting cycle.  In depth coverage of financial statements and account analysis.  Classification, valuation, and timing involved in the determination of income and asset/equity measurement. Special attention devoted to revenue recognition, tax, lease and pension transactions. Emphasis on comprehension and understanding rather than memorization. Consideration of recent FASB pronouncements as well as structure and use of FASB’s Accounting Standards Codification. Major Prerequisites: C or better in ACCT 201, 202 and admission to the Professional Program. Non-Major Prerequisites: C or better in ACCT 201, 202 and junior standing. Three hours per week.


ACCT 305 - Intermediate Accounting II
3 hours credit

Continued emphasis on generation and presentation of financial statements through use of Business Activity Model.  Special attention devoted to inventory valuation, analysis of long-term debt instruments, derivatives, asset impairment and share-based compensation. Emphasis on comprehension, understanding and the ability to research troublesome issues rather than memorization. Major Prerequisites: C or better in ACCT 304, successful completion of the Accounting Program admission test and admission to the Professional Program. Non-Major Prerequisites: C or better in ACCT 304, successful completion of the Accounting Program admission test and junior standing. Three hours per week.


ACCT 338 - Special Topics

3 hours credit

Advanced study of varying accounting topics based on students' interests and needs. May be repeated once for credit under different subtitles. May substitute for an accounting elective depending on the topic (see chair of Accounting Department). Major Prerequisites: C or better in ACCT 304 and admission to the Professional Program. Non-Major Prerequisites: C or better in ACCT 304 and Junior standing.Three hours per week.


ACCT 341 - Federal Income Tax Accounting: Personal
3 hours credit

Discussion of technical tax provisions as they pertain to individuals.  Limited discussion of corporation and partnership tax issues. Introduction to tax research. Introduction to use and completion of IRS forms. This course, along with successful participation in the VITA program through ACCT 490, qualifies for elective ABLE credit. Major Prerequisite: C or better in ACCT 201, 202 and admission to Professional Program. Non-Major Prerequisites: C or better in ACCT 201, 202 and Junior standing. Three hours per week.


ACCT 342 - Federal Income Tax Accounting: Partnership and Corporation
3 hours credit

Discussion of technical tax provisions as they pertain to corporations and  partnerships. Review and analysis of corporate tax provisions. Use and completion of IRS forms. Major Prerequisite: C or better in ACCT 341 and admission to Professional Program. Non-Major Prerequisites: C or better in ACCT 341 and Junior standing. Three hours per week.


ACCT 348 - Business Law
3 hours credit

Detailed expansion of Legal Environment (ACCT 248). Additional topics include business associations, partnerships, agencies, corporations, bankruptcy law, securities and accountants’ liability. Stresses topics commonly found on the uniform CPA examination. Major Prerequisites: C or better in ACCT 248 and admission to Professional Program. Non-Major Prerequisites: C or better in ACCT 248 and junior standing. Three hours per week.


ACCT 403 - Advanced Accounting I
3 hours credit

In-depth study of the concepts, principles, and procedures of accounting for business combinations, branches, partnerships, segment and SEC reporting, estates and trusts, and bankruptcies. Major Prerequisite: Senior status, C or better in ACCT 305. Non-Major Prerequisites: Senior status and C or better in ACCT 305. Three hours per week.


ACCT 407 - Auditing

3 hours credit

Examines the duties and responsibilities of auditors and introduces students to legal liability, generally acceptable auditing standards, audit reports, auditing techniques and procedures.  Discussion of engagement planning, tests of internal controls, sampling, types of engagements, and workpaper preparation. Major Prerequisites: Senior status, C or better in ACCT 305 and admission to Professional Program. Non-Major Prerequisites: Senior status and C or better in ACCT 305. Co-Requisite: ACCT 497.Three hours per week.


ACCT 415 - Governmental and Not-For-Profit Accounting

3 hours credit

Examination of the full range of accounitng and reporting policies and procedures for state and local governments as well as not-for-profit organizations. Major Prerequisite: C or better in ACCT 304 and admission to the Professional Program. Non-Major Prerequisites: C or better in ACCT 304 and Junior standing. Three hours per week.


ACCT 418 - Fraud Examination 
3 hours credit

An introduction to fundamentals of fraud examination, including nature and types of fraud, fraud prevention, and techniques to detect fraud in organizations. Provides the foundation to understanding fraud and its impact on the world around us. Major Prerequisites: C or better in ACCT 304 and admission to Professional Program. Non-Major Prerequisites: C or better in ACCT 304 and junior standing. Three hours per week.


ACCT 420 - Accounting Information Systems
3 hours credit

Examination of the role of accounting information in the organization. Major topics include users of accounting information, goals and objectives, review of accounting systems, the human component, hardware, software, data, operating controls and management controls. Major Prerequisites: C or better in ACCT 304 and admission to Professional Program. Non-Major Prerequisites: C or better in ACCT 304 and junior standing. Three hours per week.


ACCT 430 - International Accounting
3 hours credit

Introduction to a variety of international accounting issues encountered by multinational organizations. Areas of focus include International Financial Reporting Standards, consolidations, transfer pricing, taxation, international auditing, strategic planning and corporate social reporting. Major Prerequisites: C or better in ACCT 304 and admission to Professional Program. Non-Major Prerequisites: C or better in ACCT 304 and junior standing. Three hours per week.


ACCT 435 - Accounting in its Global Setting (Winter Travel)

3 hours credit

Introduction to a variety of international accounting issues encountered by multinational organizations. Areas of focus include International Financial Reporting Standards, consolidations, transfer pricing, taxation, international auditing, strategic planning and corporate social reporting. Part or all of the course will be held in another country. Major Prerequisites: C or better in ACCT 304 and admission to Professional Program. Non-Major Prerequisites: C or better in ACCT 304 and Junior standing. Three hours per week.


ACCT 490 - Accounting Internship
3 hours credit

Internship experience in accounting. Can include participation in the Volunteer Income Tax Assistance (VITA) program. Prerequisites: C or better in ACCT 201, 202 (and ACCT 341 for VITA program participation); successful completion of the accounting admission test; C or better in, or concurrent enrollment in, ACCT 304; placement approval and permission of the department chair; admission to Professional Program; successful completion of BUAD 300. Three hours per week. 


ACCT 491 - Advanced Accounting Internship
1-3 hours credit

Research associated with an internship experience in accounting. Prerequisites: ACCT 490 or completion of ABLE requirement, placement approval and permission of the department chair, completion of ABLE administrative requirements. One to three hours per week.


ACCT 494 - Directed Study
1-3 hours credit

For students who desire to do research or pursue a special topic in accounting. May be used as an accounting elective if approved by the chair of the Accounting Department. Prerequisites: Junior status and consent of the instructor prior to registration. One to three hours per week. 


ACCT 497 - ACCT Capstone Internship
3 hours credit

A capstone experience which prepares graduates for their professional careers. Perform non-attest services for non-profit organizations including financial statement preparation, observation of internal controls and perform substantive testing procedures. Satisfies the ABLE requirement of the Accounting Department. Prerequisites: C or better in ACCT 305, admission to the Professional Program and senior standing. Corequisite: ACCT 407. Three hours per week.



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