Course Descriptions

Accounting Courses

Faculty

Professors: Jayne Fuglister, Bruce McClain (Chair), Heidi Meier, Peter Poznanski; Professors Emeritus: Elise Jancura, Lawrence Kreiser, David Meeting, Abba Spero; Associate Professors: Theresa Holt, Etzmun Rozen, Scott Yetmar; Assistant Professors: Paul Lee, John Geekie, Laura Rickett; Instructors: Renee Castrigano, Daniel Kaminsky (Internship Director), Frank Klaus, Phil Thornton, Paul Schwin

Course Descriptions

ACT 221 Introductory Accounting I (3-0-3). Prerequisite: Sophomore standing. Fundamentals of accounting theory, concepts, and practice; includes the basic structure of accounting and accounting as it is used as a basis for business decisions, measuring business income; introduces the concept of accounting systems and control. Return to top

ACT 222 Introductory Accounting II (3-0-3). Prerequisite: ACT 221. A continuation of the fundamentals of accounting theory, concepts, and practice pertaining to various forms of business organizations, such as partnerships and corporations; measurement and control of costs as viewed in a departmental operation and interpretation of financial data and statements. Return to top

ACT 321 Cost Accounting I (3-0-3). Prerequisites: ACT 222. Introduces the basics of cost (managerial) accounting which apply to service, merchandising, and manufacturing firms. Covers job order and process costing, cost-volume-profit analysis, activity-based costing, variable costing, budgeting, standard costing systems and variance analysis, decision making using managerial accounting information, and related topics in addition to analytical and communications skills. Return to top

ACT 331 Intermediate Accounting I (4-0-4). Prerequisites: ACT 222. Focuses financial accounting and the statements of financial accounting concepts; reviews the accounting cycle, development of income statement, statement of retained earnings, the balance sheet, and time value of money concepts; accounting for current financial assets, inventory, plant assets, and intangible assets; accounting for current and long-term liabilities. Return to top

ACT 332 Intermediate Accounting II (4-0-4). Prerequisite: ACT 331. Continuation of financial accounting concepts covered in ACT 331; covers accounting for equity, investments, leases, taxes, pensions, and accounting changes; earnings per share; statement of cash flows and related topics. Return to top

ACT 361 Tax I (4-0-4). Prerequisites: ACT 222. Comprehensive examination of federal income taxation of individuals; emphasis on tax planning and recognition of tax problems. Return to top

ACT 388 Accounting Systems (3-0-3). Prerequisites: ACT 331. Business systems as viewed by the accounting professions: system analysis, flow-charting, and system design from a range of firms with a minimum of electronic and mechanical devices to firms employing the most sophisticated types of electronic data-processing equipment; emphasis on business system design to accumulate and communicate information to officials controlling the activities of the enterprise. Return to top

ACT 422 Cost Accounting II (3-0-3). Prerequisite: ACT 321. Continuation of ACT 321; covers capital budgeting, just-in-time inventory concepts, throughput accounting, performance evaluation, transfer pricing, balanced scorecard, and related topics. Return to top

ACT 441 Advanced Accounting (4-0-4). Prerequisite: ACT 332. Parent and subsidiary accounting; accounting aspects of business combinations and consolidations; accounting for estates, trusts, and insolvency; multinational accounting; and governmental and nonprofit accounting. Return to top

ACT 451 Auditing (4-0-4). Prerequisites: ACT 332. Audit approach; planning and procedure; treatment of adjustments and irregularities; preparing worksheets and final statements. Return to top

ACT 453 Information Systems Auditing (3-0-3). Prerequisite: ACT 451 or ACT 455, ACT 388. Problems of accuracy and control in computer-oriented applications; changing audit techniques, especially loss of traditional audit trail opportunities; control problems of direct access and real-time systems. Return to top

ACT 455 Internal Auditing (3-0-3). Prerequisite: ACT 222. The philosophy and practice of modern internal auditing techniques with emphasis on providing managers with definitive information about situations which might interfere with the accomplishment of the organization's goals and with feedback concerning extraordinary accomplishments.This course will NOT fulfill the audit content requirement to sit for the Ohio CPA examination. Return to top

ACT 456 Advanced Auditing Topics (3-0-3). Prerequisite: ACT 451 or ACT 455. The advanced topics in auditing include, but are not limited to, the use of quantitative methods, sampling methods, statistical sampling, analytical procedures, operational auditing, employee and management fraud, and audit administrative issues. Return to top

ACT 460 International Accounting (3-0-3). Prerequisite: ACT 222. A broad-based course that provides an understanding of the international dimensions of accounting. The course will include topics in financial and managerial accounting, auditing and, to a lesser extent, taxation and transfer pricing issues. In addition to the mechanics, comparative accounting systems and the process of the harmonization of accounting standards will be discussed. An examination of current international accounting literature will augment specific topic discussions. Return to top

ACT 462 Tax II (3-0-3). Prerequisite: ACT 361. Income taxation of corporations, partnerships, estates, and trusts; federal, estate and gift taxes; state and local taxes; methodology of researching complex tax problems. Return to top

ACT 484 Governmental and Institutional Accounting (3-0-3). Prerequisites: ACT 222. Accounting principles, standards, and procedures applicable to enterprises operated not-for-profit; covers governmental units, institutions such as universities and hospitals, charitable organizations, fraternal organizations, religious groups, and clubs. Return to top

ACT 490 Professional Internship (1 to 3 credits). Prerequisites: ACT 331, junior standing, permission of internship director. Three months of supervised practical experience with a public accounting firm or the accounting department of an industrial firm. Term report required. Return to top

ACT 491 Independent Study (1 to 3 credits). Prerequisites:ACT 332 and approval of sponsoring faculty and department chairperson. Flexible course content/structure to enable qualified students to pursue areas of interest and competency; opportunity for independent study, field research, or other special assignments. Return to top

ACT 493 Special Topics in Accounting (1 to 3 credits). Prerequisites: Senior standing and permission of Instructor and Department Chair. Explores current issues or special topics in accounting. Topics and course requirements will be announced by the department. Return to top

ACT 499 Honors Thesis in Accounting (3 credits). Prerequisite: Restricted to senior Accounting honors students. The Honors Thesis requires the honors student to conduct a piece of original research in accounting under the supervision of an Accounting faculty member. The thesis will be presented orally and submitted as a written report. Return to top

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Office of Undergraduate Studies
Cleveland State University
2121 Euclid Avenue, MC 107A
Cleveland, OH 44115-2214
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