- Understand and apply U.S. generally accepted accounting principles (GAAP).
- Recognize areas where U.S. GAAP and international financial reporting standards (IFRS) differ.
- Apply principles of budgeting and variance analysis to evaluate operational success.
- Analyze and evaluate business decisions using recognized methods.
- Understand and apply federal income tax principles and concepts.
- Understand specific technologies used to process accounting data and evaluate them from an auditing perspective.
- Understand the concept of internal control and evaluate internal control procedures over typical business processes.
ACCT-200 Financial Accounting
Introduction to accounting for internal and external reporting. Emphasizes corporate financial accounting and reporting. Covers theoretical and practical issues related to the accounting and reporting of assets, liabilities, owners' equity, revenues, expenses, gains and losses. Emphasis is placed on the importance of financial accounting information for investment and credit decisions. Prerequisites: Either accounting major, finance major, or sophomore standing. 4 SH.
ACCT-210 Legal Environment
The legal environment as it relates to business. Considers essential elements of consumer protection law, employment law, environmental regulation, court procedures, torts, introduction to contracts, agency law and selected laws regarding corporations. Prerequisite: Sophomore standing or permission of the instructor. 4 SH. CC: Ethics Intensive, Interdisciplinary.
ACCT-220 Introduction to Taxation
The objective of this course is to provide students with an initial background in federal income tax. The course builds an appreciation of federal income tax laws, as opposed to accounting principles and theory. It is designed to develop a fundamental knowledge of basic federal income tax principles and concepts. The course is also designed to qualify the student as a TCE (tax counseling for the elderly) volunteer. This program is offered in the spring and is not a course requirement. The TCE program is specifically targeted to the elderly and is offered at the Selinsgrove Senior Center. The topics discussed in this course include the following: gross income inclusions and exclusions, adjusted gross income, deductions, exemptions, filing status, sales and exchanges of property, the earned income credit, the credit for the elderly, education credits, and capital gains and losses. Pennsylvania taxes are also covered. Prerequisite: ACCT-200. 2 SH.
ACCT-301 Intermediate Accounting I
Covers the theoretical and conceptual framework of financial accounting and the content and usefulness of financial statements. Also provides in-depth coverage of the accounting and reporting issues related to operating activities of business enterprises. Special projects include case studies and position papers requiring research into pronouncements of the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB). Prerequisites: ACCT-200 and sophomore standing. 4 SH.
ACCT-302 Intermediate Accounting II
Continuation of ACCT-301, emphasizing accounting and reporting issues for investing and financing activities of a business enterprise. Additional coverage of latest developments in financial accounting. Special projects include cases and position papers requiring research into pronouncements of the FASB and IASB. Prerequisite: ACCT-301 or permission of the instructor. 4 SH.
ACCT-305 Federal Taxation
This course is a continuation of ACCT-220 Introduction to Taxation. It emphasizes tax research through the use of RIAs Checkpoint and LexisNexis. The students also learn how to prepare tax returns using a computerized tax return preparation program such as TurboTax. Technical tax topics are covered in more depth. Learning is accomplished through the use of case studies, such as Prentice-Hall's Life of Riley. There is a heavy emphasis on learning to recognize and research tax issues. The course places a considerable emphasis upon the development of the student's ability to recognize, interpret and weigh the various and often conflicting sources of the tax law. These sources include the Internal Revenue code, congressional committee reports, Treasury Department regulations, IRS pronouncements, federal court precedents, and commentaries of tax practitioners and academicians. The student is exposed to the various sources of the tax laws: how to find them, how to correctly cite them, how to read and interpret them, and how to weigh conflicting authorities in formulating recommendations. The course also develops and refines students' analytical and legal reasoning skills and their diagnostic instincts and abilities. Prerequisite: ACCT-220. 2 SH.
ACCT-309 Accounting Information Systems
In this course students are introduced to information systems concepts and practices in relation to roles of user, designer and reviewer (auditor). Common to these three roles is the importance of systems documentation and internal control. Students review and analyze typical business processes, evaluate internal controls commonly implemented by business firms, and are exposed to a wide variety of tools, trends and techniques. These include flowcharts and communications tools, database management systems, enterprise resource planning (ERP), e-business and traditional legacy processing. Prerequisites: INFS-174 and ACCT-200. 4 SH.
