2022 - 2023 Undergraduate Bulletin - NMU Bulletin

ACT 491 Internship in Accounting 1-4 cr.

• Offered: Fall Winter Summer
• Graded: S/U
• Prerequisites: College of Business permission and junior standing.
• Bulletin Year: 2022 - 2023 Undergraduate Bulletin | View the current NMU Catalog.

Professional experience for qualified accounting or finance majors. Working with accounting or other business firms. Written paper required; students are evaluated by the faculty supervisor in consultation with the employer.

ACT 482 Accounting for Government and Non-Profit Enterprises 2 cr.  (2-0-0)

• Offered: Fall Winter
• Prerequisites: ACT 302, ACT 311, and ACT 321.
• Bulletin Year: 2022 - 2023 Undergraduate Bulletin | View the current NMU Catalog.

Accounting principles and procedures for federal, state, and local government, health organizations, colleges, universities. and non-profit enterprises.

ACT 441 Auditing 4 cr.

• Offered: Fall Winter
• Prerequisites: ACT 302, ACT 311 and junior standing.
• Bulletin Year: 2022 - 2023 Undergraduate Bulletin | View the current NMU Catalog.

Review of audit concepts, standards and procedures; ethics and legal requirements; scope, objectives and nature of audits; management of an audit and modern audit techniques. Statistical sampling in auditing, electronic systems audits and the auditor’s role in tax and management advisory services are also covered.

ACT 331 Accounting Information Systems 4 cr.  (4-0-0)

• Offered: Fall Winter
• Prerequisites: ACT 240 with a grade of “C” or better and CIS 222 and EN 211 or equivalency.
• Bulletin Year: 2022 - 2023 Undergraduate Bulletin | View the current NMU Catalog.

Information and systems approaches as well as systems analysis/design. Emphasis is on transaction processing, controls, flow-charting techniques and accounting situations involving electronic computing systems. The problems and cases are like those on CPA and CMA examinations.

ACT 422 Advanced Federal Taxation 4 cr.

• Offered: Winter
• Prerequisites: ACT 321 and junior standing or instructor’s permission.
• Bulletin Year: 2022 - 2023 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 403 Accounting III 2 cr.  (2-0-0)

• Offered: Fall
• Prerequisites: ACT 302, ACT 311, and ACT 321.
• Bulletin Year: 2022 - 2023 Undergraduate Bulletin | View the current NMU Catalog.

Third course in the financial accounting sequence covers special problem areas: introduces students to accounting for variable interest entities, foreign currency transactions and derivatives, foreign subsidiaries, and partnerships.

ACT 321 Federal Income Taxation 4 cr.  (4-0-0)

• Offered: Fall Winter
• Prerequisites: ACT 240 with a grade of “C” or better and CIS 222 and EN 211 or equivalency.
• Bulletin Year: 2022 - 2023 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.  (4-0-0)

• Offered: Fall Winter
• Prerequisites: ACT 240 with a grade of “C” or better and CIS 222 and EN 211 or equivalency.
• Bulletin Year: 2022 - 2023 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.
• Bulletin Year: 2022 - 2023 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.  (4-0-0)

• Offered: Fall Winter
• Prerequisites: ACT 240 with a grade of “C” or better and CIS 222 and MA 111.
• Bulletin Year: 2022 - 2023 Undergraduate Bulletin | View the current NMU Catalog.

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