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WMU > Haworth COB> Accountancy

Major | Program Objectives | Program Requirements| | Minor | Course Descriptions

Major in Accountancy

A major in accounting provides students with the knowledge and skills necessary for a wide variety of interesting careers. Accountants are employed in business, industry, government, nonprofit organizations, and public accounting as auditors, tax accountants, corporate accountants, internal auditors, financial planners, and consultants. Accountants hold executive positions throughout business, industry, and government.

The accountancy major also provides an excellent foundation for careers in government, law, and education.

HOW TO SELECT A MAJOR IN ACCOUNTANCY:

1. Obtain a curriculum guide at the Haworth College of Business Advising Office. An advisor in that office will complete the curriculum guide that explains the general education and business courses you must take.
2. Bring the curriculum guide to the Department of Accountancy's Office. You will be given a major slip and assigned a faculty advisor who will discuss with you the requirements of the major.

Program Objectives

The undergraduate program in accountancy is designed to provide an intellectual foundation that places accounting in its broader business and social context. The program increases student awareness of the global environment in which accountants operate and the ethical issues facing the profession. The curriculum broadens students' abilities to analyze and solve problems, think critically, communicate effectively, and use information technology. Students are encouraged to gain practical experience by participating in internships and other relevant activities.

The program serves a diverse, academically talented student body who, upon graduation, will have the skills necessary for entry level accounting positions and career advancement. Graduates of the program will be prepared for employment regionally and nationally.

Program Requirements

All accounting majors are required to complete 30 hours of accounting. The following eight courses must be taken:

ACTY 2100 Principles of Accounting I
ACTY 2110 Principles of Accounting II
ACTY 3100 Financial Accounting I
ACTY 3110 Financial Accounting II
ACTY 3130 Accounting Information Systems
ACTY 3220 Managerial Accounting - Concepts and Practices
ACTY 3240 Introductory Tax Accounting
ACTY 4160 Auditing

All accounting majors are required to complete two of the following elective courses:

ACTY 4110 Advanced Accounting
ACTY 4140 Governmental and Nonprofit Accounting
ACTY 4220 Cost Accounting
ACTY 4240 Advanced Tax Accounting

Accountancy majors must complete Phil 4100, Professional Ethics, as one of their non-accounting elective courses.

Minor in Accountancy

All accounting minors are required to complete 15 hours of accounting. The following two courses must be taken:

ACTY 2100 Principles of Accounting I
ACTY 2110 Principles of Accounting II

All accounting minors are required to complete three of the following elective courses:

ACTY 3100 Financial Accounting I
ACTY 3110 Financial Accounting II
ACTY 3220 Managerial Accounting - Concepts and Practices
ACTY 3240 Introductory Tax Accounting
ACTY 4110 Advanced Accounting
ACTY 4140 Governmental and Nonprofit Accounting
ACTY 4160 Auditing
ACTY 4220 Cost Accounting
ACTY 4240 Advanced Tax Accounting

All accounting minors who are nonbusiness majors are also required to complete two of the following:

FIN 3200 Business Finance
LAW 3800 Legal Environment
MGMT 2500 Fundamentals of Management
MKTG 2500 Marketing

Course Descriptions

ACTY 2100 Principles of Accounting I (3 hrs.)
This is an introductory course in accounting, which includes an examination of the recording and reporting of business transactions, and the measurement of business income, assets, liabilities and equities. Emphasis is placed on financial reporting for decision-makers inside the organization.

ACTY 2110 Principles of Accounting II (3 hrs.)
PA study of the role of accounting information in the planning and decision-making of business organizations. The course focuses on: financial analysis, manufacturing cost flows, budgeting, and planning for long-term financing and investing activities. Prerequisite: Students must earn a minimum grade of “C” in ACTY 2100.

ACTY 3100 Financial Accounting I (3 hrs.)
This course examines the underlying concepts of financial accounting. It reviews the accounting cycle, related accounting records, and the financial statements. Accounting principles and reporting requirements for current assets, plant and equipment, intangibles, and other assets are also studied. Prerequisite: Students must earn a minimum grade of “C” in ACTY 2110.

ACTY 3110 Financial Accounting II (3 hrs.)
This course is a continuation of Accounting 3100. Accounting principles and reporting requirements for liabilities, long-term investments and stockholders’ equity are studied. Other topics included are accounting for pensions, income taxes, leases, accounting changes, and the Statement of Cash Flows. Prerequisite: Students must earn a minimum grade of “C” in ACTY 3100.

ACTY 3130 Accounting Information Systems (3 hrs.)
This is an introductory course in accounting information systems. It includes consideration of issues such as transaction processing and transaction processing cycles, the use and effects of computers and other relevant technology on accounting, database and file systems, internal accounting and administrative controls, and information technology audits. The course emphasizes the use of common business software, which may include spreadsheets, flowcharting software, communications, general ledger, and database management systems. Prerequisite: Students must earn a minimum grade of “C” in ACTY 3100.

ACTY 3220 Managerial Accounting - Concepts and Practices (3 hrs.)
A study of the accounting methodology and concepts that have been developed to serve managers in decision-making for planning and control. This course covers budgeting, standard cost variance analysis, incremental analysis, cost and profit analysis, relevant costing, and product costing concepts and practices. Prerequisite: Students must earn a minimum grade of “C” in ACTY 2110.

ACTY 3240 Introductory Tax Accounting (3 hrs.)
A study of the federal tax laws that apply to business entities. The course focuses on the concepts of income, deductions, and credits that apply to all reporting entities and emphasizes tax planning as well as tax compliance. Prerequisite: Students must earn a minimum grade of “C” in ACTY 2110.

ACTY 4100 Internship in Accounting (1 - 3 hrs.)
Under the direction of a faculty coordinator, students obtain full-time accounting-related employment experience. Participation is limited to the available internships and competitive selection by the faculty coordinator and prospective employers. Students are required to write a final report. Each employer will provide an evaluation of the student. A student must be enrolled in ACTY 4100 while meeting the requirements of the course. This course must be taken on a CR/NC basis and does not count toward the accounting major. Prerequisite: Consent of the faculty coordinator.

ACTY 4110 Advanced Accounting (3 hrs.)
The study of entities and special transactions not covered in Financial Accounting I and II. Particular emphasis is given to partnership equity accounting, governmental accounting, business combinations, reporting by parent-subsidiary consolidated entities (including foreign subsidiaries) and accounting for foreign currency transactions. Prerequisite: Students must earn a minimum grade of “C” in ACTY 3110.

ACTY 4140 Governmental and Nonprofit Accounting (3 hrs.)
A comprehensive study of the recording of transactions by governmental units and the financial statements required by generally accepted accounting principles for governmental units. Governmental units are the basic unit of study; however, colleges and universities, healthcare entities and other not-for-profit organizations are given brief coverage to illustrate accounting and financial reporting for all not-for-profit entities. