For more information about program offerings, degree requirements, and career opportunities in Business, Accounting, and Sport Management, see the Business Division section of the catalog.
Accounting majors are required to successfully complete a common group of business core courses: ACCT 221 and 222; BUSA 223, 301, 316, 367, and 400; ECON 210 and 220; FINC 345; MGMT 317, and MARK 330. In addition, the major in Accounting also requires ACCT 344, 350, 351, 352, 353, 354, 356, and 357.
For those students majoring in an area other than Accounting but interested in gaining a better understanding of the field, the Business Division offers a minor in Accounting. This minor requires successful completion of the following courses: ACCT 221, 222, 351, and 352; ECON 210 or 220; FINC 345; and one additional 300-level Accounting course.
ACCT 221. Principles of Financial Accounting. (3) Introduction to the recording of financial data and reporting of information in financial statements. Recording of transactions and presentation and analysis of the resulting information in the balance sheet, income statement, and statement of cash flows. No prerequisite.
ACCT 222. Principles of Managerial Accounting. (3) Introduction to the recording and reporting of information to management. Recording, reporting, and analysis of the costs of doing business and the budgeting and financing of those costs. Prerequisite: ACCT 221.
ACCT 344. Federal Income Taxes. (3) A study of federal income tax principles and laws with applications to individuals and businesses. Prerequisite: ACCT 222.
ACCT 350. Cost Accounting. (3) A study of cost accounting, including accumulation and measurement, using job order, process, and standard cost systems. Cost-volume-profit relationships and the use of analysis in managerial planning and control. Prerequisite: ACCT 222.
ACCT 351. Intermediate Financial Accounting I. (3) A study of financial accounting by corporations. This first course of the two-semester sequence includes understanding of financial accounting concepts and applying those concepts to assets and current liabilities. Prerequisite: ACCT 222.
ACCT 352. Intermediate Financial Accounting II. (3) A study of financial accounting by corporations. This second course of the two-semester sequence includes applying financial accounting concepts to long-term liabilities and stockholders equity as well as accounting for leases, income taxes, post-retirement benefits, and earning per share. Prerequisite: ACCT 351.
ACCT 353. Advanced Financial Accounting. (3) A study of financial accounting for special topics, including business combinations, consolidations, governmental reporting, not-for-profit reporting, international reporting, and recent pronouncements. Prerequisite: ACCT 352.
ACCT 354. Auditing. (3) A study of the auditing standards and their application in the accounting profession. Prerequisites: ACCT 352 and BUSA 367.
ACCT 356. Regulation. (3) This course will examine the legal and tax implications of various business structures including proprietorships, partnerships (LLCs, LLPs) S-corporations, C-corporations, Tax-exempt entities, and trusts. We will also discuss the tax and legal implications of business succession and estate planning issues. We will review the federal tax code and uniform state tax codes with regard to the treatment of these structures. Students will also be introduced to various standards of practice and the importance of adherence to professional codes of ethical conduct. This course is designed to prepare advanced students for the Regulation portion of the CPA exam.
ACCT 357. Financial and Governmental Accounting and Reporting. (3) This course presents an in-depth review of financial reporting requirements for various organizations, including non-profit, for-profit, and government agencies in preparation for the Financial Accounting and Reporting portion of the CPA exam. We will cover the treatment of inventory, fixed assets, monetary assets, investments (including derivatives and hedging methods), current and long-term liabilities, accruals, financial ratios, and stockholders' equity. We will also explore other topics such as reporting for business consolidations, eliminations, succession, and handling of foreign currencies. Students will also become familiar with financial statement presentation, disclosures, SEC reporting requirements, and statement of cash flows.
ACCT 375. VITA. (3) VITA Career Experience. Application of individual Federal and Illinois income taxes. This course involves experiential learning in the preparation of individual income tax forms under the supervision of the accounting professor and IRS representatives. The Volunteer Income Tax Assistance (VITA) program offers free tax preparation for low income (under $54,000) and elderly taxpayers. Prerequisite: ACCT 344.