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Accounting

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.

Checklists

Major

Accounting majors are required to successfully complete a common group of business core courses: ACCT 221 and 222; BUSA 223, 301, 316, 221, 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, 357, and either 393/493/475 (3 hours of experiential).

Minor

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.

Courses

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 for service and retail companies. No prerequisite.

ACCT 222. Principles of Managerial Accounting. (3) Introduction to the recording and reporting of manufacturing companies and introduction to managerial accounting. Topics include job and process costing systems, cost behavior, cost-volume-profit analysis, financial statement analysis, and budgeting. Prerequisite: ACCT 221.

ACCT 344. Federal Income Taxes. (3) A study of federal income tax principles and laws with applications to individuals. 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 with focus on financial statement presentation. 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, and earning per share for focus on financial statement presentation. This course will also discuss accounting by partnerships/LPs/LLCs, and S Corporations. Prerequisite: ACCT 351.

ACCT 353. Advanced Financial Accounting. (3) A study of accounting to understand the history and purpose of authoritative bodies in accountancy and standards setting of GAAP and IFRS, recognize the importance of ethics, understand the legal liability of accountants, locate accounting standards using the accounting standards codification and apply them to various situations, translate and summarize academic accounting research papers, prepare and conduct empirical archival research, and recognize the value and limits in research for the professional practice of accounting. This course is offered as a hybrid-course. Prerequisite: ACCT 352.

ACCT 354. Auditing. (3) A study of the auditing principles, standards, procedures, and techniques and their application used by auditors in verification of financial statements. Prerequisites: ACCT 351.

ACCT 357. AIS & Reporting. (3) This course is designed to present an understanding of accounting information systems and their role in the accounting environment. Accounting information systems both computerized and non-computerized will be studied to understand accounting transaction cycles, documentation flow, and design of systems for internal control. This course will utilize computerized accounting software (QuickBooks) to further grasp computerized accounting transactions, further understand internal reports of companies, and to take internal financial statements and prepare GAAP financial statements from the reports. This course also presents an in-depth study of financial reporting requirements for not-for-profit and government agencies.

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