Accounting Course Descriptions

ACC 241: Principles of Accounting I, 4 credits

The accounting sequence of ACC 241-242-243 is required of all students.  Accounting Principles I includes an introduction to the fundamental principles of accounting, financial statements, the impact of business events on financial statements, how financial data is accumulated and reported, the uses and limitations of financial data, and internal controls.  Students will account for service and merchandising businesses, including sales, inventory, and cash.  The course requires students to learn the concepts of accounting and how they are applied in recording business transactions and in preparing financial reports.  The course requires the use of spreadsheets for problem solving and analysis. 
Prerequisite: MIS 105 or MIS 160.  MIS 160 may be taken concurrently.

Goals And Objectives
By the end of this course, Northwood wants students to:

1. Describe the role of accounting as an integral part of business, including the limitations of accounting information, and the available careers in accounting.
2. Describe the basic characteristics, advantages and limitations of the three forms of business entities.
3. Explain the steps in the accounting cycle and explain why each step is necessary.
4. Explain and analyze the transactions related to the operating activities covered to show how they affect specific accounts, the accounting equation and each of the four financial statements.
5. Explain and apply fundamental accounting principles and concepts to the operating activities studied.
6. Prepare double entry accounting entries for all transactions relating to operating activities studied, including adjusting and closing entries.
7. Explain the interrelationships between the four financial statements, and prepare a classified balance sheet and multiple-step income statement.
8. Explain the purpose of financial statement disclosures and describe the type of information required to be disclosed for the operating activities studied.
9. Explain the concept of internal controls and be able to apply them to the operating activities covered.
10. Explain the ethical implications of business issues as they relate to financial accounting and reporting.
    

ACC 242: Principles of Accounting II, 4 credits

The accounting sequence of ACC 241-242-243 is required of all students.  Accounting Principles II continues coverage of the fundamental principles of accounting, how financial data is accumulated and reported, and the uses and limitations of financial data.  The student is introduced to additional operating activities; the investing and financing cycles of a service and a merchandise business, including the acquisition, valuation, and sale of long-term assets (property, plant and equipment, intangible assets and investments), liabilities, including interest-bearing debt, corporate equity; partnerships, and sole proprietor's equity.  Topics studied include the preparation of the statement of cash flows and financial statement analysis. The course will include the use of spreadsheets for problem solving and may include a significant project analyzing a company's financial statements, including the footnotes, for all topics covered in ACC 241 and ACC 242.  Students will be introduced to small business accounting software for accounting and reporting. 
Prerequisite:ACC 241.

Goals And Objectives
By the end of this course, Northwood wants students to:

1. Prepare a multiple-step income statement, classified balance sheet, and statement of cash flows based on all topics covered in ACC 241 and 242.
2. Explain and apply the fundamental accounting principles and concepts to receivables, property, plant and equipment, intangible assets, investments, liabilities, including interest-bearing debt, and owners' equity for all three forms of business, to include sole proprietor, partnership and corporation.
3. Explain, analyze, and record in the general journal the transactions in each of the areas studied, showing  how they affect specific accounts, the accounting equation, and each of the four financial statements. This includes adjusting and closing entries.
4. Explain the purpose of financial statement disclosures, describe the type of information required to be disclosed for the activities studied, and demonstrate the ability to find and interpret disclosures in a company’s annual report.
5. Explain the concept of internal controls and be able to apply them to the operating, investing, and financing activities covered.
6. Explain the ethical implications of various issues as they relate to financial accounting and reporting.
7. Prepare a statement of cash flows using the indirect method and explain and interpret the information found on the statement.
8. Explain the different types of financial statement analysis tools and the use of each.
9. Analyze and interpret a corporation's results using the company's annual report and horizontal, vertical, and ratio analysis.

