Accounting Accounting Economics Management Public Administration Program Objectives The accounting curriculum provides students with the learning they need to take a strategic and integrated approach to accounting information. Today, accountants are more involved in decision making, directing management teams and are engaged in strategic planning. The objective of the accounting degree is to provide students with the knowledge of: Integrating principles from accounting and business theory with liberal arts learning to analyze and interpret business situations and to effectively communicate accounting information to users in a variety of contexts Classifying, recording economic events and preparing financial statement and other accounting information in accordance with generally accepted accounting principles Disseminating financial information to users (internal and external) for decision making through the financial statements. Financial statements should enable users to predict the economic future of an entity; Identifying business organizational structures and the environment in which they operate Understanding the role of an accountant as an independent verifier. Program Description We provide students with a clear set of ethical and professional behavior expectations through a curriculum that exposes students to meaningful real world applications by impacting the imperative for life-long learning through a process of student – initiated and unstructured learning that is central to professional advancement. While students are expected to acquire minimum knowledge in the courses of study offered, students are expected to be competent in critical thinking and self-reflection, team building, leadership, and professional communication skills. Our students acquire technology and cross-disciplinary skills to help them understand and develop ethical, global business and non-business descriptive insights for enhancement. We believe in forging partnership that enable us as educators to maintain our scholarships and understanding of leading organizational practice. INTRODUCTION TO ACCOUNTING I ACCT 101 Introduction to Accounting I ACCT 101 Credit Hours: 3Prerequisite: Freshman standing This course provides students with an introduction to financial accounting, and the language of business. Students will obtain an understanding of financing, investing, and operating decisions, internal and external transactions; and the information systems used to record, analyze, and report the financial data of business organizations. Emphasis is placed on concepts of principles and on the ability to form insights and make reasoned decisions based on accounting information. Courses in advanced accounting, finance, marketing, and strategy will require students to read and interpret financial information in the manner taught in ACCT 101. INTRODUCTION TO ACCOUNTING II ACCT 102 Introduction to Accounting II ACCT 102 Credit Hours: 3Prerequisite: ACCT 101. This course provides students with insights into how financial information is accumulated and reported using the tools of accounting, such as the general journal and other special journals to preparing periodic financial statements. Thus, students will obtain deep understanding of financing, investing, and operating decisions, internal and external transactions; and the information systems used to record, analyze, and report the financial data of business organizations. Courses in advanced accounting, finance, and marketing, will require the student to read and interpret financial information as taught in ACCT 101. PRINCIPLES OF ACCOUNTING L ACCT 201 Principles of Accounting l ACCT 201 Credit Hours: 3Pre-requisite: ACCT 102. This course deals with accounting concepts beyond book-keeping to the application of accounting methods acceptable for deriving the numbers shown on Financial Statements. It explores issues identified with company’s cash and internal controls, short-term investment (receivables), inventory evaluation methods and systems, accounting for depreciation, depletion and amortization of tangible assets, natural resources and intangible assets, and issues identified with current liabilities and payrolls. PRINCIPLES OF ACCOUNTING II ACCT 202 Principles of Accounting II ACCT 202 Credit Hours: 3Prerequisite: Acct. 201. This course is a continuation of Accounting 201. It explores issues identified with partnership, corporation, capital stock and dividend management, accounting for bonds, bond amortization, and the related issues about cash-flows for companies. COST ACCOUNTING I ACCT 303 Cost Accounting I ACCT 303 Credit Hours: 3Prerequisite: ACCT. 202. This course focuses on how accounting is used from the internal and manager perspective in organization. Students will learn how accounting information is used by management in decision making situations (e,g., how to determine the cost and profit of a particular product/service; how management determines which service/product lines to discontinue; and how to evaluate the performance of individual business units, etc). Emphasis will be placed on concepts and principles, and the ability to apply those concepts and principles to internal management decisions. COST ACCOUNTING II ACCT 304 Cost Accounting II ACCT 304 Credit Hours: 3Prerequisite: ACCT. 303. This course is a continuation of Accounting 303 (cost and managerial accounting l). It covers managerial application of accounting data and quantitative methods in planning and control are essential in this course. Concentration is placed in cost behavior analysis, master budgets and responsibility accounting, activities based costing, decision making and relevant information, flexible budget and capital budgeting. QUICKBOOKS ACCT 306 (ELECTIVE) QuickBooks ACCT 306 (ELECTIVE) Credit Hours: 3This course deals with computerized accounting principles. Students will be introduced to the use automated accounting software applications of general ledger, accounts payable, accounts receivable, bank reconciliation, plant assets, budgeting, payroll, inventory, and sales order processing. For example, as payroll transactions are entered, the resulting journal entries is immediately placed into the general ledger. In addition, menu options are available to generate periodic journal entries such as depreciations, adjusting entries, and employees’ payroll taxes. INTERMEDIATE ACCOUNTING I ACCT 307 Intermediate Accounting I ACCT 307 Credit Hours: 3Prerequisite: ACCT 202 This course provides students with an advanced understanding of financial reporting process and expand their ability to extract relevant information from accounting data. It