Mitchell Technical Institute

Accounting Related

ACCT	110	Principles of Accounting I	4 Credits
Provides knowledge of fundamental accounting standards, concepts and practices utilized in the preparation and analysis of financial reports for non-corporate and corporate business entities. Topics include business transactions and accounting records, the accounting cycle, financial statements, internal controls, current assets and liabilities, fixed assets, and depreciation.
ACCT	111	Principles of Accounting II	4 Credits
Continuation of ACCT 110. Topics include payroll, partnership and corporate accounting, investments, long-term debt, statement of cash flows, financial analysis and departmental accounting. Prerequisite: ACCT 110.
ACCT	212	Intermediate Accounting I	4 Credits
Review of basic accounting concepts and principles, financial statements, the accounting process, cash and temporary investments, receivables, inventories and cost procedures. Statement of cash flows, the time-value-of-money inventory cost allocations, valuation procedures, and estimation are discussed. Computer problems solving uses Lotus 1-2-3 or Excel spreadsheet programs. Prerequisite: ACCT 211 with a grade of C or higher.
ACCT	213	Intermediate Accounting II	4 Credits
Comprehensive view of liability relationships and owner’s equity. Accounting for corporations are discussed. The importance of accounting for long-term bonds and investments, leases, retained earnings and their distribution is presented. Accounting for pensions, revenue recognition and financial reporting are covered. The acquisition utilization and retirement of operating assets is covered. Lotus 1-2-3 or Excel spreadsheet programs are utilized. Prerequisite: ACCT 212.
ACCT	214	Cost Accounting I	3 Credits
Accounting concepts, procedures and systems used in planning and controlling manufacturing business operations. Emphasis is placed on sources of cost information, maintenance of cost accounting records and cost accounting reports. Topics include accounting for materials, labor and factory overhead, job order costing, and process costing systems. Prerequisite: ACCT 111 with a grade of C or higher.
ACCT	215	Cost Accounting II	3 Credits
Continuation of ACCT 214 with emphasis placed on the budgeting process and methods of analyzing cost accounting data for managerial planning and control purposes. Topics include process costing systems, budgeting, standard costing, direct costing and decision analysis techniques. Textbook problems and computer problems are used. Prerequisite: ACCT 214.
ACCT	216	Governmental Reporting	2 Credits
Examination of state and federal reports filed by business and non-profit entities. Emphasis is on payroll, sales and excise tax reports. Computer application software is utilized.
ACCT	217	Government and Nonprofit Accounting	3 Credits
Introduction to concepts and practices of fund accounting for local governmental units and nonprofit organizations. Emphasis on fund structures, analysis and recording of transactions, preparation of financial reports is covered. Topics include local governmental unit funds, proprietary funds, fiduciary funds, account groups, hospitals, and voluntary health and welfare organizations. Prerequisite: ACCT 110 with a grade of C or higher.
ACCT	218	Tax Accounting I	3 Credits
Comprehensive study of federal income tax law. Major emphasis is on structure and administration of federal income tax law, preparation of individual income tax returns, supporting schedules, and income tax planning procedures. Topics include gross income inclusions and exclusions, business and personal deductions, tax credits and property transactions. Prerequisite: ACCT 111 with a grade of C or higher.
ACCT	219	Tax Software Applications	1 Credits
Various software packages are used in tax preparation exercises.
ACCT	220	Computer Accounting Applications I	3 Credits
Accounting projects using advanced Excel software techniques. A final project encompassing spreadsheet applications is completed. Prerequisite: CIS 105 and ACCT 210.
ACCT	221	Computer Accounting Applications II	2 Credits
Computer programs used to produce reprints and solve problems. Peachtree and Quickbooks accounting software are emphasized. Prerequisite: ACCT 111 with a grade of C or higher.