The basic accounting class is sometimes known as Principles of Accounting or Intro to Accounting. In this class students learn about basic credits, debits, balance sheets, and other principles. The intro class will help students a) learn the basic vernacular of the field, b) learn the types of fields of accounting, c) decide if the field is a good fit. For most courses of study, there will be at least one introduction to accounting class; sometimes the introductory class is broken into two parts. For example, at the University of Maryland at College Park, there are two courses designed to introduce students to accounting principles.
In a world of changing technology, there are various software programs that make accounting easier and more efficient, from Excel to Quikbooks to more complicated systems that manage payroll and inventory, or software that is specialized for a specific industry. Accounting Information Systems will help students understand how technology can reduce time spent on projects and reduce human error. In Accounting Information Systems, students also learn the cost effectiveness of various software programs.
One of the main responsibilities of the accountant is to make sure the company or individual is meeting their federal, state and local tax obligations. Students learn the tax responsibilities of S-Corporations, C-Corporations, partnerships and sole proprietorships. Additionally, individuals and companies expect tax accountants to be aware of all available deductions to reduce their tax obligations. Accountants need to be well versed in tax laws, rules and regulations.
If you have ever heard the term "cook the books," you know that accountants face ethical dilemmas regularly. Accountants have to meet the demands of their companies while adhering to tax rules, as well as government regulations like Sarbanes-Oxley and other Securities and Exchange Commission regulations. This type of course often includes case studies where students can get an idea of the real world ethical challenges that they may face.
These classes will help students assess financial records to determine if fraud or criminal activities including money laundering, payroll fraud, and check tampering have taken place. Large accounting firms as well as enforcement agencies look for forensic accounting specialists.