Montgomery County Community College

Accounting Courses

• ACC 105 Survey of Accounting
• ACC 110 Business Mathematics
• ACC 111 Accounting Principles I
• ACC 112 Accounting Principles II
• ACC 120 Forensic Accounting
• ACC 150 Legal Environment of Business
• ACC 151 Business Law
• ACC 152 Business Law II
• ACC 198 Coop Internship-Accounting I
• ACC 211 Intermediate Accounting I
• ACC 212 Intermediate Accounting II
• ACC 221 Accounting Information Systems
• ACC 230 Cost Accounting
• ACC 231 Managerial Cost Accounting
• ACC 232 Budgeting and Forecasting
• ACC 241 Tax Accounting
• ACC 242 Federal Corporate Taxation
• ACC 251 Auditing
• ACC 252 Auditing II
• ACC 255 Not-For-Profit Accounting
• ACC 261 Advanced Accounting I
• ACC 262 Advanced Accounting II
• ACC 298 Coop Internship-Accounting II

ACC 105 Survey of Accounting

Students will develop an understanding of the basic concepts and processes of financial and managerial accounting. Students will learn to interpret accounting information and reports from the perspective of managers, investors, and other business stakeholders. (Business majors planning to transfer may not substitute this course for ACC 111 - Principles of Accounting I, or ACC 112 - Principles of Accounting II.)

ACC 110 Business Mathematics

Students develop facility in the mathematical aspects of business such as fractions, percentages, bank reconciliations, equations, trade and cash discounts, simple and compound interest, present value, income taxes, stocks, and financial statement analysis.

ACC 111 Accounting Principles I

Students will develop literacy in and skills in the application of the basic principles of financial accounting including accounting principles and practices, accounting systems for recording business transactions, an overview of the accounting cycle for service and merchandising enterprises, inventory systems, basic financial statements, and cash control, receivables and long-lived assets.

ACC 112 Accounting Principles II

Students will develop literacy in and skills in the application of the basic principles of financial and managerial accounting including current liabilities, stockholder's equity, investments, statement of cash flows, financial statement analysis, basics of managerial accounting, cost-volume-profit relationship, and budgeting planning and control.

ACC 120 Forensic Accounting

Forensic Accounting is the application of accounting methods and financial techniques to assist in the adjudication of legal disputes and the solving financial crimes. The course includes the discussion of criminal statues relating to financial crimes, fraud detection, investigation, and prevention, techniques used in solving financial crimes, interviewing, rules of evidence, sources of information, forensic accounting procedures, money laundering, embezzlement, bankruptcy fraud and criminal conspiracy.

ACC 150 Legal Environment of Business

Students study the regulatory environment in which business operates and the political, social, and economic forces behind and evolution of the forms and types of law that govern disputes and transactions between individuals (including business organizations). The Constitutional foundation of law and the role played by administrative agencies in regulating business activity are studied including remedies in and out of court. Issues of crimes, torts, contracts, property, business organizations, consumer rights, employment, intellectual property rights, and international transactions will be discussed.

ACC 151 Business Law

In this course, the basic principles of contract law including the nature and classes of contracts, contractual capacity, consideration, the form of the contract, discharge of contracts, breaches of contract and remedies. The legal principles concerning personal property, bailments and the form of the sales contract, circumstances in which contracts for the sale of goods must be in writing, and the points of difference between general contract law and the law of sales will be examined.

ACC 152 Business Law II

This course is designed to provide the student with a continuation of the basic principles covered in Business Law. Course topics include and emphasis is placed on the specialized applications of negotiable instruments, agency, forms of business organizations, real property, credit and bankruptcy issues.

ACC 198 Coop Internship-Accounting I

This course consists of employment in a college-approved organization to enable the student to gain insight into an accounting organization. The course requires an optimum of 15 hours per week supervised and coordinated by a faculty member. Students are rated by the employer on their job performance.

ACC 211 Intermediate Accounting I

Emphasis is placed on the study of the hierarchy of General Accepted Accounting Principles (GAAP) used in financial reporting, who determines them and the process in setting them. Students will learn the fundamentals of identifying economic events, assigning a dollar value, and properly recording and reporting each event in accordance to GAAP. The scope of the course focuses primarily on the Current and Non Current Assets, the preparation of financial statements (including the statement of cash flow) and analysis of financial statements.

