Accounting

A high-impact and exciting career in accounting will put you in the center of business.  Commonly referred to as "the language of business", knowledge of accounting will be useful preparation for working in the accounting department of a corporation, or a career in public accounting, consulting, corporate management, or entrepreneurship to name just a few possibilities.  And since executives, entrepreneurs, and the entire business world requires the work of accountants, skills you develop as a student will lead to employment opportunities in the future!

As a student you can earn the following:

Skills Certificates: 

  1. Accounting Assistant
  2. Accounting Using QuickBooks Pro
  3. Advanced Accounting Specialist
  4. Advanced Government Accounting Specialist

Certificates of Achievements:

  1. Accounting

Associate Degree:

  1. Accounting

The accounting discipline also offers the following courses that are unique to ELAC in the LACCD: 

  1. Accounting 12 - Auditing
  2. Accounting 45 - Governmental Accounting I
  3. Accounting 46 - Governmental Accounting II
  4. Accounting 66 - Introduction to Forensic Accounting

If you are interested in succeeding in the business world, then a degree or certificate in accounting is a vital step on your path to success.  No matter what business career you choose, understanding the finances of a company is beneficial and knowledge of accounting will give you an advantage over the competition.  The ELAC accounting faculty, with private and public accounting backgrounds, bring to the classroom real-world experience that helps students succeed.  

Accounting

UC:CSU (C-ID ACCT 110)

LECTURE, 5 HOURS.

Note: Business Administration majors who intend to trans­fer to a four-year college are advised to take this course their second semester.

This course is the study of accounting as an information system, examining why it is important and how it is used by investors, creditors, and others to make decisions. The course covers the accounting information system, includ­ing recording and reporting of business transactions with a focus on the accounting cycle, the application of generally accepted accounting principles, financial statements, and statement analysis. Includes issues relating to asset, liabil­ity, and equity valuation, revenue and expense recognition, cash flow, internal controls, and ethics.

Prerequisite: Accounting 2.

LECTURE, 3 HOURS.

In this course, students analyze both managerial and cost accounting, with emphasis on cost and non-cost systems; types of cost; elements of cost; cost behavior; variances for labor, materials, and overhead; indirect expenses; allo­cation of cost to by-products; and standard cost and budgets.

CSU

Prerequisite: Accounting 2.

LECTURE, 3 HOURS.

In this course, students study the principles of auditing and the techniques used in conducting an independent audit including an exploration of the requisite skills and knowl­edge needed to conduct an independent audit of financial statements. Practice is given in the preparation of audit working papers and audit reports.

CSU
LECTURE, 3 HOURS.


In this course, students are provided with a basic under­standing of the federal income tax process, federal income tax laws that apply to individuals, and the application of tax principles to specific problems. Topics include gross income and exclusions, business deductions and item­ized deductions, losses, certain tax credits and property transactions.
 

CSU

Prerequisite: Accounting 1 

LECTURE, 3 HOURS.

This course continues the study of Federal Income Taxes and the analysis of laws as well as consideration of appro­priate accounting procedures and preparation of reports and returns as they apply to partnerships, limited liability companies, corporations, and S corporations.

CSU

Prerequisite: Accounting 1 

LECTURE, 2 HOURS.

This course provides students with the knowledge of all fundamental activities of a complete payroll system from manual to current automated systems, including Social Security benefits, taxes, payroll laws and regulations, and the ability to process an organization’s payroll.

LECTURE, 3 HOURS

This course is a survey and study of ethics in business and accounting areas including the study of moral values, per­sonal integrity, professional accountability, business legit­imacy, equity and fairness. This course also includes the study of the Sarbanes-Oxley Act, Codes of conduct, Circu­lar 230, and case analysis.
 

UC:CSU (C-ID ACCT 120)

Prerequisites: Accounting 1

LECTURE, 5 HOURS.

This course focuses on the use and reporting of account­ing data for managerial planning, cost control, and deci­sion-making purposes. The course includes broad cover­age of concepts, classifications, and behaviors of costs. Topics include cost systems, the analysis and use of cost information, cost-volume-profit analysis, contribution margin, profit planning, standard costs, relevant costs, and capital budgeting.

LECTURE, 3 HOURS.

