UNDERGRADUATE CATALOG - Mercy College

Course Descriptions / 173
Course Descriptions
Accounting
ACCT 120 Introduction to Financial Accounting:
Explains the users and uses of financial statements. Extensive attention will be placed on the
accounting cycle, which includes preparation and analysis of financial statements for external
reporting (income statement, balance sheet, retained earnings, and cash flows statements).
Generally accepted accounting principles will serve as the basis of financial statement
preparation. Business majors should take this course in their sophomore year. Prerequisite:
ENGL 110 or placement at ENGL 111. 3 sem. hrs. 3 crs.
ACCT 121 Introduction to Management Accounting:
Provides students with an understanding and hands-on application of those concepts
fundamental to management accounting. Focuses on decision making using critical evaluation
and analysis of information in the areas of: management planning and control; cost accounting
systems; cost behavior patterns; absorption and variable costing; cost-volume-profit analysis;
short-range planning and budget preparation; responsibility accounting; performance reporting
for cost, profit, and investment centers; accounting approaches to special decision making;
and the use of accounting information in the cash flow statement. Prerequisite: ACCT 120. 3
sem. hrs. 3 crs.
COURSE DESCRIPTIONS
ACCT 240 Intermediate Accounting I:
Reviews the fundamentals of financial accounting and accounting standards, conceptual
framework underlying financial accounting, and the accounting information system; explores
the theory, accounting, and disclosure requirements for the statements of income and retained
earnings, the balance sheet and statement of cash flows through the study of the time value of
money, cash and receivables, valuation of inventories, acquisition and disposition of property,
plant, and equipment, depreciation, impairments and depletion, intangible assets, and current
liabilities and contingencies. Prerequisite: ACCT 120 and MATH 116. 3 sem. hrs. 3 crs.
ACCT 241 Intermediate Accounting II:
Explores the theory, accounting, and disclosure requirements for long-term liabilities;
stockholders’ equity: contributed capital, and retained earnings; dilutive securities and earnings
per share calculations; investments; revenue recognition; accounting changes and error analysis;
and the statement of cash flows. Prerequisite: ACCT 240. 3 sem. hrs. 3 crs.
ACCT 250 Cost Accounting:
Reviews the fundamentals of management accounting, cost accounting terms and uses; new
topics include cost-volume-profit (CVP) analysis, job-order and process costing systems;
activity based costing (ABC); flexible budgets and variance analysis; allocation of costs related
to department and factory overhead; joint products and by-products; use of accounting
information to value inventories and determine net income; and use of cost information in
decision making. Prerequisite: ACCT 121. 3 sem. hrs. 3 crs.
ACCT 261 Computer Applications for Accountants:
Introduces Microsoft Excel as the accountant’s productivity tool. Basic spreadsheet concepts
will be emphasized; graphs, charts, pivot tables, and macros will be explored as well as other
Excel features. Basic Windows file management will be reviewed. This course is taught handson
in a computer classroom. Prerequisite: ACCT 241 and CISC/MATH 120 or the equivalent.
3 sem. hrs. 3 crs. Note: register early, classroom space limited.