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2021-2022 Undergraduate Catalog [ARCHIVED CATALOG]
Course Descriptions
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Accounting |
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ACC 110 - Financial Accounting Information for Decision Making
This course is designed to help students appreciate the role of accountants in providing information helpful to the decisions of investors, creditors, government regulators, and others, and how that information can be used. Emphasis is on understanding the meaning and value of the balance sheet, income statement, and statement of cash flows. The role of the auditor, internal controls, and ethical issues are examined. The annual report is used to explore how corporations apply accounting principles in presentations to the public.
Prerequisite(s): Minimum of 12 earned credit hours, MAT 101 (C or higher), or appropriate placement test scores (SAT Math score >= 570 or Accuplacer QAS>=263) or C- or higher in MAT 108 or MAT 140 or MAT 148 or MAT 152 , or C- or higher in MAT 120 or MAT 210 or other approved statistics course. See usm.maine.edu/school-of-business/stats for other approved statistics courses.
Co-requisite(s):
Credits: 3
Course Typically Offered:
Course Type: Accounting
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ACC 211 - Managerial Accounting Information for Decision Making
This course will provide students with the opportunity to learn basic concepts and accounting systems involved in the use of managerial accounting information in making planning and control decisions in organizations. Basic concepts include different types of costs (e.g., direct, indirect, fixed, variable, and relevant costs). Basic accounting systems include systems for cost allocation (e.g., job-order costing, activity-based costing), planning (e.g., cost-volume-profit analysis, master budget), and control (e.g., flexible budgets, variance analysis, responsibility accounting, performance measurement).
Prerequisite(s): ACC 110 (C- or higher), sophomore standing.
Co-requisite(s):
Credits: 3
Course Typically Offered:
Course Type: Accounting
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ACC 295 - Internship in Accounting
An internship course in accounting. Enrollment is normally limited to accounting majors who have not completed degree requirements. Majors are limited to a maximum of nine internship credits toward the degree; this course counts for general elective credit only. Pass/Fail
Prerequisite(s): Sophomore standing, School of Business major, 2.5 GPA or higher, and permission of a School of Business advisor and instructor.
Co-requisite(s):
Credits: Variable credit, 1-3 credits, 47 internship hours/credit hour
Meets the Following Core Requirement: Engaged Learning
May be repeated up to a total of 3 credits.
Course Typically Offered:
Course Type: Accounting
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ACC 301 - Financial Reporting I
An examination of the conceptual framework, the primary financial statements, and the methods and rationale for recording and reporting assets. Emphasis is on the effect of present and potential economic events on the financial statements. The course discusses the advantages, limitations and deficiencies associated with generally accepted principles in connection with presenting decision-useful information. Non School of Business students please see enrollment policy for eligibility.
Prerequisite(s): ACC 110 (C- or higher), ACC 211 (C- or higher), junior standing.
Co-requisite(s):
Credits: 3
Course Typically Offered:
Course Type: Accounting
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ACC 302 - Financial Reporting II
An examination of the methods and rationale for recording liabilities and equity. The course also examines the statement of cash flows. Emphasis is on the effect of present and potential economic events on the primary financial statements. The course discusses the advantages, limitations, and deficiencies associated with generally accepted principles in connection with presenting decision-useful information. Non School of Business students please see enrollment policy for eligibility.
Prerequisite(s): ACC 301 , FIN 320 (C or higher), junior standing.
Co-requisite(s):
Credits: 3
Course Typically Offered:
Course Type: Accounting
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ACC 329 - Accounting Information Systems
This course explores the theory and tools needed to select, use, set up internal controls for, and obtain information from accounting systems. The basic debits and credits of double-entry accounting are reviewed using a manual practice set that includes preparing typical business documents. The business activities performed in the expenditure, production, and revenue cycles are covered together with the documents, internal controls, and reporting needs relevant to each cycle. Significant emphasis is placed on the effects of error on financial reports, the controls needed to prevent and detect errors in accounting systems, and the correction of system errors. The use of small business accounting software is introduced. Students use accounting software to set up accounts, process transactions and produce managerial and standard financial accounting reports. Non School of Business students please see enrollment policy for eligibility.
Prerequisite(s): ACC 211 (C- or higher), ACC 301 (or concurrent), junior standing.
Co-requisite(s):
Credits: 3
Course Typically Offered: Offered both in the fall and spring semesters.
Course Type: Accounting
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ACC 395 - Internship I
The first internship course in accounting is described in the general School of Business catalog text. Enrollment is normally limited to accounting majors or minors who have not completed degree requirements. Majors are limited to a maximum of nine internship credits toward the degree and minors are limited to a maximum of three internship credits. Pass/fail.
Prerequisite(s): Junior standing, 2.5 GPA or higher, and permission of a School of Business advisor and instructor.
