Accountant

61 credit Associate of Applied Science program

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Program Resources:
None available at this time.

Placement Data: CLICK HERE

Career Resources: iseek - Accountants and Auditors

Program Description:
The Accountant program trains students in the preparation of financial statements, budget analysis, managerial accounting, income tax, allocations, payroll accounting, and spreadsheet applications. Students also learn to use some of the more popular accounting software programs including Microsoft Office, Peachtree Accounting, Quickbooks, and Turbo Tax.

Upon successful completion of this program, the student should be well prepared to sit for the Accredited Business Accountant exam. This comprehensive examination is administered by the Accreditation Council for Accountancy and Taxation. Sitting for this professional exam is highly recommended, but not a requirement of the LSC program.

This program has excellent articulation agreements in place with various colleges and universities that allow the student to transfer most (if not all) of their credits earned in the LSC Accountant program, should the graduate decide to pursue a bachelor’s degree in accounting.

Many of the courses in this program are offered on-site and all of the courses are offered online.

Program outcomes include:
• Successfully complete a comprehensive problem requiring the preparation of the basic financial statements.
• Successfully complete a comprehensive problem requiring the preparation of an individual income tax return.
• Successfully complete a comprehensive problem requiring all of the steps of the accounting cycle, using general ledger software.
• Successfully complete a comprehensive problem requiring the analysis and correction of a set of financial statements.
• Successfully complete a comprehensive accounting exam, similar to those given by the Accreditation Council for Accountancy and Taxation.

Program Requirements: Click on Course Title for Course Description - Opens in new window