ACC 243: Principles of Accounting III, 4 credits

The accounting sequence of ACC 241-242-243 is required of all students.  Accounting Principles III continues the coverage of the fundamental principles of accounting, how financial data is accumulated and reported for both internal and external reporting, and the uses and limitations of financial data in product costing for a manufacturing and a service business.  Students are introduced to cost accounting systems (job order costing, process costing and activity-based costing), cost-volume-profit analysis, budgeting and planning, standard cost development, variance analysis, variable and absorption costing, incremental analysis, and capital budgeting.  The use of these items for management decisions and control are emphasized.  The course will include the use of spreadsheets for problem solving and analysis. 
Prerequisite: ACC 242

Goals And Objectives
By the end of this course, Northwood wants students to:

1. Explain the different types of costs incurred in manufacturing a product or providing a service and calculate the cost per unit of a product or service.
2. Compare and contrast job cost, process cost and activity-based cost system and determine the cost of raw material inventory, work-in-process inventory, finished goods inventory, and cost of goods sold using each costing system.  
3. Explain and identify cost behavior, including the variable, fixed and mixed costs.
4. Explain the difference between income calculated using absorption and variable costing.
5. Perform cost-volume-profit analysis and use it to make business decisions.
6. Analyze business situations using incremental costs and make recommendations using quantitative and qualitative data.
7. Prepare a static and flexible budget, analyze variances between actual results and the budget using sales, materials, labor and overhead variances, and explain potential reasons for each variance.
8. Explain the relationships among and the differences between a strategic plan, operations plan, and a budget.
9. Analyze potential capital investments using the payback and net present value methods and make recommendations on whether to proceed with an investment; and use incremental analysis to analyze business decisions and make recommendations.
10. Explain and use tools to evaluate management's performance.

ACC 302: Cost Accounting, 4 credits

This course expands upon the managerial accounting concepts introduced in ACC 243.  The accumulation and use of accounting data in planning and controlling costs of products and services for both the short- and long-term and in decision making is discussed.  Internal uses of accounting information for managerial purposes are emphasized.  The use of spreadsheet software for problem solving will be required.
Prerequisite: ACC 243

Goals And Objectives
By the end of this course, Northwood wants students to:

1. Explain the role of cost management in decision making.
2. Discuss, compute and report product costs using job order, process and activity-based-costing (ABC) costing systems, including the corresponding journal entries. 
3. Make decisions using cost-volume-profit (CVP) techniques, including identification of types of costs, their behaviors in the long- and short-run, and interrelationships with sales and profits.
4. Make decisions using incremental analysis.
5. Explain various budgeting processes and discuss the relationships between budgeting, operational planning, and strategic planning.
6. Prepare budgets and explain how to  use budgets to effectively motivate, evaluate and control activities.  This includes preparing the master budget, preparing both  static and flexible budgets, computing  variances, identifying  possible causes of those variances, and suggesting  appropriate actions in light of those variances.
7. Compute joint costs and by-product costs, and discuss the impact on product costs of each method.
8. Discuss variable and absorption costing and the relationship of each to GAAP, and compute inventory, cost of goods sold, and net income under each method.
9. Discuss the importance of proper transfer pricing and the acceptable methods of establishing an effective transfer price.
10. Analyze results using strategic business units.

ACC 311: Intermediate Accounting I, 4 credits

ACC 311 is the first in a series of three intermediate accounting principles courses that cover the accounting theory and principles for defining, measuring, and reporting financial information.  Intermediate Accounting I topics include the development of generally accepted accounting principles (GAAP) and the conceptual framework.  These basic accounting principles and concepts will continue to be studied and applied throughout the entire Intermediate accounting sequence.  Intermediate Accounting I also provides a brief review of the complete accounting process, a more in-depth study of the basic financial statements, including the balance sheet, income statement, and the cash flow statement, a review of the time value of money concepts, and an introduction to earnings management issues.  The course will provide an opportunity to understand the challenges and limitations of accounting in order to critically evaluate and understand financial accounting.  It will include an introduction to research, application and analysis of GAAP, and requires the use of spreadsheets for problem solving and analysis.  The review of the accounting process will be accomplished through the completion of a set of documents, journals, ledgers, etc. for a company.
Prerequisite: ACC 243

Goals And Objectives
By the end of this course, Northwood wants students to:

1. Explain the process used to develop generally accepted accounting principles and financial concepts.
2. Properly analyze transactions and execute all steps in the accounting cycle, including journal entries, adjusting journal entries, and closing entries.
3. Describe, prepare, and interpret financial statements prepared using GAAP and financial accounting concepts, including the required disclosures.
4. Perform research and apply generally accepted accounting principles to specific business situations.
5. Discuss ethical implications of accounting issues related to measuring, recording, and reporting financial data.
6. Read current accounting and business literature to identify and analyze current developments in accounting and their impacts on accounting and business professionals. 

