Accounting

This course is designed to provide introduction to accounting and financial reporting concepts and the importance of financial accounting information in decision-making. It demonstrates the application of the steps in the accounting cycle from analysis of accounting transactions to the preparation of financial statements and takes detailed examination of cash and receivables. The course will enable measurement of business income, merchandizing operations, and financial reporting and analysis of the balance sheet. Prerequisite: MATH 105 or Higher; Fall, Spring.

This course examines management accounting and related analytical techniques for decision making and control in manufacturing and service organizations and builds upon the foundation that was established in Financial Accounting. Topics include: Product costing, volume profit analysis, product pricing, activity based costing and standard costing, budgets and budgetary control systems, process streamlining, balanced scorecard, performance evaluation systems for planning, coordinating, and monitoring the performance as well as the social responsibility of a business. Prerequisite: ACCT 210; Fall, Spring.

This course builds on the fundamentals of financial accounting structure that students learned in Financial Accounting class. It expands more depth to the theories and illustrates issues relating to the theoretical structure of financial accounting and practices. The course content highlights the role of accounting as an Information System and the preparation and interpretation of an entity's financial statement in accordance to Generally Accepted Accounting Principles (GAAP). Topic materials also cover the techniques for evaluating firm performance, and the analysis of the accounts in the four financial statements and corresponding schedules and notes, the review of accounting process, income measurement and profitability analysis, revenue recognition, valuation of inventories, the time value of money concepts, as well as the accounting and reporting of tangible and intangible assets as it pertains to acquisition, disposition, impairment, depreciation, depletion, and amortization of assets. Prerequisite: ACCT 210, Fall.

This course is a continuation of Intermediate Accounting I which builds on the fundamentals of financial accounting structure that students learned in Financial Accounting theory. The course content provides in-depth illustrations, expanded discussions and analysis on the treatment of contingencies, accounting for Bond and Long-term notes, leases, investments, pensions and other postretirement benefits, accounting for Income taxes accounting changes and error corrections as well as other advanced accounting issues relating to GAAP and IFRS. Prerequisite: ACCT 310, Spring.

This course focuses on topics related to the evaluation of performance and business processes (e.g., cost variance analysis, revenue variance analysis, just-in-time inventory systems and computer-integrated manufacturing.) Prerequisite: ACCT 210. Spring.

This course addresses the identification of income; income inclusion, exclusions, and deductions; tax calculation; property transaction; business tax accounting; accounting periods; asset acquisition, use and disposition; and partnerships. Prerequisite: ACCT 210. Fall.

This course focuses on advanced concepts such as subsidiaries, partnerships, intercompany transactions, mergers and acquisitions and consolidations. Topics include consolidation of financial information, Segment and interim reporting, accounting for legal reorganizations and liquidation. The course emphasizes theories and practices related to understanding debt and equity financing, full disclosure in financial reporting, variable interest entities (VIE), foreign currency transactions and hedging foreign exchange risk, translation of foreign currency financial statements, financial reporting and the SEC. The course also provides preliminary introduction of accounting for government and non-profit entities as well as Estates and Trusts. Prerequisite: ACCT 311. Fall.

This course addresses specialized accounting principles applicable to state and local governments and other non-profit organizations. Emphasis is on fund accounting and the auditing principles applied to budgets, appropriations, current funds, bonded indebtedness, and methods of reporting in nonprofit organizations. Prerequisite: ACCT 210; Spring, odd years.

This course develops the background for understanding issues in international accounting and business operations in a global setting, making comparisons between U.S. GAAP and IFRS. It covers, among other things, accounting for multinational corporations and business operations, international convergence of financial reporting and standards, comparative accounting, foreign currency translations and financial statements, as well as international taxation, transfer pricing, governance, and international corporate social reporting. Fall odd years

This course provides coverage of issues relating to accounting information systems and technology. The course addresses procedures and methods to capture data and report financial information with an emphasis on the structure, components, and database design of information management systems.  Topics include strategic uses and analysis of information systems in business processes and decision making. Prerequisite: ACCT 210. Spring.

This course addresses the auditing environment as it changes in dramatic ways. Course content reflects clarified auditing standards and PCAOB standards; COSO's internal control-integrated framework, authoritative bodies; auditors' reports; professional ethics; legal liability; planning the audit; internal control; electronic data processing audit sampling; working papers; quality control of CPA firms. Prerequisite: ACCT 210. Fall.

This course provides experience with the IRS VITA Grant Program as directed by a faculty member of the School of Business. The internship is monitored and evaluated by a faculty sponsor, in verification and close consultation with the supervising representative of the business/agency. LMU retains ultimate control and supervision of the internship. It may be repeated to a total of 6 credit hours applicable to program and/or degree requirements. Prerequisite: approval of instructor. Spring.