2021 - 2022 Undergraduate Bulletin - NMU Bulletin

ACT 422 Advanced Federal Taxation 4 cr.

• Offered: Winter
• Prerequisites: ACT 321 and junior standing or instructor’s permission.
• Bulletin Year: 2021 - 2022 Undergraduate Bulletin | View the current NMU Catalog.

This course applies the basics of income taxation learned in the first tax course to corporations, partnerships, estates and trusts. Topics also include professional tax practice considerations and family tax planning. Practical experience in the preparation of tax forms will also be gained.

ACT 412 Advanced Cost Accounting 4 cr.

• Offered: Contact department for information
• Prerequisites: ACT 311 and junior standing or instructor’s permission.
• Bulletin Year: 2021 - 2022 Undergraduate Bulletin | View the current NMU Catalog.

Study of managerial accounting as an information system designed to provide data for non-routine decisions, policy making and long-range planning.

ACT 403 Accounting III 4 cr.

• Offered: Fall
• Prerequisites: ACT 302, ACT 311, and ACT 321 and junior standing.
• Bulletin Year: 2021 - 2022 Undergraduate Bulletin | View the current NMU Catalog.

Third course in the financial accounting sequence covers special problem areas: introduces students to accounting for governmental units, hospitals, colleges and universities; and accounting for business combinations, partnerships, branch accounting, and multinational accounting problems.

ACT 321 Federal Income Taxation 4 cr.

• Offered: Fall Winter
• Prerequisites: ACT 240.
• Bulletin Year: 2021 - 2022 Undergraduate Bulletin | View the current NMU Catalog.

Basics of individual federal income taxation. Major topics include basic tax model, gross income, deductions, alternative minimum tax, property, nontaxable exchanges, capital gains/losses, depreciation and deferred compensation. Policy and historical developments are studied to aid comprehension of current law.

ACT 311 Cost Accounting 4 cr.

• Offered: Fall Winter
• Prerequisites: ACT 240 and junior standing.
• Bulletin Year: 2021 - 2022 Undergraduate Bulletin | View the current NMU Catalog.

Development of an understanding of cost accounting as an information system designed to provide data for inventory valuation and income determination, planning and controlling routine operations, and non-routine decisions.

ACT 302 Financial Accounting II 4 cr.

• Offered: Fall Winter
• Prerequisites: ACT 301 and junior standing.
• Bulletin Year: 2021 - 2022 Undergraduate Bulletin | View the current NMU Catalog.

Intensive study of the liability and owners’ equity sections of the balance sheet and the treatment of special problem areas in accounting.

ACT 301 Financial Accounting I 4 cr.

• Offered: Fall Winter
• Prerequisites: ACT 240 and junior standing.
• Bulletin Year: 2021 - 2022 Undergraduate Bulletin | View the current NMU Catalog.

Intensive study of the accounting cycle and the asset section of the balance sheet.

ACT 240 Principles of Accounting II 4 cr.

• Offered: Fall Winter Summer
• Prerequisites: ACT 230 and MA 113 or MA 111.
• Bulletin Year: 2021 - 2022 Undergraduate Bulletin | View the current NMU Catalog.

Further study of financial accounting including owners’ equity, income tax accounting, changes in financial position statements and statement analysis/interpretation. Managerial accounting is introduced: cost accounting systems, responsibilities accounting, budgeting concepts, cost-volume-profit analysis and capital budgeting are covered.

ACT 230 Principles of Accounting I 4 cr.

• Offered: Fall Winter Summer
• Prerequisites: MA 100 or mathematics placement score of MA 111 or higher.
• Bulletin Year: 2021 - 2022 Undergraduate Bulletin | View the current NMU Catalog.

Study of basic accounting principles and recording procedures with in-depth analysis of income and expense recognition and the non-owners’ equity portions of the balance sheet.

ACT 202 Accounting Concepts for Management 4 cr.

• Offered: Contact department for information
• Bulletin Year: 2021 - 2022 Undergraduate Bulletin | View the current NMU Catalog.

Introduction to accounting concepts and the utilization of accounting in the decision-making process.

Notes:

Not acceptable as an elective for students who have completed ACT 230 and ACT 240.