ACC 312: Intermediate Accounting II, 4 credits

ACC 312 is the second in a series of three Intermediate accounting principles courses that cover the accounting theory and principles for defining, measuring, and reporting financial information.  Intermediate Accounting II emphasizes the accounting theory and principles involved in definition, measurement, and reporting of operating, investing, and financing activities.  Topics covered include the revenue cycle, inventory/cost of goods sold, property, plant and equipment, intangible assets, investments; debt, and stockholders’ equity.  The course will provide an opportunity to understand the challenges and limitations of accounting in order to critically evaluate and understand financial accounting.  It will include personal and group research, application and analysis of GAAP through short cases, and require the use of spreadsheets for problem solving and analysis. 
Prerequisite: ACC 311.

Goals And Objectives
By the end of this course, Northwood wants students to:

1. Explain the accounting theory used to define, measure, and report operating, investing, and financing activities.  
2. Analyze and explain the affect on accounts and statements of business transactions involving operating, investing, and financing activities and record the transactions in the general ledger.
3. Describe, prepare, and interpret the portions of the financial statements, including the necessary disclosures, for each of the areas covered.
4. Perform research and apply generally accepted accounting principles to specific business situations involving operating, investing, and financing activities.
5. Discuss ethical implications of accounting issues related to measuring, recording, and reporting of financial data.
6. Read current accounting and business literature to identify and analyze current developments in accounting and their impacts on accounting and business professionals.

ACC 313: Intermediate Accounting III, 4 credits

ACC 313 is the final course in the three-course sequence covering the accounting theory and principles for defining, measuring, and reporting financial information.  Intermediate Accounting III will emphasize the areas of leases, income taxes, employee compensation, earnings per share, accounting changes, and errors, and introduce derivatives, business segments, and interim reporting.   It will also take a final comprehensive look at financial statements and disclosures.  The course  may use a team project, with written and oral components, that requires students to analyze the results and disclosures of actual companies.  The course will provide an opportunity to understand the challenges and limitations of accounting in order to critically evaluate and understand financial accounting.  In addition to the company analysis, it will include research, application and analysis of GAAP, including some short cases, and require the use of spreadsheets for problem solving and analysis. 
Prerequisite: ACC 312

Goals And Objectives
By the end of this course, Northwood wants students to:

1. Explain the accounting theory used to define, measure, and report financial information in each of the areas covered. 
2. Analyze and explain the affect on accounts and financial reports of business transactions covered, and record the transactions in the general ledger.
3. Describe the information found on, and prepare and interpret the portions of financial statements, including the required disclosures, for each of the areas covered.
4. Perform research and apply generally accepted accounting principles to specific business situations involving topics covered in the intermediate sequence.
5. Discuss ethical implications of accounting issues related to measuring, recording, and reporting financial data.
6. Read current accounting and business literature to identify and analyze current developments in accounting and their impacts on accounting and business professionals.

ACC 350: Taxation I, 4 credits

Taxation theory, principles, and systems, with emphasis on the preparation and filing of individual income tax returns.
Prerequisite: ACC 243

ACC 360: Taxation II, 4 credits

Continuation of ACC 350, with particular emphasis on partnerships, corporations, subchapter S corporations, estates and trusts, and gift taxes.
Prerequisite:  ACC 350

ACC 370: Individual, Partner and Corporate Income Tax, 4 credits

Individual, Partner & Corporate Income Tax introduces a broad range of tax concepts and types of taxpayers; emphasizes the role of taxation in the business decision-making process; provides opportunities to conduct basic tax research and tax planning; and requires preparation of basic tax returns both manually and using a computer software package. Coverage includes professional standards and ethics; the interrelationship and differences between financial accounting and tax accounting; taxation of individuals, corporations and partnerships.
Prerequisite: ACC 243

Goals And Objectives
By the end of this course, Northwood wants students to:

1. Identify and explain the different types of taxes imposed on individuals, corporations and partnerships.
2. Prepare basic income tax returns of individuals, corporations (C and S), and partnerships.
3. Explain the income tax consequences of operating a business as a sole proprietorship, partnership, C corporation, and S corporation.
4. Recommend and justify the proper entity to form based on the objectives of the business owner(s).
5. Use the Internal Revenue Code and other resource material to research and determine the proper tax treatment of transactions.
6. Identify items of income as taxable or tax-exempt and expenses as deductible or not deductible.

