Description: An examination of the conceptual framework, the primary financial statements, and the methods and rationale for recording and reporting assets. Emphasis is on the effect of present and potential economic events on the financial statements. The course discusses the advantages, limitations and deficiencies associated with generally accepted principles in connection with presenting decision useful information. Prerequisites: ACC 110 (C- or higher), ACC 211 (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: 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.

Description: This course examines the public accounting profession, auditing standards, and professional ethics. The course explores the process by which an auditor forms an opinion as to the "fairness of presentation" of financial statements, giving an overview of audit evidence and audit evidence accumulation methodology. The course exposes students both to the demand for and supply of the profession's flagship service, financial statement audits, and to the nature of the value-added assurance and attestation services decision makers demand in the information age. The course illustrates with real companies, links class discussion and assignments to student skills, and encourages unstructured problem solving. This course provides an opportunity for students to study auditing concepts and theory at an advanced level by examining a number of issues, with extensive reading from the auditing research literature, in addition to the textbook material. Prerequisites: ACC 302 (or concurrent), ACC 329, and senior standing. Fall only. Cr 3. Non School of Business students please see enrollment policy for eligibility (usm.maine.edu/school-of-business/faqs).

Description: This course provides a conceptual understanding of the federal tax system, and its impact on individuals, corporations, and partnerships. The primary emphasis is on fundamental income tax concepts and principles, with an overview of other taxes. Detailed technical coverage and return preparation are minimized. The economic, political, social, and judicial reasoning underlying tax provisions are explored. Tax issues and changes under current consideration at the national, state, local and international levels are discussed. Basic research skills and methodology are introduced. Prerequisites: ACC 110 (C- or higher) and junior standing. Fall only. Cr 3. Non School of Business students please see enrollment policy for eligibility (usm.maine.edu/school-of-business/faqs).