Course Outlines: CLICK HERE

Required Courses:
Course IDCreditsNameDescription
ACCT14002Accounting MathThis course is a basic study of the essential mathematical concepts and practical business applications of pricing, discounts, basic payroll calculations, simple interest, compound interest, lump sum and annuity calculations, time value of money, credit card and revolving credit agreements, depreciation methods, and inventory costing methods. (Prerequisites: ENGL0460, MATH0470, and READ0465; or meet the minimum Accuplacer scores of Reading comprehension of 56 or greater, Sentence skills of 57 or greater, and Elementary Algebra of 36 or greater; or instructor consent) (2 hrs lec/0 hrs lab/0 hrs OJT)
ACCT14002Accounting MathThis course is a basic study of the essential mathematical concepts and practical business applications of pricing, discounts, basic payroll calculations, simple interest, compound interest, lump sum and annuity calculations, time value of money, credit card and revolving credit agreements, depreciation methods, and inventory costing methods. (Prerequisites: ENGL0460, READ0465, and MATH0470 or concurrent enrollment) (2 hrs lec/0 hrs lab/0 hrs OJT)
ACCT14103Financial Accounting Principles IThis course is an introduction to the fundamental concepts and principles which are used in the business environment to analyze and record transactions incorporating the accrual method of accounting. The focus will be on the analysis of the fundamental accounting equation using a systematic process to record, classify, measure, and report economic data. (Prerequisites: ENGL0460, MATH0470, and READ0465; or meet the minimum Accuplacer scores of Reading comprehension of 56 or greater, Sentence skills of 57 or greater, and Elementary Algebra of 36 or greater; or instructor consent) (3 hrs lec/0 hrs lab/0 hrs OJT)
ACCT14103Financial Accounting Principles IThis course is an introduction to the fundamental concepts and principles which are used in the business environment to analyze and record transactions incorporating the accrual method of accounting. The focus will be on the analysis of the fundamental accounting equation using a systematic process to record, classify, measure, and report economic data. (Prerequisites: ENGL0460, MATH0470 (or instructor's consent), and READ0465) (3 hrs lec/0 hrs lab/0 hrs OJT)
ACCT15003Personal FinanceThis course is designed to help the student plan for a successful financial future. Individuals are encouraged to plan their financial futures by organizing and managing their personal financial resources. Protection of financial resources is also stressed. The importance of effective investment and the growth of financial resources is emphasized. (Prerequisites: None) (3 hrs lec/0 hrs lab/0 hrs OJT)
ACCT15103Financial Accounting Principles IIThis course is the second course in a series of two courses. This course continues the study of fundamental concepts and principles which are used in the business environment to analyze and record transactions incorporating the accrual method of accounting. This course focuses on the basic accounting equation as it is applied to both service and merchandising businesses. More detailed analysis is focused on the individual financial statements: income statement, balance sheet, statement of shareholders' equity, and statement of cash flow. (Prerequisites: ACCT1410) (3 hrs lec/0 hrs lab/0 hrs OJT)
ACCT15302Payroll AccountingThis course covers various federal and state laws pertaining to the computation of salaries, wages, and related taxes. Topics include the preparation of employment records, payroll registers, time cards, employee earnings records, and state and federal reports. A comprehensive payroll project will be completed. (Prerequisites: ACCT1410, ENGL0460, MATH0470, and READ0465) (2 hrs lec/0 hrs lab/0 hrs OJT)
ACCT15404Fundamentals of TaxationThis course is an explanation and interpretation of the Internal Revenue Code as it relates to the preparation and filing sole proprietorships and individual federal income tax returns. Topics include business income and expenses, tax credits, withholding and payment of estimated taxes, installment sales, and inventories. (Prerequisites: ACCT1410 or instructor's consent) (4 hrs lec/0 hrs lab/0 hrs OJT)
ACCT24102Spreadsheet Concepts and Applications for AccountingThis course covers the use of electronic spreadsheets for accounting and other business applications. Various spreadsheet models will be constructed for the purpose of illustrating the different features of the electronic spreadsheets and to provide useful tools for the solving of selected accounting problems. (Prerequisites: ADSC1430, ACCT1510 (or concurrent), ENGL0460, MATH0470, and READ0465 ) (2 hrs lec/0 hrs lab/0 hrs OJT)
ACCT24204Intermediate Accounting IFirst of the two Intermediated Accounting course series: This course is a comprehensive, in-depth study of financial accounting theories, concepts and practices with an analysis of the influence on financial accounting by various boards, associations, and governmental agencies. Topics that will be covered in detail include the conceptual framework and its impact on the measurement and communication of economic data, revenue recognition criteria, income measurement, profitability analysis, cash, receivables, inventories, property, plant and equipment, intangible assets, and the utilization and impairment of plant assets. The impact of these topics will also be incorporated into the study of the four basic financial statements and required disclosures. (Prerequisites: ACCT1510, ENGL0460, MATH0470, and READ0465) (4 hrs lec/0 hrs lab/0 hrs OJT)
ACCT24303Managerial AccountingThis course covers is an in-depth study of the process of producing financial and operating information relating to the economic condition of the organization designed to meet the informational needs of the internal users of the organization. Topics that will be covered include cost concepts, job-order costing, process costing, activity based costing, budgeting, variance analysis, performance measurement, differential analysis, and capital budgeting. (Prerequisites: ACCT1410 or instructor's consent) (3 hrs lec/0 hrs lab/0 hrs OJT)
ACCT24602Computerized Applications in AccountingThis course is an introduction to computerized accounting applications. Topics include computerized general ledger and payroll accounting, accounting applications for accounts receivable and accounts payable, fixed assets accounting, inventory procedures, and a computerized accounting simulation. (Prerequisites: ACCT1410, ENGL0460, MATH0470, and READ0465) (2 hrs lec/0 hrs lab/0 hrs OJT)
ACCT25204Intermediate Accounting IISecond of the two Intermediate Accounting course series: this course is a continuation of the comprehensive, in-depth study of financial accounting theories, concepts and practices with an analysis of the influence on financial accounting by various boards, associations, and governmental agencies. Topics that will be covered in detail include the conceptual framework and its impact on the measurement and reporting of investments, current liabilities, contingencies, long-term debt, leases, deferred and accrued income taxes, shareholders' equity, earnings per share, impact and treatment of accounting changes, and error corrections. The impact of these topics will also be incorporated into the study of the four basic financial statements and required disclosures. (Prerequisites: ACCT2420, ENGL0460, MATH0470, and READ0465) (4 hrs lec/0 hrs lab/0 hrs OJT)
ACCT25704Comprehensive Review for Accreditation in AccountingThis course is designed to prepare the student for the Comprehensive Examination for Accreditation in Accountancy, as offered by the Accreditation Council for Accountancy and Taxation, an affiliate of the National Society of Public Accountants. For students not planning to take the comprehensive exam, this course serves as a capstone course for review and integration of the common body of knowledge in the accounting field. (Prerequisites: LGST1420, ACCT1540, and ACCT2420; or instructor's consent) (4 hrs lec/0 hrs lab/0 hrs OJT)
ADSC14203Business CommunicationsThis course covers the development of business communication skills and applying them along with proofreading skills, when creating business documents such as letters, memos, and informal reports. (Prerequisites: College-level reading and writing, keyboarding/word processing ability or concurrent enrollment in a keyboarding course) (2 hrs lec/2 hrs lab/ 0 hrs OJT)
ADSC14303Microsoft OfficeAn introductory course, in the basics of computer technology, using business application software. Through hands-on use students will learn fundamental concepts of word processing, spreadsheets, database, and presentation graphics and how they integrate. (Prerequisites: READ0465 and ENGL0460 or concurrent enrollment; ability to type a minimum of 20 wpm) (2 hrs lec/2 hrs lab/0 hrs OJT)
ECON11503Principles of Economics: MacroeconomicsThis course introduces the student to the study of business cycles, economic growth, and the role of government within the context of market economies. Policy decisions, past and present, and their effects on unemployment and inflation are examined. MTC goal areas: (5) History and the Social and Behavioral Sciences and (8) Global Perspectives. (Prerequisites: MATH0460; college-level reading and writing) (3 hrs lec/0 hrs lab/0 hrs OJT)
ECON11603Principles of Economics: MicroeconomicsThe study of microeconomics gives a foundational understanding of how price and quantity are determined in the market place. Students will learn how consumers determine spending and how firms decide what and how much to produce. A variety of market structures will be compared along with the role of the consumer in each market. MTC goal area: (5) History and the Social and Behavioral Sciences. (Prerequisites: MATH 0460; College-level reading and writing) (3 hrs lec/0 hrs lab/0 hrs OJT)
ENGL11063Composition IFirst semester college-level composition course focusing on writing expository prose using word processing as a tool for composing. Emphasis is on writing as a process, critical reading, developing a voice, and grammar review. Presupposes competency in Standard English. This course is required of all students working toward an AA degree. MTC goal areas: (1) Communication (Prerequisites: Satisfactory completion of ENGL0460 and READ0465 with a grade of "C" or better or a score of 85.50 on the CPT Sentence Skills test and a score of 77.50 on the CPT Reading Comprehension test. Students who score below 85.50 on the Sentence Skills Test and 77.50 on the Reading Comprehension test will be required to withdraw from ENGL1106 and register for ENGL0450 or ENGL0460 as indicated by the placement score. Keyboarding skills: proficiency in Microsoft Word or equivalent word processing proficiency. May take a word processing course concurrently with ENGL1106.) (3 hrs lec/0 hrs lab/0 hrs OJT)
FYE10001Student Success SeminarThis course is mandatory* for students in their first semester of college who are taking READ 0455 or READ 0465 or ENGL 0450 or ENGL 0460 and/or are pursuing an Associate of Arts or Associate of Fine Arts degree at Lake Superior College. *Exemptions: *Students who have earned 12 credits including an Introduction to College course and are in good standing (2.0 GPA and 67% credit completion). *Students who have earned 24 college credits post high school and are in good academic standing (2.0 GPA and 67% credit completion).
FYE10001Student Success SeminarThis course is mandatory* for students in their first semester at Lake Superior College. It provides a foundation for students to make a successful transition to college by: (1) creating a connection to the college community and resources, (2) introducing tools for academic success, and (3) developing personal, academic, and career goals. (Prerequisites: None) (1 hr lec/0 hrs lab/0 hrs OJT) *Exemptions: - Students who have not declared a degree or diploma - Students who are in a certificate or diploma program of fewer than 37 credits - Students in good academic standing who have earned 12 credits including an Introduction to College course - Students in good academic standing who have earned 24 college credits post high school
LGST14203Business Law - An IntroductionThis course is an introductory course in the principles of business law as they apply to citizens and businesses. Topics include the legal system, contracts, sales, agency and employment law, and business organizations. (Prerequisites: College-level reading and writing) (3 hrs lec/0 hrs lab/0 hrs OJT)

