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Accounting is the profession that provides financial information about businesses and other entities to managers, investors, creditors, regulators, and the public. Accounting is essential to the proper functioning of companies, governmental units and nonprofits. Accounting majors seeking the CPA or CMA designation will be prepared for careers in auditing, finance, tax, fraud detection, management, and government.
Students completing the accounting major will have competencies in both financial and cost accounting.
Student Learning Outcomes
1.1. Fundamental knowledge of accounting for non-current assets
Students will be able to demonstrate fundamental knowledge of accounting for non-current assets. Non-current assets represent probable future benefits owned or controlled by the firm whose economic life is greater than the accounting cycle or one year, whichever is longer. Examples of long-lived assets include investments, property, plant, equipment, and intangible assets. The understanding of the recognition, consumption and disposal of long lived assets is critical because they typically represent the largest share of firm assets and are the basis for firm productivity.
1.2. Fundamental knowledge of accounting for liabilities
Students will be able to demonstrate fundamental knowledge of accounting for liabilities.
1.3. Fundamental knowledge of accounting for shareholder equity.
Students should be able to demonstrate fundamental knowledge of accounting for shareholder equity. Shareholder equity consists of ownership claims on the firm. Equity consists of two components, paid-in capital and retained earnings.
2.1. Fundamental knowledge of accounting for types of business organizations, cost concepts, and cost behaviors.
Students will be able to demonstrate fundamental knowledge of accounting for types of business organizations, cost concepts, and cost behaviors. Cost concepts provide the basis for developing the cost of job (see SLO 2).
2.2. Fundamental knowledge of accounting for types of business organizations, cost concepts, and cost behaviors.
Students will be able to demonstrate fundamental knowledge of accounting for types of business organizations, cost concepts, and cost behaviors. Cost concepts provide the basis for developing the cost of job (see SLO 2).
2.3. Demonstrate fundamental knowledge of creating a production budget and budget vs. actual variance analysis.
Students will be able to demonstrate fundamental knowledge of creating a production budget and budget vs. actual variance analysis. Knowledge of budgeting is fundamental to understanding the differences underpinning the concepts of direct and absorption costing (See SLO 4).
2.4. Demonstrate fundamental knowledge of accounting for variable and absorption costing.
Students will be able to demonstrate fundamental knowledge of accounting for variable and absorption costing.
3.1. New Unit Objective/Outcome Item
Students will be able to demonstrate fundamental knowledge of limitations on business deductions for all business entity types.
3.2. Be able to reconcile GAAP (financial reporting) book income to federal taxable income.
Students will be able to reconcile GAAP (financial reporting) book income to federal taxable income. Tax returns for C Corporations, S Corporations and Partnerships require the reconciliation of book net income to taxable income. This is a topic that is tested extensively on the REG section of the CPA exam. Students will also be able to identify the differences between book and tax as permanent differences or timing differences.
3.3. Compute ordinary business income and separately stated items for partnerships and S Corporations.
Students will be able to compute ordinary business income and separately stated items for partnerships and S Corporations.
3.4. Estate & Gift Taxes
Students will be able to demonstrate fundamental knowledge of wealth transfer taxes (estate and gift taxes).
4.1. Demonstrate fundamental knowledge of cost accumulation and assignment for process costing systems.
Students will be able to demonstrate fundamental knowledge of cost accumulation and assignment for process costing systems. An understanding of this material prepares accounting students to work in environments that produce large quantities of similar items like: powders (flour, cement, and talc), fluids (gas, cola, and liquid detergents), and aerosols/gases (hair spray, spray paint, and spray lubricants).
4.2. Demonstrate fundamental knowledge of accounting for cost accumulation and assignment for joint costing systems.
Students will be able to demonstrate fundamental knowledge of accounting for cost accumulation and assignment for joint costing systems. An understanding of this material prepares accounting students to work in environments where multiple products are produced simultaneously during the same process. For example, sirloin, T-bone, rib eye, and a multitude of other bovine related products are created from the slaughter of each cow. Another example involves the milling of wood that results in mulch, board, and sawdust.
4.3. Students will be able to demonstrate fundamental knowledge and purpose of the allocation of non-product costs.
Students will be able to demonstrate fundamental knowledge and purpose of the allocation of non-product costs (corporate costs and service department) to manufacturing products. Corporate costs that should be shared with manufacturing sub-units include activities such as human resources, legal operations, information services, and … etc. An example of service department costs within the factory include packaging and operations. One purpose for allocating corporate and service department costs is to fully cost products to determine the appropriate pricing strategy and measure product profitability.
4.4. Students will be able to demonstrate fundamental knowledge of economic order quantity.
Students will be able to demonstrate fundamental knowledge of economic order quantity Measurement & Manufacturing Process Performance Maximization. The economic order quantity occurs when total relevant ordering and carrying costs are minimized. Manufacturing processes include just-in-time (JIT) and materials requirements planning (MRP) systems. JIT manufacturing systems facilitate customized production and minimize manufacturing inventories and costs by the nature of their process. MRP systems are synonymous with mass production of identical units. MRP ordering costs are relatively low, however, carrying costs are relatively high.
5.1. Planning an audit engagement.
Students will be able to demonstrate fundamental knowledge of planning an audit engagement. An understanding of audit engagement planning prepares to students to be effective members of audit teams.
5.2. Assessment of firms’ internal control system
Students will be able to demonstrate fundamental knowledge of the evaluation, scope and assessment of firms’ internal control system. Knowledge of this area of auditing allows students to assess the quality and integrity of a firm’s internal control system and environment.
5.3. Knowledge of obtaining and documenting information to form a basis for audit reporting and conclusions.
Students will be able to demonstrate fundamental knowledge of obtaining and documenting information to form a basis for audit reporting and conclusions.
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