Up and Coming Weekly is a weekly publication in Fayetteville, NC and Fort Bragg, NC area offering local news, views, arts, entertainment and community event and business information.
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JUNE 24-30, 2015 UCW 17 WWW.UPANDCOMINGWEEKLY.COM Fayetteville Technical Community College's Accounting associate degree program was overhauled beginning with the 2014/2015 academic year. The program is now streamlined and focused with six new certificate program offerings emphasizing different specialization areas to better prepare students for 21st century employer needs. Certificate classes are available in the classroom, online and blended. Course credits earned through these certificate courses can be applied to the Associate of Applied Science degree in Accounting. The Tax Preparer Track Certificate provides basic knowledge and skills necessary to prepare federal and N.C. individual and business tax returns. In addition to course work in accounting principles, students com- plete courses in federal and state income taxation for individuals and businesses and an introductory course in accounting spreadsheets. The certificate can be com- pleted in three semesters and equips individuals for entry-level tax preparer positions and business owners for preparing their own income tax returns. The Small Business Entrepreneur Certificate pre- pares students to perform accounting tasks for a small business and can be completed in three semesters. In addition to completing coursework in accounting principles, students will complete courses in small busi- ness management, income tax preparation, accounting spreadsheets, payroll and accounting software applica- tions. Even for those students who hire an accountant to perform their accounting work, students will find this certificate program gives a broad overview which posi- tions them to monitor the accountant's work and gauge the success of a personal business. The four-semester Payroll Accounting Certificate pro- gram gives students the ability to prepare and process payroll for businesses. Coursework includes accounting principles, payroll, accounting software applications, income tax preparation, and an introductory course in accounting spreadsheets. Once this program is success- fully completed, students are prepared for entry-level payroll specialist positions or for processing payroll for personally owned businesses. The three-semester Computerized Accounting Certificate is structured for those who enjoy working with numbers and computers. In addition to completing coursework in accounting principles, students will com- plete courses in computer fundamentals, an introduc- tory and advanced course in accounting spreadsheets, payroll, and accounting software applications. This cer- tificate equips the student for entry-level computerized accounting specialist positions. The Cost/Managerial Accounting Certificate, a four- semester certificate program, teaches students how to prepare reports which ensure that relevant information is available to business managers for planning, control- ling, and evaluating business decisions. Coursework focuses on accounting principles, managerial and cost accounting, and accounting spreadsheets. Students who successfully complete this program are ready for entry- level cost accounting positions in a variety of businesses and are in a position to make better informed financial decisions for personal businesses. Finally, an Accounting Foundations Certificate is avail- able for high school students and can be completed in two semesters. Financial and managerial account- ing, business law, and individual income tax are the courses taken. These courses transfer directly into the Accounting associate degree curriculum at FTCC. Whether you are looking for an accounting certificate to provide you with a specialization for quick work- force entry or a business owner/manager interested in improving your personal financial management skills, FTCC has an accounting certificate program to meet your needs. Accounting is a highly respected, in-demand profession! Please contact me at elsomk@faytechcc.edu or at 910-678-8519 for help in responding to any ques- tions you may have about FTCC or FTCC's Accounting programs of study. Despite the welcome news of a state budget surplus, the fiscal and economic forecast for North Carolina over the next couple of years is not all blue skies and placid seas. Albeit weak by historical standards, the national economic recovery is now many years old. A recession in the next year or two would hardly be surprising. Moreover, if preliminary federal estimates of state economic growth prove to be correct, North Carolina's economy didn't grow as much last year as it did the year before. In other words, North Carolina's ship of state is traversing perilous waters. It needs to be fully stocked and navigated away from rocks and reefs. The leaders of the North Carolina Senate seem to understand that. Their budget plan for the 2015-17 biennium plots the right course for the legislature to follow — one that builds up the state's savings reserves, trims taxes further to encourage more invest- ment and job creation, and avoids long-term fiscal obligations that could prove diffi- cult to meet if an economic storm develops. Compared to the budget devised a few weeks ago by the House, the Senate plan is more responsible. Using the most comprehensive measure — one that includes off-budget spending on capital needs and business subsidies — the House proposed a $22.4 billion budget for General Fund programs for the 2015-16 fiscal year, up 6.2 percent from last year. The Senate figure comes in roughly $800 million lower than that, at $21.6 billion. Its spending increase is 2.6 percent, roughly equivalent to the projected rates of inflation and population growth. The Senate doesn't post lower spending growth by ignoring the needs of rising populations or high-priority programs. In fact, the Senate budget devotes somewhat more money than the House does — about $461 million in FY 2015-16 — to keep- ing up with enrollment growth and other rising costs in public schools, universities, and Medicaid. What it does differently, however, is offset some of those higher service needs by trimming the state budget elsewhere, including administration. And its compensation increases for teachers and state employees, about $213 million by my count, is roughly half what the House spent. Because its spending plan is leaner, the Senate is able to accomplish two important objectives. First, it saves money. Lots of money. The plan transfers $500 million to the rainy-day reserve, pushing it above $1.1 billion. It also budgets more for potential Medicaid overruns as the state prepares to embark on significant reform. That's prudent. Second, the Senate budget includes another round of tax reductions. On the personal income tax, it raises the standard deduction for all households by about 17 percent the first year and nudges it up annually after that, while pulling the tax rate down another quarter point, to 5.5 percent. It also reduces the business tax burden in several different ways while expanding the retail sales tax to include additional services. The net effect is $73 million in tax relief next year, followed by $421 million in 2016-17. I don't agree with all the details of the Senate tax package, and suspect it will be whittled down quite a bit in the coming negotiations. But I agree that, having made a substantial deposit into savings (my top priority), lawmakers should enact tax relief. After all, a significant share of the revenue surplus is likely one-time money. It ought not to be used to create new programs that might require future tax hikes to sustain. According to the Tax Foundation, the Senate's tax changes would improve North Carolina's business-tax climate to 14th in the nation, up from 16th. Its savings depos- its would dramatically improve state government's balance sheet. Its spending disci- pline is commendable. I know that some of its provisions won't survive the negotia- tion process with the House and Gov. Pat McCrory. I'm also not happy about the use of the budget to enact sweeping policy changes, even those I strongly favor (such as repealing laws that limit competition in medical care). But overall, the Senate budget makes the right decisions. The ship of state is in good hands. KAREN ELSOM, Contributing Writer. FTCC Accounting Department Chairperson. COMMENTS? Editor@upandcomingweekly.com. 910.484.6200. Senate Plots Right Course by JOHN HOOD JOHN HOOD, President of the John Locke Foundation, Contributing Writer. COMMENTS? Editor@upandcomingweekly. com. 910.484.6200 Because its spending plan is leaner, the Senate is able to accomplish two important objectives. FTCC Offers Six New Acounting Certificate Programs by KAREN ELSOM FTCC offers six accounting certificate programs, giving students options for job training