ACC 380: Advanced Tax and Research Topics, 4 credits

Advanced Tax and Research Topics continues and expands upon ACC 370.  The course includes the importance of ethical considerations, competent tax research, and thoughtful planning; the calculation of taxable income using a trial balance and adjustments; and the tax aspects of the formation, operation, dissolution/winding-up of sole proprietorships, C and S corporations, and partnerships.  Coverage also includes multi-jurisdictional issues, employee compensation, related party transactions, estate and gift taxation, and fiduciary accounting.
Prerequisites:  ACC 370

Goals And Objectives
By the end of this course, Northwood wants students to:

1. Identify sources of ethical regulation of tax preparers.
2. Illustrate the proper tax accounting and reporting for formation, operation, and dissolution of sole proprietorships, C and S corporations, and partnerships.
3. Compare and contrast doing business as a limited liability partnership (LLP) and a limited liability corporation (LLC), and explain how each is taxed.
4. Apply rules used in determining alternative minimum tax (AMT) for corporations and individuals.
5. Explain the tax consequences of employee compensation issues, including related payroll taxes and benefits.
6. Explain the tax consequences of related party transactions.
7. Discuss the accounting for and interrelationship of, and compute the tax for gifts and estates.
8. Describe the accounting for, and income taxation of, trusts and estates.
9. Identify and explain international and multi-jurisdictional taxation issues for individuals, corporations and partnerships.

ACC 401: Auditing, 4 credits

Auditing is an introduction to the profession of auditing and other assurance services, with an emphasis on financial statement auditing.  Internal and compliance audits are also studied.  Course topics examined include: the legislative history of auditing, a study of the regulatory bodies responsible for current auditing standards, audit opinions available to the auditor and reasons for issuing each; internal control study and testing; evidence-gathering; nature and types of testing; materiality; generally accepted auditing standards; audit risk models; audit documentation; fraud detection and responsibilities; management assertions and responsibilities; legal considerations; statistical sampling; ethical responsibilities; and communications between management and auditors.
Prerequisites: ACC 405

Goals And Objectives
By the end of this course, Northwood wants students to:

1. Identify, explain, and apply generally accepted auditing standards applicable to public and non-public company audits.
2. Describe auditor activities in all stages of the audit, from audit planning to issuing an opinion. 
3. Identify and justify the appropriate audit opinion to be issued under various circumstances.
4. Assess the sufficiency and competency of evidence in light of audit risk and materiality.
5. Identify, test, and assess effectiveness of internal control procedures as they relate to a financial statement audit.
6. Explain the effects of client errors on various financial statements.
7. Explain the regulatory climate in which auditors work, including the impact of the SEC and Sarbanes-Oxley legislation on the audit profession.
8. Explain the auditor’s ethical and legal responsibilities.
9. Describe other assurance services, including internal and compliance audits, and how auditors perform them.

ACC 404: Governmental and Non-Profit Accounting, 4 credits

This course is a comprehensive review of the accounting principles, reporting (including tax requirements), and procedures for governmental units and not-for-profit entities.  Topics covered include the study of the accounting cycle, budgeting, fund accounting, accounting for state, and local governments, accounting for colleges and universities, hospital units, voluntary health and welfare organizations and other not-for-profit entities.  The Governmental Accounting Standards Board objectives of accounting and financial reporting for governmental entities and not-for-profit entities will be examined. 
Prerequisite: ACC 313

Goals And Objectives
By the end of this course, Northwood wants students to:

1. Explain the different fund types and account groups within a governmental unit.
2. Explain the budgeting process and be able to illustrate the proper accounting treatment in each of the governmental funds.
3. Explain, record, and report  transactions in the proper fund(s), account groups, and government wide financial statements.
4. Compare and contrast the accounting used for a governmental unit, college and university, health and welfare, and not-for-profit entities.
5. Prepare all related financial statements, including interim and end of year statements for governmental units, college and university, health and welfare, and not-for-profit entities.
6. Explain tax implications for not-for-profit (nonprofit) organizations.
7. Explain the internal audit function in governmental entities.

ACC 405: Accounting Information Systems, 4 credits

Accounting Information Systems is a study of accounting information systems which traces the capture of accounting data, processing of that data into information, and reporting that information in various business environments.  Areas of study include an introduction and discussion of the AIS role in management decision making;  internal controls for public and private enterprises, including computer and technology controls; analysis of business processes and how they are integrated; and systems’ studies, including the analysis, design, development, implementation, and operation of accounting information systems. 
Prerequisite: ACC 312 or approval of department chair

Goals And Objectives
By the end of this course, Northwood wants students to:

1. Explain the financial manager’s role relative to  management and accounting information systems.
2. Explain the stages of system design, including systems planning, analysis, documentation, design, development, implementation, operation and evaluation.
3. Document accounting information flows using flow diagrams, charts, narratives, and questionnaires. 
4. Identify, explain and discuss the need for and types of internal controls, including general, process and application controls, and determine appropriate controls considering the objectives of various business enterprises and current legislation.
5. Apply and evaluate controls within business processes, including operating, investing, financing, and reporting cycles. 
6. Perform various accounting tasks using computer software program. 
7. Discuss the current developments in information  technology and explain how they impact existing accounting information systems and/or the development of new systems.
8. Identify and explain risk management issues related to accounting information systems.
9. Study the accounting system, or a portion thereof, of a real-life entity, analyze that system, recommend feasible system improvements relating to controls, report and form designs, and report orally and in writing on the system. 
10. Consider, analyze, and explain the impact of current legislation, particularly the Sarbanes-Oxley Act of 2002, on accounting systems and internal controls in business.

ACC 406: Fraud Examination, 4 credits

Fraud Examination presents an overview of fraud examination and forensic accounting, including  fraud detection practices and procedures, training, and certification available in the field, and issues pertaining to career opportunities.  Other topics include the definition of fraud and the effects of fraud on  the accounting profession and business as a whole. Finally, fraudulent behavior on the part of corporate accountants will be examined with emphasis placed on the methods of fraudulent accounting and its effect on the financial statements, investors, and the future of the business itself.
Prerequisites: ACC 401

Goals And Objectives
By the end of this course, Northwood wants students to:

1. Define and describe history of forensic accounting and fraud examination.
2. Describe and demonstrate the tools and practices used by accountants in these fields.
3. Explain the need for fraud control in the marketplace.
4. Explain and demonstrate the specific fraudulent accounting procedures which can be used by managers, internal accountants, CEO’s and CFO’s who are engaged in fraudulent accounting and the  motivation for conducting such practices. 
5. Examine the relationship between the internal controls and the prevention of fraud practices. 
6. Explain and demonstrate the accounting procedures and techniques used by professionals to ensure financial statement accuracy and secure assets.
7. Describe the career options available to accountants specializing in forensic accounting and fraud examination.

ACC 407: Federal Tax Research, 4 credits

This course will introduce the student to the basics of Federal Tax Research.  The course is designed for students familiar with the fundamentals of federal income tax and transfer tax law.  As such, it should logically follow ACC 370 and ACC 380.  ACC 407 will be a "hands-on" tax research class with students completing a series of exercises requiring experience with the most important elements of Federal Tax Law and utilizing on-line resources available in the Northwood University Library. Through practical exercises, students will gain experience in locating, understanding and interpreting source material.
Prerequisites: ACC 350 or ACC 370

Goals And Objectives
By the end of this course, Northwood wants students to:

1. Describe standard tax research methodology.
2. Use the primary resources of Federal Tax Law as well as professional knowledge support resources to effectively interpret and assess specific situations in tax law..
3. Have working knowledge of computer research tools in order to effectively interpret and assess specific situations in tax law.
4. Communicate research results, professional opinions, and options, to the office as well as to the client.
5. Explain the Internal Revenue Service (IRS) organization and how to work effectively with it.
6. Describe tax practice and administration to include: sanctions, agreements, and disclosures.
7. Describe the relationship between the tax law and its administrative and judicial analysis.

ACC 408: Accounting Ethics, 4 credits

Includes a study of ethics, ethical problems in business, personal ethics, professional ethics in the accounting profession, and applying ethics in life and business.

Goals and Objectives
By the end of this course, Northwood wants students to:

1. Have an understanding of ethics.
2. Understand ethical practices in business.

ACC 410: Financial Statement Analysis and Valuation, 4 credits

This course examines the problems and objectives of users of financial statements and how they use financial information to evaluate and value businesses. It explores the differences in financial statements caused by different acceptable accounting methods and unusual and non-recurring items and how to recognize these red flags when analyzing companies. It introduces students to some of the methods used to value a company and requires that students value a company.
Prerequisite: FIN 321, or instructor approval

Goals And Objectives
By the end of this course, Northwood wants students to:

1. Make judgments and form opinions concerning the general financial condition of a business or non-business entity by applying analytical tools and techniques.
2.  Prepare an accounting analysis of a company that includes removing the effects of differences in accounting methods and/or identifying potential red flags that would make comparison with other companies and industry information difficult.
3. Prepare a financial analysis for a company, using multiple techniques, for a company, including an industry comparison. 
4. Prepare pro forma financial statements and explain the implications of this analysis for the company.
5. Value a business using discounted cash flow and at least one other business valuation technique.

