ACC 100 INTRODUCTION TO ACCOUNTING 2 credits / 3 hours (Formerly ACC 1841) Prerequisite: BUS 100 Co-requisites: MAT 020 and Sections in English: ENG 091 or ESL 091 or above. Sections in Spanish: ESL 035 The student will become familiar with the nature of accounting and recording process for business transactions, and will acquire an understanding of the complete accounting cycle for a service and merchandising business. The student will develop the ability to record business transactions in special journals, to maintain general and subsidiary ledgers, to prepare simple entries to adjust recorded data, and to prepare financial statements commencing with the worksheet for a service business and a merchandising business. The student will study the accounting operations associated with each. The student will become familiar with accounting for payroll, develop the ability to calculate employee earnings and deductions, complete a payroll register and record accounting entries for employee earnings and deductions and for payment of the payroll. Both service and merchandise will be covered. Computerized accounting will be emphasized through the use of computerized general ledger software. ACC 101 ACCOUNTING I 3 credits / 3 hours (Formerly ACC 1842) Prerequisite: ACC 100 Co-requisites: ENG 091 or ESL 091 or above The student will study the accounting operations associated with employer payroll taxes and reports. The student will become familiar with accounting for notes payable and notes receivable and interest, and accounting for bad debts. The student will study the accounting processes associated with merchandise inventories, accounting for plant assets and depreciation and accounting for accruals and deferrals. The student will study the accounting process associated with corporate formation and paid-in capital. In addition, The student will develop the ability to analyze and calculate the effects of operating, investing and financing activities on cash and prepare a statement of cash flows. The student will be required to complete a computerized practice set for a corporation. ACC 102 ACCOUNTING II 3 credits / 3 hours (Formerly ACC 1843) Prerequisite: ACC 101 The student will study in detail the techniques and methods of managerial accounting and become familiar with accounting for partnerships. Areas of concentration will include: cost concepts and analysis of costs, materials control, accounting for labor, the nature and application of manufacturing overhead, job order cost systems, process cost systems, cost/volume profit analysis, budgeting, and standard costing. Statement of cash flow will be covered in detail, and a comprehensive discussion on long-term liabilities and investments will be presented. ACC 110 College Accounting I 4 credits / 4 hours Co-requisites: BUS 100, ENG 110, MAT 30 The student will become familiar with the recording process and acquire an understanding of the accounting cycle. The student will learn the techniques of recording transaction in special journals, summarizing the transactions, adjusting and closing entries. Areas covered include receivables and payables, merchandising inventory, fixed and intangible assets, current liabilities and payroll accounting. The student will be introduced to manual and computerized accounting systems and basic internal control procedures. Sarbanes-Oxley reporting will be discussed. Integrity, objectivity and Business Ethics will be covered at the of each chapter. ACC 111 College Accounting II 4 credits / 4 hours Pre-requisite: ACC 110 The student will study the accounting process associated with corporate formation, payment of dividends and paid-in capital. Corporate organization, issuance of stocks and dividends, issuance of bonds and related interest accruals will also be discussed in depth. In addition, the student will be introduced to long-term liabilities and investments. The statement of cash flows will be discussed and analyzed in depth. A thorough discussion will cover job order, process costing and standard costs, as well as cost behavior and costvolume profit analysis. Analysis and interpretation ACC 150 ACCOUNTING APPLICATIONS FOR THE MICROCOMPUTER 3 credits / 4.5 hours Prerequisite: ACC 101, CIP 101, ENG 091 or ESL 091 or above This course emphasizes management information systems through giving students "hands-on" microcomputer experience in the processing of accounting data and solving accounting problems. Areas in which students will prepare computerized accounting records and reports include journals, ledgers, trial balance, accounts receivable, accounts payable, and payroll. Students will explore both spreadsheets and dedicated accounting software (including QuickBooks) and will be introduced to Peachtree. ACC 199 INTERNSHIP SEMINAR (Formerly ACC 1814) 1 credits / 6 hours Prerequisite: Completion of 14 credits in accounting, and permission of the Coordinator; ENG 110 or higher Students will apply classroom theory and techniques to assigned work situations through department- selected part-time experience in the accounting field. Employers or the college will provide work sites. Evaluation of the experiential learning will be based on student reports and weekly conferences between the work supervisor and the faculty coordinator. The work assignment will be equivalent to six hours per week for a semester. The presentation of a final written report on the internship experience is required. ACC 201 INTERMEDIATE ACCOUNTING 3 credits / 3 hours (Formerly ACC 1844) Prerequisite: ACC 102 The students will increase their ability to analyze and interpret accounting data as a result of having apply to cash, receivables, inventories, investments property and equipment, and intangibles. There will be a detailed discussion of the statement of cash flow. ACC 250 PERSONAL INCOME TAX (Formerly ACC 1845) 3 credits / 3 hours (Formerly ACC 1845) Prerequisite: ACC 101 The student will master the preparation of the taxpayer's short form 1040A and long form 1040 with applicable supporting schedules: salaries and wages; interest and dividends; gains and losses; itemized deductions; and adjustment to income, including alimony, moving expenses and employee business expenses will be analyzed. ACC 1846 BUSINESS INCOME TAX (Formerly ACC 1868) 3 credits / 3 hours Prerequisite: ACC 250 The student will analyze fundamental concepts of income taxation pertaining to partnerships, corporations, estates, and trusts, including topics on corporate distributions to stockholders, business deductions, losses, tax accounting principles, and installment sales. Offered alternating semesters. ACC 1847 NEW YORK CITY AND STATE BUSINESS TAX (Formerly ACC 1869) 3 credits / 3 hours Prerequisite: ACC 250 The student will examine the various federal, state, and local taxes that are imposed on unincorporated and corporate business. Taxes to be discussed include New York State /City personal and unincorporated taxes, New York State corporate franchise tax, and New York City rent and occupancy tax. Offered alternating semesters. ACC 1848 TAX ASSISTANCE PROGRAM (Formerly ACC 1867) 1 credit / 1 hour Prerequisite: ACC 250 The student will gain practical experience in the preparation of federal, state and local income tax forms, while providing a community service. An orientation seminar will be conducted at the beginning of the semester. In addition, the student will prepare a final paper on the program describing the experience and reactions to the program. Five hours orientation lectures plus a total of thirty hours tax preparation experience are required for completion. Offered spring semester only.