stresses the importance of accounting to management and other stakeholders. In addition, time will be spent on discussing management’s incentives and how said incentives can influence the decisions and estimates they make when reporting their financial results. INTERMEDIATE ACCOUNTING II ACCT 308 Intermediate Accounting II ACCT 308 Credit Hours: 3Prerequisite: ACCT 307 This course deals with accounting issues related to fixed assets, intangible assets, current and long-term liabilities, stockholder’s equity, dilutive securities, and earnings per shares, and investments. Focus should be placed on Time-Value of Money, the evaluation of stocks and security bonds. ACCOUNTING SEMINAR ACCT 309 Accounting Seminar ACCT 309 Credit Hours: 1Prerequisite: ACCT 202 This course provides the student with a systematic framework for business analysis and financial forecasting. It introduces the student to tools to analyze a firm’s financial performance in order to forecast the firm’s performance. It introduces the student to several valuation models that are used by professionals to determine the intrinsic value on the firm. It enables students to apply these tools and models in order to generate: (1) Reasonable forecasts of the company’s future revenues, earnings, and free cash flows; (2) Forecasted financial statements for the firm for several periods; (3) Apply the various valuation models to the forecasts in order to estimate the firm’s intrinsic value. In addition, it prepares students for a career in auditing, banking, or advisory services. ADVANCED ACCOUNTING I ACCT 401 Advanced Accounting I ACCT 401 Credit Hours: 3Prerequisite: ACCT 308. This course is designed to help students develop an in-depth understanding of several complex accounting topics, including the financial implications of mergers, acquisition, and divestitures. It examines the special accounting issues surrounding foreign currencies and the translation of the financial statements of foreign affiliates. The course concludes with financial accounting and the accounting requirements of the Government of Liberia. ADVANCED ACCOUNTING II ACCT 402 Advanced Accounting II ACCT 402 Credit Hours: 3Prerequisite: ACCT 401 This course is an extension of Advanced Accounting I and deals with the concepts and principles of accounting at an advanced level. This course is concerned with currencies transaction, foreign currencies, foreign exchange contracts, financial reporting, and fund accounting. ACCOUNTING SYSTEM AND CONTROL ACCT 403 Accounting System and Control ACCT 403 Credit Hours: 3Prerequisite: ACCT 402 This course provides practical understanding and application of how accounting information is processed, controlled and reported. It introduces the fundamental concepts of accounting information systems and controls, and how an accounting system is governed within an entity; the controls surrounding the processing and reporting of business transaction; the use of budgeting as an accounting control tool; and how information technology supports various elements of the financial statements. ACCOUNTING THEORY AND PRACTICE ACCT 404 Accounting Theory and Practice ACCT 404 Credit Hours: 3Pre-requisite: ACCT 403 This course deals primarily with the basic concepts of accounting system and design installation of accounting systems and the evaluation of AIS and MIS systems in operation. PRINCIPLES OF AUDITING I ACCT 405 Principles of Auditing I ACCT 405 Credit Hours: 3Prerequisite: ACCT 308. This course examines the auditing and assurance services that public accountants provide to improve the quality of information that businesses use and report. It introduces the theory underpinning modern auditing practices, the auditor’s professional and ethical responsibilities, and the role of internal auditing practices, the auditor’s professional and ethical responsibilities, and the role of internal control. Students will trace the development and execution of an audit plan for a business entity. Students will also be exposed to the reports that auditors issue on internal control, financial statements, and special statements. PRINCIPLES OF AUDITING II ACCT 406 Principles of Auditing II ACCT 406 Credit Hours: 3Prerequisite: ACCT 405 This course provides the student with a deeper understanding of the critical role of auditing and assurance services in a dynamic economy. It builds upon the student’s knowledge gained in Accounting 405 (Principles of Auditing I). It begins with a module on the design of an effective internal control system, testing the internal control system, and reporting on the effectiveness of the internal control system. It also contains modules on audit reports, special reports and not-attested engagements. PRINCIPLES OF TAXATION ACCT 409 Principles of Taxation ACCT 409 Credit Hours: 3Prerequisite: ACCT 308. This course offers a practical study of current tax concepts and requirements under the provisions of the Liberian Revenue Code. It explains the procedures and forms used by taxpayers to comply with the provisions of the Liberian Revenue Code. It covers the effects of deductions and exemptions in determining the taxpayer’s taxable income and the calculation of applicable taxes, credits, and penalties. It provides an overview of tax administration in Liberia and introduces emerging issues in Liberia and other parts of the world. GOVERNMENTAL ACCOUNTING ACCT 410 Governmental Accounting ACCT 410 Credit Hours: 3Prerequisite: ACCT 401 This course provides the student with an understanding of developments and current issues in the area of financial reporting for governmental organizations. It builds upon the student’s exposure to government accounting in Advanced Accounting 401. It focuses on the accounting and reporting requirements promulgated in the Republic of Liberia. It also contains a module on financial reporting for non-governmental not-for-profit organizations. This course should be of interest to students preparing for a career in auditing or in the public sector. GOVERNMENTAL ACCOUNTING ACCT 410 Governmental Accounting ACCT 410 Credit Hours: 3Prerequisite: ACCT 401 This course provides the student with an understanding of developments and current issues in the area of financial reporting for governmental organizations. It builds upon the student’s exposure to government accounting in Advanced Accounting 401. It focuses on the accounting and reporting requirements promulgated in the Republic of Liberia. It also contains a module on financial reporting for non-governmental not-for-profit organizations. This course should be of interest to students preparing for a career in auditing or in the public sector.