Various theories of income measurement and asset valuation. Roles of policy making bodies in formulating accounting and reporting standards. Basic objectives and elements of financial statements. Prerequisite: ACC 501 or concurrent enrollment in ACC 501.

Full time, on-the-job work experience for one semester in industry, government, or public accounting arranged through departmental internship supervisor. A research paper relating to the student's work experience obtained on the internship is required. CR/NC only. Prerequisites: 12 hours of accounting, overall GPA of 3.2, accounting GPA of 3.2, acceptance by program supervisor.