ACC 212 Intermediate Accounting II

This is a continuation of the topics covered in Intermediate Accounting I. Emphasis is placed on the study of Non-Current Assets, Liabilities, Stockholders Equity, Analytical Processes, Earnings per Share, Leasing, Revenue Recognition, and Accounting for Income Taxes.

ACC 221 Accounting Information Systems

In a hands-on environment, students learn the design and function of a computerized accounting information system, with the emphasis on providing information for external users and for management decision making. The course includes the principles of accounting information systems, the relationship of computerized accounting systems to manual accounting systems, transaction processing, and report generating using an accounting software package, and the application of management decision-making tools using appropriate software.

ACC 230 Cost Accounting

Students study the accounting concepts and reports needed by managers to plan operations, control activities, and make decisions. Students learn what kind of information is needed, where this information can be obtained, and how to present this information for use by managers in a variety of reporting formats. Included in the course are cost behavior and Cost-Volume-Profit analysis, job-order, process, activity-based, and variable cost accounting systems, budgeting, standard costs and variances, responsibility accounting, incremental analysis, and capital budgeting.

ACC 231 Managerial Cost Accounting

Students study the concepts needed by managers to plan operations, control activities, and make decisions. Students learn what kind of information is needed, where this information can be obtained, and how to present this information for use by managers in a variety of reporting formats. Included in the course are cost terms, concepts, and behavior, job-order, process, activity-based, and variable cost accounting systems, CVP relationships, and standard costs.

ACC 232 Budgeting and Forecasting

Students will study managerial control, budgeting for profit planning forecasting, overhead analysis, capital budgeting, standard costs, segmented reporting, and analysis of cost behavior.

ACC 241 Tax Accounting

Students learn the laws, regulations, and accounting practices pertaining to individual Federal taxes. Students will analyze gross income, exclusions, business expenses, depreciation, itemized deductions, capital gains, sales of personal residences, exemptions, and filing status. Relevant forms will be discussed.

ACC 242 Federal Corporate Taxation

This course is a continuation of ACC 241. It introduces the student to the laws and regulations relating to federal taxation of corporate and other entities. It includes an analysis of corp- orate distributions, S Corporations, Partnerships, Estates, Trusts, and Retirement Plans. Consideration is given to tax research, special accounting methods, passive activities and net operating losses.

ACC 251 Auditing

Students will study the conceptual and applied aspects of auditing, current auditing standards, professional ethics, regulation, and legal liability inherent in the attest function. The evaluation and study of internal control, the nature of evidence, the use of statistical sampling and computers in the auditing process will be explored. Planning and conducting of an audit are practiced. Audit program steps will be applied through the use of problems, cases, simulations, and exercises.

ACC 252 Auditing II

Students will apply auditing techniques in gathering evidence to support an audit report. Transaction cycles such as sales/cash receipts, acquisition/payment, payroll/personnel, inventory/warehouse, and capital acquisition/repayment are subjected to specific audit procedures. Both the data of the transaction cycles and the composition of the account balances will be subjected to statistical sampling approaches. Cash and other balance sheet accounts are given additional coverage. Completion of the audit process includes specification of contingent liabilities, subsequent events, financial statement presentation and disclosures. Other assurances rendered by an auditor are compilations, reviews, operational audits, and governmental financial audits.

ACC 255 Not-For-Profit Accounting

This course introduces the principles of accounting for not-for-profit organizations with emphasis on fund accounting and the accounting standards for various types of not-for-profit organizations. Topics include the basics of fund accounting, governmental financial reporting, not-for-profit accounting, and generally accepted government auditing standards.

ACC 261 Advanced Accounting I

Students will learn how to record and report transactions for corporations with separate divisions or subsidiaries, or for inter-company transactions, and then how to consolidate these separate entities into one set of financial statements. Also, students will record and report international transactions (including hedge accounting), and then consolidate the international subsidiaries with the parent firm?s financial statements. Students will confront the financial reporting requirements of the Securities and Exchange Commission and the FASB's requirements for interim and segment reporting.

ACC 262 Advanced Accounting II

Students will learn to account for partnerships, state and local governments, private “not-for-profit” organizations, legal reorganizations, and estates and trusts.

ACC 298 Coop Internship-Accounting II

This course consists of continued employment in a college-approved organization to enable the student to gain insight into an accounting organization. The course requires an optimum of 15 hours per week supervised and coordinated by a faculty member. Students are rated by the employer on their job performance.

Last Updated: 01-27-2012