This course will provide the student with the basic concepts of tax law as applied to individuals and business entities. The student will be exposed to how tax laws are developed and the structure of our court system, and the ethics of tax practice.
Through a partnership with the United Way of Northern New Jersey, students enrolled in ACC-2202 will prepare tax returns for members of the ALICE (Asset Limited, Income Constrained, Employed) population in the greater Hackettstown area. Students are required to devote time assisting community members in tax preparation. Certifcation through the IRS is required for participation in ACC-2202. It is recommended that students take ACC-2201 prior to enrolling in ACC-2202, but it is not required.
This course builds on ACC-2101 with further study of reporting and analysis of financial statements and understanding accounting for various business forms. The student will be exposed to managerial accounting, including job and process costing, cost-volume-profit analysis, operational expense and capital budgeting, and decision-making methods including time value of money.