This course is intended for students interested in basic bookkeeping and accounting for personal and small busi­ness use. This course covers basic accounting systems, including recording and reporting of business transactions with a focus on the accounting cycle, the application of generally accepted accounting principles, financial state­ments, and statement analysis. It includes issues relating to asset, revenue and expense recognition, internal con­trols, bank reconciliation, inventory valuation, and ethics

UC:CSU
Prerequisite: Accounting 21.
LECTURE, 3 HOURS.


This class will not be offered in 2020-2021.
This course is the equivalent of the second half of Account­ing 1. The course covers the application of generally accepted accounting principles, financial statements, and statement analysis. The course includes issues relat­ing to assets, liabilities, and equity valuation, revenue and expense recognition, cash flow, internal controls, and ethics.
 

CSU

LABORATORY, 4 HOURS

This course provides practice in the operation of typical accounting business software applications on a micro­computer. Students have to complete a company’s prac­tice set using accounting business software to record transactions, adjustments, and the presentation of finan­cial statements.

CSU

Prerequisite: Accounting 1

LECTURE, 3 HOURS.

This course provides complete analytical application and an advanced review of topics discussed in Account­ing I. Topics include assets (current, fixed, and intangible), investments, financial statements, income taxes, liabilities, stockholders equity, revenue recognition, asset acquisi­tion, and leases.

LECTURE, 3 HOURS.

This course to perform accounting uses QuickBooks soft­ware applications with an emphasis on setting up new companies, data input, updating information on lists, ana­lyzing information, generating reports, and decision mak­ing using case studies.

LECTURE, 2 HOURS.

In this course, students study federal income tax policies, regulations, and concepts relating to individuals in prepa­ration for the Part 1 of the Special Enrollment Examination. Topics include preliminary work, taxpayer data, income, assets, deductions, credits, taxation advice, and special­ized returns for individuals. Successful completion of this course does not guarantee students pass Part 1 of the Spe­cial Enrollment Examination.

LECTURE, 2 HOURS.

In this course, students study federal income tax poli­cies, regulations, and concepts relating to businesses in preparation for the Part 2 of the Special Enrollment Exam­ination. Topics include business entities, business financial information, as well as specialized returns and taxpayers. Successful completion of this course does not guarantee students pass Part 2 of the Special Enrollment Examination.

LECTURE, 2 HOURS.

In this course, students study federal income tax policies, regulations, and concepts relating to taxpayer representa­tion, practices, and procedures in preparation for the Part 3 of the Special Enrollment Examination. Topics include practice before the Internal Revenue Service, requirements for Enrolled Agents, types of representation and complet­ing the filing process. Successful completion of this course does not guarantee students pass Part 3 of the Special Enrollment Examination.

CSU

LECTURE, 3 HOURS

In this course, students study international accounting standards, guidelines, and practices relevant to multi­national corporations. The course explores International Financial Reporting Standards (IFRS), the international con­vergence of financial standards, foreign currency transac­tions, international taxation, global auditing, and corporate governance in multinational corporations.

LECTURE, 3 HOURS.

This course is designed to support the development of an understanding of Generally Accepted Accounting Princi­ples (GA/ASP), Governmental Accounting Standards Board (GASB) and financial reporting standards for state and local government organizations. Topics include govern­ment accounting concepts, budget preparation and con­trol, fund accounting, debt and fixed asset accounting, Comprehensive Annual Financial Report (CAFR) financial reporting and various other accounting concepts applica­ble to governmental accounting.

Prerequisite: Accounting 45
LECTURE, 3 HOURS


This course is a continuation of Accounting 45. It provides intense study of the accounting and financial reporting procedures for government and not-for-profit sectors. Pro­mulgated accounting standards, conceptual issues, and special topics are examined. This class further explores the updates of financial reporting model and related FASB Codification topics with references to real world insti­tutions, ranging from state and local governments and not-for-profit entities. Course emphasis is on proprietary, fiduciary, and not-for-profit fund accounting as well as financial reporting, auditing, budgeting, and performance measures.
 
Prerequisite: Accounting 1

LECTURE, 3 HOURS.


This is a course on forensic accounting. This course includes discussions regarding the legal environment in which a forensic accountant serves, an overview of how to manage the engagement, gathering of evidence, financial analysis, an overview of fraud investigation, and business valuation fundamentals.