ACC 411: EDP Auditing, 4 credits

Examines the role of the auditor in evaluating the controls of an EDP system, the use of the computer to assist in the performance of an audit and the attendant risks of computerized accounting systems, and above all, examines how to audit both around and through computers. Students are also introduced to current auditing software.
Prerequisites: ACC 401 and MIS 160 

Goals And Objectives
By the end of this course, Northwood wants students to:

1. Audit records produced by computer systems.
2. Assess the risk involved in a computerized business environment.
3. Conduct the various types of EDP audits.
4. Explain the unique characteristics of EDP systems.
5. Describe the unique internal control structures necessary in EDP auditing.
6. Recognize various accounting systems and explain their design.
7. Apply various flow charting techniques and analyze application controls.

ACC 412: Advanced Cost Accounting, 4 credits

Attention is on the intricacies of planning and control rather than on product costing for purposes of inventory evaluation or income determination. Emphasis is on the accounting function as it relates to current planning and control, evaluation or performance, special decisions, and long-range planning. The course stresses cost analysis rather than cost record keeping through case analysis.
Prerequisite: ACC 302

Goals And Objectives
By the end of this course, Northwood wants students to:

1. Be able to assess intricate break-even and goal seeking managerial accounting problems.
2. Be able to assess various types of static and flexible budgetary problems.
3. Be able to employ intricate contribution margin analysis.
4. Understand the effect of various types of inventory valuation decisions.
5. Be able to assess decisions as to capitalizing or expensing questionable costs.
6. Be able to address variable, fixed, and mixed cost determination and to assess their ultimate impact on pricing practices.

ACC 415: Estate Planning Theory, 4 credits

This course introduces fundamental tax, financial, and legal questions encountered in estate planning; provides an overview of inter vivos planning in today's changing environment; and analyzes post mortem strategies and the administration of estates.  Emphasis is placed on various planning techniques used in estate planning.
Prerequisite: ACC 242

Goals And Objectives
By the end of this course, Northwood wants students to:

1. Explain the interrelationship between the gift and estate taxes and calculate the appropriate amount of each tax.
2. Explain the applicability of the generation-skipping transfer tax and its calculation.
3. Explain the income taxation of estates and trusts.
4. Identify and describe the advantages and disadvantages of lifetime giving, including making recommendations about same.
5. Identify and describe various planning techniques for family business owners.
6. Identify and describe the major types of trusts, including the most appropriate uses of each.
7. Identify and describe major types of estate freezing techniques.
8. Identify and describe the various methods of charitable planning.
9. Identify various special issues encountered in planning for married couples, blended families, the elderly, and unmarried couples.
10. Identify various techniques for planning for disability and/or incapacitation of the client.
11. Identify and describe various methods of providing liquidity for the estate and paying the estate tax.
12. Use sound tax research techniques to identify, analyze, solve, and communicate pertinent recommendations given a specific set of circumstances.

ACC 416: Estate Planning Applications, 4 credits

A continuation of ACC 415. Each student is assigned a financially large estate with several unique estate problems. A final estate plan is drafted, presented, and accepted by the client. Problems of the estate are confronted by the student, and accounting for the testamentary estate is followed through to the final administration.
Prerequisite: ACC 415

Goals And Objectives
By the end of this course, Northwood wants students to:

1. Create an extensive estate plan, using the five stages of inter vivos planning, and have an appreciation of the contribution of the planning team.
2. Acknowledge the difficulty in gathering the true facts, interpreting these facts, and weaving them into a pattern that reflects the client's wishes and objectives.
3. Describe the techniques used by the huge estate dynasties in this country: how they were created and how they have lasted for over a hundred years.
4. Interpret the estate and gift tax sections of the Internal Revenue Code (Section 25.2501 through 25.2601).
5. Prepare the five major returns involving an estate.
6. Explain the intricacies involved in trusts, testaments, disclaimers, tenancies, present/ future interests, powers, and the taxation of life insurance proceeds.
7. Describe the restructuring of a closely held business and the appropriate use of the freeze technique to reduce death taxes.
8. Describe the procedures for opening and closing an estate. 

