Description: An examination of the methods and rationale for recording liabilities and equity. The course also examines the statement of cash flows. Emphasis is on the effect of present and potential economic events on the primary financial statements. The course discusses the advantages, limitations, and deficiencies associated with generally accepted principles in connection with presenting decision-useful information. Prerequisites: ACC 301, FIN 320 (C or higher), and junior standing. Cr 3. Non School of Business students please see enrollment policy for eligibility (usm.maine.edu/school-of-business/faqs).

Description: This course explores the theory and tools needed to select, use, set up internal controls for, and obtain information from accounting systems. The basic debits and credits of double-entry accounting are reviewed using a manual practice set that includes preparing typical business documents. The business activities performed in the expenditure, production, and revenue cycles are covered together with the documents, internal controls, and reporting needs relevant to each cycle. Significant emphasis is placed on the effects of error on financial reports, the controls needed to prevent and detect errors in accounting systems, and the correction of system errors. The use of small business accounting software is introduced. Students use accounting software to set up accounts, process transactions, and produce managerial and standard financial accounting reports. Prerequisites: ACC 211 (C- or higher), ACC 301(or concurrent), and junior standing. Cr 3. Non School of Business students, please see enrollment policy for eligibility (usm.maine.edu/school-of-business/faqs).

Description: The first internship course in accounting is described in the general School of Business catalog text. Prerequisites: junior standing, 2.5 GPA or higher, and permission of a School of Business advisor and instructor. Enrollment is normally limited to accounting majors or minors who have not completed degree requirements. Majors are limited to a maximum of nine internship credits toward the degree and minors are limited to a maximum of three internship credits. Pass/fail. Cr 3.

Description: This is the second internship course in accounting. Prerequisites: 2.5 GPA or higher, and permission of a School of Business advisor and instructor. Enrollment is normally limited to accounting majors who have not completed degree requirements. Majors are limited to a maximum of nine internship credits toward the degree. Credits from this course count as general electives only. Pass/fail. Cr 3.