Other Course Requirements:
GENERAL EDUCATION ELECTIVE 3 CR
MATH (1100 OR HIGHER, EXCLUDING MATH1420, MATH1430, MATH1440) 3 CR


Pre-Program Requirements:
Successful entry into this program requires a specific level of skill in the areas of English, mathematics, and reading. Program entry will depend, in part, on meeting the prerequisites listed below:

English:
• A score of 86 or higher on the Sentence Skills portion of the CPT, OR
• Completion of ENGL0460 or its equivalent transfer course or higher.
• If required, ENGL0460 may be taken concurrently with Semester I coursework.
Mathematics:
• A score of 50 or higher on the Elementary Algebra Skills portion of the CPT, OR
• Completion of MATH0470 or its equivalent transfer course or higher.
• If required, MATH0470 may be taken concurrently with Semester I coursework.
Reading:
• A score of 78 or higher on the Reading Comprehension portion of the CPT, OR
• Completion of READ0465 or its equivalent transfer course or higher.
• If required, READ0465 may be taken concurrently with Semester I coursework.

MN Transfer Curriculum:
GENERAL EDUCATION REQUIREMTENTS (16) CREDITS
FYE 1000 INTRO TO COLLEGE 1 CR
ECON1150 PRINCIPLES OF ECONOMICS: MACROECONOMICS 3 CR
ECON1160 PRINCIPLES OF ECONOMICS: MICROECONOMICS 3 CR
ENGL1106 COLLEGE COMPOSITION I 3 CR
MATH (1100 OR HIGHER, EXCLUDING MATH1420, MATH1430, MATH1440) 3 CR
GENERAL EDUCATION - OTHER 3 CR