ACCOUNTING CONCENTRATION
Associate in Applied Science Degree

• Objectives
• Degree Information
• Recommended Course of Study
• Course Descriptions
• Additional Information

Objectives:

1. Learn basic accounting principles, practices, and procedures.
2. Become familiar with computer programs and packages that facilitate data entry, calculation, and posting of accounts, as well as the preparation of tax returns.
3. Be introduced to more complex accounting processes, particularly in relation to investment, depreciation, equity, cash flow, inventory, and receivables.
4. Explore current federal tax policies and provisions and clarify issues such as taxable and non-taxable income, deductible expenses and losses, capital gains, and related themes.
5. Broaden knowledge of fundamental business principles through the study of law, management, economics, and statistics.

Degree Information:
This curriculum, with its applications orientation, enables graduates to qualify for entry-level employment within organizations specializing in finance, such as banks, investment companies, brokerage houses or the finance departments of corporations

The concentration provides a basic core of accounting and finance courses as well as business and general electives that meet the needs of individual students.  The program is designed to acquaint the student with the basics needed to perform financial analysis and planning related to budgeting in a business environment.

Recommended Course of Study

*Developmental courses may be required as prerequisites

**Courses listed in blue are described below. Other course descriptions are listed with Core Requirements.

Course Descriptions

ACC 105 (Formerly AC 101) - Principles of Accounting I
This introductory course builds the foundation for the advanced levels of accountancy training, starting with accounting for a service or merchandising business operated by a single proprietor.  It emphasizes generally accepted accounting principles and practices; the fundamental equation of accounts; the accounting cycle; the trial balance; the worksheet, including adjusting, closing, correcting and reversing entries; classified financial statements; methods for locating and correcting errors; and plant and tangible assets (3 Credits). Click here to view course objectives.

ACC 110 (Formerly AC 102) - Principles of Accounting II
This course is a continuation of Principles of Accounting I with emphasis on accounting systems and controls; payroll systems; concepts and principles; partnership formation; income division and liquidation; corporation organization and operation; stockholders' equity; earnings and dividends; long-term liabilities and investments; departmental and branch accounting; and the manufacturing statement (3 Credits).  Prerequisite: ACC 105
Click here to view Course Objectives

ACC 205 (Formerly AC 211) – Intermediate Accounting I
ACC 205 is a review of basic accounting principles and concepts and the accounting cycle from raw data to the basic financial statements.  Special attention is given to a series of chapters describing in detail the problems relating to general accounting, valuation and presentation of cash, temporary investments, receivables, inventories, current liabilities and income taxes; the acquisition, use and retirement of land, buildings and equipment; and related problems in matching revenue and costs (3 Credits).  Prerequisite: ACC 105   Click here to view course objectives.

ACC 210 (Formerly AC 212) – Intermediate Accounting II
This course is a continuation of Intermediate Accounting I.  The emphasis is on accounting principles as applied to depreciation and depletion; intangible assets; long-term investments and liabilities; stockholders, equity and related problems in matching revenue and cost; financial statement preparation; analytical processes; ratios and measurements, combined with funds-flow reporting from both complete and incomplete records (3 Credits).  Prerequisite: ACC 205   Click here to view course objectives.

ACC 215 (Formerly AC 215) - Federal Taxation
This course examines the Federal Income Tax Code and its application to individuals and business enterprises.  A study is made of the requirements for filing tax returns and of the tax liability; taxable and non-taxable income; deductible expenses and losses; bases and determination of gains and losses; and related problems involving personal and business situations.  Emphasis is placed on tax planning and preparation of various tax forms.  Computerized tax preparation is also emphasized in this class (3 Credits).   Prerequisite: ACC 105  Click here to view course objectives.

ACC 220 (Formerly AC 219) – Managerial Accounting

This course introduces the business/accounting student to the field of Managerial Accounting. It serves as a follow-up course for students who have completed Accounting I and Accounting II. Designed as a three-credit course, it focuses on how accounting contributes to effective management while emphasizing the principles of cost accounting used by manufacturing and other businesses. Topics include job order and process costing systems, cost behavior, volume profit analysis, variable costing, budgeting, performance evaluation and decision making (3 Credits). Prerequisites: ACC105, ACC110 and ECO105. Click here to view course objectives.

ACC 225 (Formerly AC 225) – Introduction to Finance

ACC 225 introduces the business student to the basic financial principles, presents an overview of the financial decision-making process with emphasis on corporate structures, and develops problem-solving skills unique to financial management. Topics include financial statement analysis, time value of money, bonds, stocks, risk and return, capital budgeting, cash flow estimation, cost of capital, dividends, financial planning and international financing. Financial calculator/spreadsheet software is used in problem solving (3 Credits). Prerequisites: ACC105, ACC110 and ECO105. Click here to view course objectives.

Additional Information

• Some accounting students may wish to transfer to another college or university upon graduation.
• Articulation agreements with a number of four-year institutions govern transferability of these credits.
•  Accounting majors interested in transferring should consult with the Transfer Coordinator on the status of Lackawanna College’s accounting credits at their institution of choice.
• The concentration provides a basic core of accounting courses as well as business and general electives that meet the needs of the individual student.