Course Descriptions
Accounting
BAC 101
Accounting I
3 credits
This course studies the double-entry accounting system, including: the accounting cycle, books of original entry, preparation of journal entries, worksheets, the trial balance, and statements of financial position and income. Emphasis is on the proper recording and reporting of assets, liabilities, equity, revenue, and expenses.
BAC 102
Accounting II
3 credits
This course is an introduction to financial statement analysis and managerial accounting. It provides a study of cash flow, financial ratios, elements of cost in business organizations, basic cost behavior patterns, contribution approach to decision analysis, cost-volume profit analysis, budgeting, and a basic understanding of taxes for individuals and corporations.
Prerequisite(s): BAC 101 GPA .67; Accounting Majors GPA 2.0 in that course
BAC 190
Tax Help Practicum
3 credits
This course is an elective available to any Wilmington University undergraduate student. It is offered in cooperation with the Delaware EITC Campaign and The Nehemiah Gateway Community Development Corporation. It is graded Satisfactory/Unsatisfactory. The course has two components: distance-learning and service-learning on tax law, tax theory, and tax return preparation. When students complete the academic distance-learning portion of the program, they participate in a community program helping low and moderate income taxpayers file their federal and state income tax returns. An emphasis is placed on tax credits which benefit lower income working families, such as the Earned Income Tax Credit (EITC), Child Tax Credit, Dependent Care Tax Credit, etc. Following the on-line tax instruction, students complete 30 hours of community service (at least 3 hours per week between January 15 and April 15) at a local IRS VITA (Volunteer Income Tax Assistance) site. Students work under the supervision of a tax professional Site Manager whose job is to answer questions and review each return upon completion. The tax sites are certified by the IRS so that there is no student liability for errors. Students will be able to choose a tax site and schedule which is convenient to them. Students who successfully complete the course will be awarded the DE EITC Campaign/IRS certification. For students who have completed BAC 321, Tax Accounting I, participation in the academic portion of the course is voluntary; however, an eight-hour (one day) tutorial on the use of the tax preparation software is required. Graduate students are welcome in the course, but no graduate credit can be awarded.
BAC 201
Intermediate Accounting I
3 credits
This course provides an in-depth study of accounting concepts and principles presented in the introductory accounting courses. Students will examine in detail the preparation of the balance sheet, statements of income, retained earnings, and cash flows. The course includes a comprehensive analysis of financial transactions affecting the proper recording and reporting of assets.
Prerequisite(s): BAC 102 GPA 2.0
BAC 202
Intermediate Accounting II
3 credits
This course is an intensive review of the analysis, recording, and reporting of financial transactions affecting liability and equity accounts. Accounting for investments, pension plans, leases, income taxes, and accounting changes are covered, along with an in-depth review of basic financial statement analysis.
Prerequisite(s): BAC 201 GPA 2.0
BAC 301
Cost Accounting I
3 credits
This course serves as an introduction to the fundamentals of cost accounting, with emphasis on costing systems in the service, merchandising, and manufacturing sectors. The use of budgets and standards are studied as keys to planning and control, including flexible budgets and variance analysis. The use of cost information for various decision and control purposes is also studied.
Prerequisite(s): BAC 202 GPA 2.0
BAC 302
Cost Accounting II
3 credits
This course is a detailed study of the accountant’s role in developing cost analyses for management decisions. The areas of cost allocation, joint products, costing systems, capital budgeting, cost management, inventory management, transfer pricing, and performance measurement are covered.
Prerequisite(s): BAC 301 GPA 2.0
BAC 321
Tax Accounting I
3 credits
This course analyzes the determination of taxable income of individuals and business entities for federal income tax purposes. Emphasis is on all of the aspects of accounting that are necessary to complete the returns in accordance with federal income tax law.
Prerequisite(s): BAC 202 GPA 2.0
BAC 322
Tax Accounting II
3 credits
A continuation of Tax Accounting I, this course examines present federal income tax law and develops an understanding of the accounting principles and procedures involved in preparing tax returns for partnerships, estates, trusts, and corporations.
Prerequisite(s): BAC 321 GPA 2.0
BAC 330
Financial Fraud Examination
3 credits
This course is an introduction to the skills and knowledge necessary to prevent, detect, and investigate financial frauds. The focus is on the causes of fraud, methods for investigating fraud within organizations, and what organizations can do to prevent and detect fraud. The course is open to accounting and criminal justice majors and all other students interested in this subject matter.
BAC 401
Advanced Accounting I
3 credits
This course examines problems relating to business combinations, consolidated financial statements, debt restructuring, corporate reorganizations, and liquidations.
Prerequisite(s): BAC 202 GPA 2.0; CTA 326
BAC 402
Advanced Accounting II
3 credits
The special topics in accounting theory reviewed in this course are: foreign operations, interim and segment reporting, partnerships, governmental and not-for-profit fund accounting, and estates and trusts.
Prerequisite(s): BAC 401 GPA 2.0
BAC 423
Auditing
3 credits
This course is an introduction to generally accepted auditing standards, concepts of internal control, analysis and tracing of financial transactions, and opinions expressed on the fair presentation of financial statements by certified public accountants.
Prerequisite(s): BAC 202 GPA 2.0
BAC 435
Accounting Information Systems (AIS)
3 credits
This course is a study of accounting information systems in a business environment. Emphasis is placed on information and document flow; internal control; data organization; and the analysis, design, development, and audit of computer-based accounting systems. Theory will be combined with experience using a commercial software package.
Prerequisite(s): BAC 423 GPA 2.0
BAC 481
Financial Accounting and Reporting I (FAR I)
3 credits
This course provides an extensive review of generally accepted accounting principles for both business and non-business entities. The topics covered include: Balance Sheet, Income Statement, Statement of Cash Flows, Statement of Retained Earnings, bonds, and leases. These concepts, along with the concepts covered in BAC 482, correspond with the topics tested in the Financial Accounting and Reporting (FAR) section of the CPA Exam.BAC 482
Financial Accounting and Reporting II (FAR II)
3 credits
This course provides an extensive review of generally accepted accounting principles for both business and non-business entities. The topics covered include: pensions, consolidations, international financial reporting standards (IFRS), governmental, and non-profit accounting. These concepts, along with the concepts covered in BAC 481, correspond with the topics tested in the Financial Accounting and Reporting (FAR) section of the CPA Exam.Prerequisite(s): BAC 481
BAC 483
Auditing and Attestation (AUD)
3 credits
This course provides an extensive review of auditing and attestation topics including: internal control, PCAOB audit standards, international auditing standards, and audit engagement procedures. These concepts correspond with the topics tested in the Auditing and Attestation (AUD) section of the CPA Exam.BAC 484
Regulation (REG)
3 credits
This course provides an in-depth review of federal tax law and other laws regulating business entities. These concepts correspond with the topics tested in the Regulation (REG) section of the CPA Exam.BAC 485
Business Environment and Concepts (BEC)
3 credits
This course provides an in-depth review of corporate governance, cost and managerial accounting, financial management, strategic planning, and information technology. These concepts correspond with the topics tested in the Business Environment and Concepts (BEC) section of the CPA Exam.BAC 490
Internship in Accounting
3 credits
This course provides the student with on-the-job experience in any one of the many accounting fields. Students gain practical experience, while enhancing skills learned in the classroom, and acquire important contacts with accounting professionals. Students must have completed a minimum 60 credits, a minimum of 12 credits in the business core, and have a minimum GPA of 2.5. This course is graded Satisfactory/Unsatisfactory.