ACCT 306 - Taxation and Accounting for Small and Family Owned Businesses

3 Credit(s)

This course provides the basic accounting and taxation knowledge essential in starting and operating a small business. The focus of the course is on financial and tax reporting for private-sector entities based on an assessment of the range and information needs of users. More specifically, the course addresses the cash method for financial and tax reporting purposes. The course focuses on entities that (a) are relatively small, (b) are not listed on any exchange, (c) are not publicly accountable by virtue of a fiduciary relationship with the public (for example, are not deposit-taking institutions or insurers), and (d) are closely held by a small group of shareholders.
Prerequisite(s): ACCT 105, ACCT 205, and MIS 180 or equivalent.