Accounting (AC)
Bachelor of Arts
Division of Business and Graduate Programs

Bonnie H. Hairrell, George F. Klersey, Ron Stunda, Tara Sudderth

Business enterprises and other social organizations have grown greatly in size and complexity in modern times. These changes have greatly increased the importance of reporting, controlling, and auditing for managers and administrators. In order for management to control its operations effectively, it must have reports on these complex relationships in a systematic, accurate form. Modern accounting compiles pertinent information to help plan future activities and to aid management in control, as well as summarizing and interpreting events already past. Thus, accounting is the vital art of preparing and presenting financial and statistical information for the conduct of affairs in modern society.

Since an accountant is called upon to serve as an advisor to management, it is essential that his or her educational preparation extend far beyond principles and practices of accounting. The student must be familiar with economics, mathematics, computer science, management, and other fields relevant to the conduct of social affairs. The accounting major is, therefore, designed to give the student a broad foundation in the arts and sciences, to provide extensive exposure to general business principles, and to culminate with a set of courses that emphasizes the analytical and theoretical principles underlying current accounting practice. The program serves students in preparation for careers in public accounting, business, non profit organizations, and government.

Students completing the accounting program should, at minimum, understand the following:

(a) The fundamental principles and language of accounting and the basic economics and business vocabulary.

(b) The role of accounting in public, private, and not for profit organizations.

(c) The functions of accountants, including preparing financial, tax, and audit reports, interpreting financial and cost data, assisting in management and marketing decisions, projecting future performance, and consulting on tax strategy.

(d) The usefulness of computer applications in improving the efficiency and effectiveness of all accounting and tax work.

(e) The economic impact of actions taken by individuals, firms, governments, and other groups and organizations.

(f) The importance of cost accounting to the organization and how it is used by management to make decisions.

(g) The issues, concepts, application, and impact of taxation on financial and decision making activities.

(h) The major legal issues and concepts relevant to business.

(i) The principles and procedures that are significant aspects of the attest function.

(j) The problems of corporate mergers and consolidations and foreign currency transactions and translations.

(k) The process of discovery, analysis, and problem resolution of accounting and taxation issues, along with appropriate methods of communicating this information in written and oral form.

The Division’s programs are accredited by AACSB International.

Major Requirements

The following courses are required (15 units):

• AC 221 and 222
• AC 321 and 322
• AC 324
• AC 341 and 342
• AC 361
• AC 421
• AC 428
• AC 499
• BA 201
• EC 201 or 202
• EC 303 or BA 372
• MA 207

Courses in Accounting

AC 221 Accounting I (1)
An introductory study of financial statement analysis and accounting principles and techniques. Fall, Spring.

AC 222 Accounting II (1)
Special attention to accounting for manufacturing and the preparation and analysis of accounting statements. Prerequisite: AC 221. Fall, Spring.

AC 321 Intermediate Accounting I (1)
The study of accounting theory as it pertains to general purpose external reporting by business enterprises. Techniques for assets and current liabilities are examined. Prerequisite: AC 222. Fall.

AC 322 Intermediate Accounting II (1)
Financial Statement analysis and full disclosure requirements are addressed, along with techniques in accounting for debt, capital transactions, adjustments, income taxes, pensions and leases. Prerequisite: a “C” or better in all previous AC courses. Spring.

AC 324 Cost Accounting (1)
Analysis and techniques of recording, measuring, and reporting cost information to reflect inventory valuation and income or loss of business entities for internal and external reporting and decision making purposes. Prerequisites: AC 222. Fall.

AC 341 Income Tax I (1)
A study of Federal income tax laws, research procedures, tax return preparation, and tax planning relating to individuals. Fall.

AC 342 Income Tax II (1)
A study of Federal income tax laws, research procedures, tax return preparation, and tax planning relevant to corporations, partnerships, and tax exempt entities, with an overview of taxation of international transactions. Prerequisite: a “C” or better in all previous AC courses. Spring.

AC 361 Business Law (1)
An explanation of the workings of the law in business, scope and classification of business law, legal relations of people in business, the law of contracts; damages, guaranty and suretyship, negotiable instruments, partnership and corporate forms of business organization. Prerequisite: sophomore standing. Accounting majors only. Fall.

AC 421 Auditing I (1)
A study of the theory of financial compliance and operational audits. Performance of a simulated audit and case presentation provides students with practice in applying professional auditing procedures for evidence gathering, evaluation, reporting, ethics, legal liability, and team work. Prerequisite: AC 322, and a “C” or better in all previous AC courses. Fall.

AC 422 Auditing II (1)
A study of advanced concepts in auditing. Students acquire further academic preparation in understanding and applying auditing in the computer environment, information systems control concepts, special audit risk considerations, and consultation in a computer systems context. Prerequisite: senior standing. Spring.

AC 428 Advanced Accounting (1)
A study that deals primarily with corporate consolidation problems, foreign currency transactions and translations. Prerequisite: senior standing. Fall.

AC 443 Governmental and Not for Profit Accounting (1)
A study and critique of the conceptual and procedural issues pertaining to the accounting, reporting, and auditing of not for profit organizations, including state and local governments, hospitals, universities, and health and welfare organizations. Prerequisite: senior standing. Spring.

AC 444 Accounting Information Systems (1)
An introduction to accounting information systems and how they assist in achieving organizational objectives and improve planning and control at all levels of the organization. The study of various audit statistical sampling techniques used in the performance of an audit. Prerequisite: AC 324.

AC 445 Accounting Theory (1)
Current literature, theory, and controversies affecting the accounting profession. Resolution of controversies and application of financial accounting theory in accordance with professional standards relating to financial reporting. Prerequisite: AC 322.

AC 485 Internship Pro seminar (1)
An examination of current accounting issues and the primary practices and procedures in the accounting profession. This seminar examines the issues, practices and procedures that accounting graduates face as they enter the profession. This seminar is offered in conjunction with AC 499, the Accounting Internship (January to mid-March). Prerequisite: AC 499, Accounting Internship. Spring.

AC 493 Independent Study (1)
Supervised reading and research, field work, written reports, analysis of theoretical and practical problems designed primarily for majors. Prerequisite: consent.

AC 498 Teaching Experience in Accounting (1)
Planning and developing methods and materials of teaching accounting. Emphasis is placed on the psychology of learning in both the traditional classroom and tutorial setting. Open to juniors and seniors with consent of major advisor.

AC 499 Senior Project in Accounting (1)
An experience designed to solidify and enhance students' knowledge in the accounting field. The experience may include a ten week internship or an in class project. Topics may include recent accounting developments, extensions of accounting concepts, and exploring basic business systems. Students electing an internship for their senior project should consult with the disciplinary faculty about the variety of internship options. Prerequisites: AC 322, AC 324, AC 421. Interim.