ACCT-310 Advanced Business Law
A study of contracts, employment law, antitrust law and commercial transactions. Includes negotiable instruments, sales, creditors' rights, personal property and bailments. Prerequisite: ACCT-210. 2 SH.
ACCT-330 Cost Management
Study and comparison of traditional and emerging costing systems. Traditional costing emphasizes accounting procedures for inventory valuation, budgeting and investment decisions with emphases on unit-based cost behavior; job, process and standard costing; variance analysis; break-even analysis; and time-value decision models. Emerging costing emphasizes the understanding of cost behavior as a strategic tool of general management. The course also covers concepts such as activity-based costing and the theory of constraints. Prerequisites: ACCT-200 with a grade of at least C- and either junior standing or sophomore standing for accounting major or finance major. 4 SH.
ACCT-340 Governmental and Nonprofit Accounting
Introduction to the theory and practice of accounting for nonprofit organizations, such as government operations, hospitals, colleges and arts facilities. Includes budgeting as well as bookkeeping and reporting practices. (Offered in alternate years.) Prerequisite: ACCT-200. 2 SH.
ACCT-405 Federal Taxes II
Continuation of ACCT-305, emphasizing taxation of corporations and partnerships, estate and gift taxation, and tax practice and procedure. Includes tax research project. Prerequisite: ACCT-305 or instructor's permission. 2 SH.
Theory and practice of accounting for business combinations. Topics include cost, equity and consolidation methods, and the consolidation of parent-subsidiary operations, including minority interests. Prerequisites: ACCT-302 or ACCT-301 and permission of the instructor. 2 SH.
ACCT-415 Advanced Accounting
This course provides accounting students with the theoretical, conceptual and technical foundation necessary to prepare and analyze consolidated financial statements and state and local governmental financial statements. Other topics will include foreign currency transactions and translation, derivatives and hedge accounting, and interim and segment reporting. This is an applied course focusing on the development of knowledge and skills through extensive practice. Prerequisite: ACCT-302. 4 SH.
An introduction to the theoretical and conceptual foundations of auditing. Topics include risk analysis, sampling and testing, internal control structures, evidence, financial statement audits, systems audits, and reporting. The course also covers practice, duties, ethics and responsibilities of certified public accountants. Prerequisites: ACCT-309 and ACCT-302 or ACCT-309 and ACCT-301 with the permission of the instructor. 4 SH.
ACCT-430 Managerial Accounting Policy
Extended study of traditional managerial accounting concepts involving cost systems, budgeting, performance and variance analysis, behavior accounting, break-even and capital budgeting models, and direct cash flow statements. Introduction to more recently developed cost management topics, including the theory of constraints, activity-based costing/management, target costing, backflushing, learning curves, stochastic models and extension of capital budgeting models. Prerequisites: ACCT-330 and junior standing. 4 SH.
ACCT-496 Topics in Accounting
Topics of current importance and interest in accounting. Emphasizes readings from the current literature. Prerequisites: ACCT-200 and at least two additional semester hours of accounting. 2 SH.
ACCT-501 Independent Study
Individualized academic work for qualified students under faculty direction. Usually studies special topics not covered in regularly offered courses. Prerequisites: Junior or senior standing and approval of instructor and department. 2-4 SH.
ACCT-502 Senior Research
An extensive accounting-related research project under faculty supervision. Prerequisites: Senior standing, formal proposal statement before registration, acceptance by faculty supervisor and department head's permission. 2-4 SH.
ACCT-503 Accounting Internship
On-the-job supervised experience at a public accounting firm, corporation, governmental agency or nonprofit organization. Prerequisites: Internship coordinator's permission and acceptance by organization. 2-4 SH.
150-Hour Option. Students who intend to become CPAs need to complete at least 150 semester hours of college-level education. This is a requirement for membership in the American Institute of CPAs and also the individual state boards of accountancy that oversee the licensure process in each of the individual states. Students will apply for candidacy in the state where they intend to practice.
With careful planning, Susquehanna accounting majors can earn 150 semester hours by taking an average of 18 hours per semester and completing for-credit summer internships. Students should discuss their intended career plans with their academic advisers because states can have minor differences in the courses they require for licensure.