Accounting Course Descriptions

Course descriptions are listed numerically. Prerequisites, if any, are indicated in italics above the course descriptions. These prerequisites have been established to assure an adequate and uniform background for students in advanced classes. Franklin University reserves the right to alter course offerings or course content without notice. Not all courses are offered every trimester.

ACCT 215
Financial Accounting (4 cr. hrs.)

Prerequisite(s): Fundamental Algebra (MATH 150) and Introduction to Spreadsheets (COMP 106). Not open to students with credit for Introduction to Accounting or to students with credit for ACCT 110.
An introduction to accounting emphasizing how general purpose financial statements communicate information about the business corporation’s performance and position for users external to management. Approximately one third of the course emphasizes how the accountant processes and presents the information and includes exposure to recording transactions, adjusting balances and preparing financial statements for service and merchandise firms according to established rules and procedures. The balance of the course examines major elements of the statements such as cash, receivables, inventory, long–lived assets, depreciation, payroll, bonds, and other liabilities and stocks. Concepts of this course are applied to Managerial Accounting (ACCT 225). Students are advised to avoid any time lapse between these courses.

ACCT 225
Managerial Accounting (4 cr. hrs.)

Prerequisite(s): Fundamental Algebra (MATH 150), Financial Accounting (ACCT 110 or 215) and Introduction to Spreadsheets (COMP 106). Not open to students with credit for ACCT 120.
The study of management accounting for internal reporting and decision-making. The course introduces a business-management approach to the development and use of accounting information. Major topics include cost behavior, cost analysis, profit planning and control measures. Accounting for decentralized operations, capital budgeting decisions, and ethical challenges in managerial accounting are also covered.

ACCT 310
Intermediate Accounting I (4 cr. hrs.)

Prerequisite(s): Managerial Accounting (ACCT 225) and College Writing (COMM 120). Not open to students with credit for Intermediate Accounting I (ACCT 210).
The first of two in-depth financial accounting courses. Theory, the conceptual framework, development of generally accepted accounting principles, and applications are stressed. Topics include the income statement, the statement of cash flows and the balance sheet, specifically asset accounts.

ACCT 320
Intermediate Accounting II (4 cr. hrs.)

Prerequisite(s): Intermediate Accounting I (ACCT 310) with a minimum grade of “C”. Not open to students with credit for Intermediate Accounting II (ACCT 220).
The second of two in-depth financial accounting courses. Theory, concepts and applications are stressed. Topics include time value of money, current and non-current liabilities, leases, deferred taxes, retirement benefits, stockholders’ equity, earning per share, accounting changes and errors, and statement of cash flows.

ACCT 330
Cost Management (4 cr. hrs.)

Prerequisite(s): Managerial Accounting (ACCT 225) and Fundamental Algebra (MATH 150) or equivalent.
This course is an in-depth study of cost accounting focusing on its role in internal reporting and the resulting decision-making processes. Students will evaluate the foundation, ethics and basic costing systems employed in the management accounting profession; analyze budgeting, cost behavior, pricing and profitability concepts and principles; determine how cost allocations, product quality, and investment decisions are applied by management accountants; determine how current trends in various industries impact cost accounting; and demonstrate knowledge that is in accordance with the educational requirements for the Certified Management Accountant (CMA) exam.

ACCT 341
Fraud Examination (4 cr. hrs.)

Prerequisite(s): Financial Accounting (ACCT 215) and Principles of Management (MGMT 312). Not open to students with credit for BSFR 341.
This course provides an overview of the behavioral research associated with occupational fraud and the methodology of fraud examination (i.e., obtaining documentary evidence, interviewing witnesses and potential suspects, writing investigative reports, testifying to findings, and forensic document examination).  The majority of the course is focused on detecting the most common types of occupational fraud, determining how each type of fraud is committed, and implementing prevention strategies.

ACCT 342
Interviewing Techniques for Fraud Investigations (4 cr. hrs.)

Prerequisite(s): Fraud Examination (ACCT/BSFR 341). Not open to students with credit for BSFR 342.
This course provides an overview of techniques and strategies useful in interviewing and interrogating occupational fraud suspects and other parties of interest.  These techniques and strategies include interpreting the verbal and nonverbal cues of an interviewee, as well as planning, conducting, and documenting the findings from investigative interviews.

ACCT 343
Legal Elements of Fraud (4 cr. hrs.)

Prerequisite(s): Fraud Examination (ACCT/BSFR 341). Not open to students with credit for BSFR 343.
This course explores the legal issues associated with occupational fraud investigations with a primary emphasis on the proper preparation of a fraud report.  Related topics addressed include analyzing relevant criminal and civil laws, the rights of the parties involved in an investigation, rules of evidence, and expert witnessing.

ACCT 344
Corporate Governance and Internal Control Assessment (4 cr. hrs.)

Prerequisite(s): Fraud Examination (ACCT/BSFR 341). Not open to students with credit for BSFR 344.
This course starts with an overview of key legislation and guidelines associated with corporate governance.  This includes analyzing the components of the Committee of Sponsoring Organizations’ (COSO) internal control framework, the Sarbanes-Oxley Act of 2002, Statement on Auditing Standards (SAS)  No. 99, and the role of the Public Company Accounting Oversight Board (PCAOB).  However, the primary focus of the course is on identifying, documenting, analyzing, and testing internal controls in an organization as part of an effective fraud prevention program.

