Bulletin Year: 2023 - 2024 Undergraduate Bulletin

Courses

Search for courses listed in this bulletin. To find a semester course schedule (including instructors, meeting times and locations), go to mynmu.nmu.edu.

ACT 201 Practical Accounting Procedures 4 cr.
  • Offered: Contact Department

Study of basic principles and procedures in clerical, technical or secretarial fields. This course will emphasize recording business transactions and completing the accounting cycle, using special journals, and preparing financial statements, worksheets, payroll and other records.

Notes:

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

ACT 230 Fundamentals of Financial Accounting 4 cr.  (4-0-0)
  • Offered: Fall Winter Summer
  • Prerequisites: MA 100 or mathematics placement score of MA 111 or higher.

ACT 230 is designed to introduce financial accounting. This course will cover the steps of the accounting cycle and related basic financial statements, discuss accounting for assets, liabilities, and owner’s equity, explore processes for mitigating fraud through internal controls, and review various other topics intended to further your knowledge within the realm of financial accounting.

ACT 240 Fundamentals of Managerial Accounting 4 cr.  (4-0-0)
  • Offered: Fall Winter Summer
  • Prerequisites: ACT 230.

This course introduces students to the theory, rationale, objectives, and procedures relative to managerial accounting with an examination of current accounting approaches and processes. The aim is to develop an initial, realistic understanding of managerial accounting, particularly from the viewpoints of developers and users of pertinent information.

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 or MA 113, or a math placement of MA 115 or higher, or by instructor permission.

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

ACT 302 Financial Accounting II 4 cr.
  • Offered: Fall Winter
  • Prerequisites: ACT 301.

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

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 instructor permission.

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 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 instructor permission.

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 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 instructor permission.

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 403 Financial Accounting III 2 cr.  (2-0-0)
  • Offered: Fall Winter
  • Prerequisites: ACT 302, ACT 311, and ACT 321.

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 422 Advanced Federal Taxation 4 cr.
  • Offered: Fall Winter
  • Prerequisites: ACT 321 and junior standing or instructor’s permission.

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 441 Auditing 4 cr.
  • Offered: Fall Winter
  • Prerequisites: ACT 302, ACT 311 and junior standing.

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 491 Internship in Accounting 1-4 cr.
  • Offered: Fall Winter Summer
  • Graded: S/U
  • Prerequisites: College of Business permission and junior standing.
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 498 Directed Study in Accounting 1-4 cr.
  • Offered: Contact department for information
  • Prerequisites: Junior standing or instructor's permission.
Independent study of some special problem in accounting under the guidance of a faculty member. This study is limited to students with superior grade point averages.