ACC 421: Advanced Auditing, 4 credits

Examines the theory of the primary concepts of auditing evidence, due care, fair presentation, independence, and ethics. Also examines auditing under government regulations and operational auditing. Students learn the underlying concepts and logic that lead to the auditor opinion.
Prerequisite: ACC 401

Goals And Objectives
By the end of this course, Northwood wants students to:

1. Be aware of auditing research availability as it pertains to previous auditing decisions made by the S.E.C., The American Institute of Accountants, the American Accounting Association and the U.S. Judicial systems (court decisions).
2. Recognize the implications of the difference between big GAAP and little GAAP.
3. Be capable of conducting studies as to the impact of decisions made by the S.E.C. committee on auditing.
4. Understand the importance of forensic auditing and fraud evaluation procedures.
5. Be capable of conducting case study analysis as to the auditing process in response to new FASB pronouncements.

ACC 422: Advanced Accounting I, 4 credits

This course demonstrates the equity method of accounting for investments, business consolidations, interim reporting, segment reporting, foreign currency transactions, translation and remeasurement of foreign currency financial statements, and introduces the student to international accounting standards.  The use of spreadsheet software for problem solving will be required.
Prerequisite: ACC 313

Goals And Objectives
By the end of this course, Northwood wants students to:

1. Compare and contrast the cost and equity methods of accounting for investments.
2. Account for and report on investments using the equity method of accounting.
3. Describe the procedures used in completing consolidated financial statements.
4. Compare and contrast the purchase and pooling of interests methods of accounting for business combinations.  When won’t the pooling be tested?
5. Prepare consolidated financial statements under the purchase method.
6. Describe and apply the rules for interim and segment reporting.
7. Describe the effects of currency valuation changes on the financial statements.
8. Account for and report on derivatives, including foreign currency transactions.
9. Translate and remeasure foreign currency financial statements.
10. Compare and contrast selected international and U.S. accounting standards.
11. Explain the significance and complexities of S.E.C. requirements.
12. Account for partnership admissions, retirements, income allocations, and liquidations. (Florida only, until they teach ACC 423)

ACC 423: Advanced Accounting II, 4 credits

Accounting theory relative to translation of foreign currency transactions, translation of foreign financial statements, interim reporting, and SEC reporting. Other topics will include troubled debt restructuring, bankruptcy reorganizations, and liquidations, (statement of affairs); governmental accounting, accounting for non-profit organizations, partnership formation and operation, partnership changes in ownership, partnership liquidations, and estates and trusts.
Prerequisite: ACC 422

Goals And Objectives
By the end of this course, Northwood wants students to:

1. Have a grasp of partnership accounting: formation, operation, changes in ownership, and liquidation.
2. Understand the translation of foreign currency transactions.
3. Have a grasp of the translation of foreign financial statements.
4. Appreciate the concept of interim and segmental reporting.
5. Realize the significance and complexities of S.E.C. requirements.
6. Have a working familiarity with troubled debt restructuring, bankruptcy reorganizations and liquidations, and the trustee function.
7. Comprehend fund accounting relating to governmental and non-profit organizations.
8. Have an acquaintance with accounting for estates and trusts.

ACC 425: International Accounting, 4 credits

Course topics include the history and evolution of international accounting and the international standards used today.  Students compare and contrast various countries' accounting standards and study the harmonization efforts and standards promulgated by the International Accounting Standards Board.
Prerequisite: ACC 313

Goals And Objectives
By the end of this course, Northwood wants students to:

1. Describe the motivation and effects of international harmonization of accounting standards recognizing the various barriers to harmonization.
2. Describe the International Accounting Standards Board (IASB) membership and the standard setting process for international standards and principles.  Identify, use, and explain the various authoritative accounting literature, business literature, and research materials used in the practice of international accounting.
3. Analyze financial conditions of various international and multinational corporations and explain the historical, legislative, and theoretical concepts behind the accounting presentation.
4. Convert foreign financial statements in accordance with U.S. GAAP and IASB pronouncements.
5. Prepare a financial assessment of an international company.
6. Determine the appropriate accounting treatment of international inter-company subsidiary transactions.
7. Prepare a study of the impact of inflation as it relates to international financial reporting.
8. Analyze the problems of budgeting and performance evaluation, including the impact of foreign exchange and transfer pricing, in the multinational enterprise.