ACCT 360
Governmental and Not-for-Profit Accounting (4 cr. hrs.)

Prerequisite(s): Intermediate Accounting I (ACCT 310). Not open to students with credit for Fund Accounting (ACCT 270).
This course is designed to provide a framework for understanding the special accounting and reporting requirements of nonprofit organizations. The emphasis is on reporting concepts and budgeting principles for governmental and nonprofit economic entities.

ACCT 390
Federal Income Tax I (4 cr. hrs.)

Prerequisite(s): Managerial Accounting (ACCT 225) and Introduction to Spreadsheets (COMP 106).
An introduction to the federal income tax structure with emphasis on the individual taxpayer, including employee, sole proprietor and investor. This course also provides exposure to basic concepts that apply equally, or with slight modification, to taxpayers other than individuals. Major topics include filing status, exemptions, excludable and includable income, business and non-business deductions, disallowances, technical tax research, and computer problem applications.

ACCT 401
Accounting Ethics and Professional Responsibilities (4 cr. hrs.)

Prerequisite(s): Intermediate Accounting II (ACCT 320).
This course explores ethics and professional responsibility in the accounting profession. Students will discuss the evolutionary role of ethics as it pertains to the accounting profession. The course will also have students investigate and analyze case studies regarding ethical situations and issues confronted by the accounting profession. The course will also provide an introduction to professional responsibilities required of those in the CPA profession as prescribed by the state boards of accountancy.

ACCT 410
Accounting Internship (1-4 cr. hrs.)

Prerequisite(s): Intermediate Accounting II (ACCT 320) and Cost Management (ACCT 330). For internship positions in public accounting additional prerequisite(s) of Federal Income Tax I (ACCT 390) and Auditing (ACCT 470) are required.
Provides qualified students with an opportunity to receive academic credit for supervised professional training and experience in an actual work environment. This Internship is an ongoing seminar between the student, the faculty member and the employment supervisor. It involves a Learning Contract, periodic meetings with the faculty representative, professional experience at a level equivalent to other senior-level courses, and submission of materials as established in the Learning Contract. Participation cannot be guaranteed for all applicants.

ACCT 420
Federal Income Tax II (4 cr. hrs.)

Prerequisite(s): Federal Income Tax I (ACCT 390) with a grade of "C" or better.
Analysis of the income tax consequences of the formation, operation and liquidation of C-corporations, S-corporations, partnerships, estates and trusts including the treatment of distributions by these entities and tax planning considerations. Also examined is the tax effect of property transfers by gift or death. Technical tax research and tax memo documentation also required.

ACCT 425
Accounting Information Systems (4 cr. hrs.)

Prerequisite(s): Managerial Accounting (ACCT 225) and Introduction to Databases (COMP 108).
This course creates a framework for accounting information systems by combining knowledge about business as it relates to information systems, information technology, and accounting. Students will examine the REA enterprise ontology as it relates to databases which can be used to store and retrieve information for decision-making within an organization. Students learn that in the competitive organizations of today, and tomorrow, accountants cannot simply prepare and report information; they must take a more active role in understanding and creating systems and processes that impact the organization’s bottom line.

ACCT 470
Auditing (4 cr. hrs.)

Prerequisite(s): Intermediate Accounting II (ACCT 320).
A study of the planning, evidence gathering, internal control review, sampling, and application of procedures used to audit assets, liabilities, equity and related income statement accounts of a profit-oriented enterprise. Includes an evaluation of the audit profession including professional standards, ethics and liability of CPAs. Also includes a student-prepared audit case for hands-on application of audit procedures. The reporting requirements for compilation and review services and a thorough study of the types of audit opinions will also be studied. In addition, an audit research paper is required.

ACCT 480
Special Topics in Accounting (1-4 cr. hrs.)

Prerequisite(s): Determined on a course-by course basis and published online in the trimester Course Schedule.
A variable content classroom course in accounting in which students pursue topics or subjects of current interest that are not part of the regular curriculum. A specific course description will be published in the Course Schedule for the trimester the course is offered.

ACCT 495
Accounting Research and Analysis (4 cr. hrs.)

Prerequisite(s): Completion of all required and elective major courses or permission from Program Chair.
This course is designed to build upon previous research assignments in all upper level accounting courses and provide a capstone experience for accounting majors by challenging them to identify accounting issues, locate and research appropriate accounting concepts, standards, statements, pronouncements or tax authorities, and then provide a thorough analysis for determination of an appropriate conclusion for the decision-making process. Communication of such research and analysis will require students to prepare organized/structured written papers utilizing appropriate APA format and then present such findings to various audiences. Areas of research will include but will not be limited to SFACs, FASs, SASs, the Internal Revenue Code, and Treasury regulations.

ACCT 499
Independent Studies in Accounting (1-4 cr. hrs.)

Prerequisite(s): Minimum 2.00 cumulative GPA, at least 16 credit hours completed at Franklin, related coursework completed with a minimum grade of “B,” and permission of Program Chair.
Independent studies courses allow students in good academic standing to pursue learning in areas not covered by the regular curriculum or to extend study in areas presently taught. Study is under faculty supervision and graded on either a Pass/No Credit or a letter grade basis. (See the “Independent Studies” section in the Academic Bulletin for more details.)