Co-requisite(s):
Credits: 3
Meets the Following Core Requirement: Engaged Learning
Course Typically Offered:
Course Type: Accounting
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ACC 396 - Internship II
This is the second internship course in accounting. Enrollment is normally limited to accounting majors who have not completed degree requirements. Majors are limited to a maximum of nine internship credits toward the degree. Credits from this course count as general electives only. Pass/fail.
Prerequisite(s): 2.5 GPA or higher, and permission of a School of Business advisor and instructor.
Co-requisite(s):
Credits: 3
Meets the Following Core Requirement: Engaged Learning
Course Typically Offered:
Course Type: Accounting
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ACC 405 - Cost Management Systems
This course is designed to explore how cost management systems can be used to support competitive strategy in global markets. This is accomplished by providing an understanding of the underlying and fundamental concepts in cost accounting. The theory of Cost Accounting is applied through homework assignments and class discussions. Non School of Business students please see enrollment policy for eligibility.
Prerequisite(s): ACC 211 (C- or higher), junior standing.
Co-requisite(s):
Credits: 3
Course Typically Offered: Spring only
Course Type: Accounting
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ACC 410 - Auditing and Assurance
This course examines the public accounting profession, auditing standards, and professional ethics. The course explores the process by which an auditor forms an opinion as to the “fairness of presentation” of financial statements, giving an overview of audit evidence and audit evidence accumulation methodology. The course exposes students both to the demand for and supply of the profession’s flagship service, financial statement audits and to the nature of the value-added assurance and attestation services decision-makers demand in the information age. The course illustrates with real companies, links class discussion and assignments to student skills, and encourages unstructured problem-solving. This course provides an opportunity for students to study auditing concepts and theory at an advanced level by examining a number of issues, with extensive reading from the auditing research literature, in addition to the textbook material. Non School of Business students please see enrollment policy for eligibility.
Prerequisite(s): ACC 302 (or concurrent), ACC 329 , senior standing.
Co-requisite(s):
Credits: 3
Course Typically Offered: Offered both in the fall and spring semesters.
Course Type: Accounting
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ACC 413 - Concepts and Strategies of Taxation
This course provides a conceptual understanding of the federal tax system, and its impact on individuals, corporations, and partnerships. The primary emphasis is on fundamental income tax concepts and principles, with an overview of other taxes. Detailed technical coverage and return preparation are minimized. The economic, political, social, and judicial reasoning underlying tax provisions are explored. Tax issues and changes under current consideration at the national, state, local and international levels are discussed. Basic research skills and methodology are introduced. Non School of Business students please see enrollment policy for eligibility.
Prerequisite(s): ACC 110 (C- or higher), junior standing.
Co-requisite(s):
Credits: 3
Course Typically Offered: Fall only
Course Type: Accounting
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ACC 416 - Governmental and Nonprofit Accounting
An analysis of the environment and characteristics of government and nonprofit organizations, with an in-depth study of the basic concepts and standards of financial reporting for such entities. Financial management and accountability considerations specific to government and nonprofit organizations are emphasized. Non School of Business students please see enrollment policy for eligibility.
Prerequisite(s): ACC 301 , junior standing.
Co-requisite(s):
Credits: 3
Course Typically Offered: Limited
Course Type: Accounting
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ACC 418 - Principles of Fraud Examination
This course examines the subject of fraud from both management and accounting perspectives. Utilizing a variety of techniques including text, lecture, case studies, guest speakers, and occasional videos, the course seeks to familiarize students with the conditions that facilitate fraud; the profile of the fraud perpetrator; common types of fraud; and methods of prevention, detection, and resolution. Numerous historical cases of fraud are examined. Students are brought to appreciate the prevalence of fraud in current society as well as the almost innumerable ways in which it can be committed. Students entering the business world are provided a perspective for understanding. Non School of Business students please see enrollment policy for eligibility.
Prerequisite(s): ACC 110 (C- or higher), junior standing.
Co-requisite(s):
Credits: 3
Course Typically Offered: Limited
Course Type: Accounting
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ACC 490 - Independent Study in Accounting
Selected topics in the various areas of accounting, auditing, and income taxes may be studied and researched on an independent basis. Enrollment is normally limited to accounting and finance degree candidates.
Prerequisite(s): Senior standing and permission of instructor and program chair.
Co-requisite(s):
Credits: 1-3
Meets the Following Core Requirement: Engaged Learning
Course Typically Offered:
Course Type: Accounting
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ACC 499 - Special Topics in Accounting
Non School of Business students please see enrollment policy for eligibility.
Prerequisite(s): Vary by topic.
Co-requisite(s):
Credits: 1-3
Course Typically Offered:
Course Type: Accounting
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