Ryan Torkelson has been a professor in the Economics, Accounting, and Management Department since 2015, focusing on financial accounting, auditing, and information technology. He is a Certified Public Accountant in the State of Minnesota and came to Luther with eight years of different accounting experiences. Some of his course topics include Intermediate Accounting, Fundamentals of Accounting, Auditing, and Federal Income Tax.
He currently serves as the Treasurer of Luther’s Phi Beta Kappa chapter and is an active member within the Luther and Decorah community.
Fundamentals of Accounting:
The course provides a basic understanding of financial and managerial accounting concepts, principles and procedures. Emphasis will be placed on the use of accounting information by management, creditors and stockholders. Course coverage includes accounting for inventory, receivables, long-term assets, short and long-term debt, stockholders equity, financial statement analysis, cost behavior analysis, manufacturing operations, budgeting and variance analysis. The prerequisite may be satisfied with a high school accounting/bookkeeping course.
Intermediate Accounting (I & II):
Deals with financial accounting concepts and practice. Provides an expansion of the basic fundamentals of accounting procedure. Includes intensive coverage of the asset and liability sections of the balance sheet. Student applies accounting theory, standards, principles, and procedures to accounting problems. Includes intensive coverage of the stockholders’ equity section of the balance sheet, the statement of changes in financial position, and other special topics, including pension costs, leases, and income tax allocation.
Emphasizes the analysis of an entity’s business strategy, identification of risks, mapping of business processes, evaluation of internal controls, and the implications of each of those analyses on the quality of financial and non-financial information. The accounting profession’s standards and prescribed procedures for financial statement audits are a significant component of the course. Legal responsibilities and professional ethics naturally integrate with the course content. Students learn how accounting professionals exercise judgement, examine client financial statement assertions and document a problem’s analysis, the procedures applied, and the conclusions reached. Writing instruction and practice are incorporated to realistically reflect the practice of accounting.
Federal Income Taxation
Analysis of the individual income tax, with emphasis on the economic and legal effect on the individual taxpayer. Much of the material is relevant to the taxpayer in the business environment, including taxation for the proprietor, partnership, and basic concepts of corporate taxation.
- M.S.A, University of Notre Dame, 2008
- B.A., Luther College, 2007
- Certified Public Accountant, State of Minnesota, 2009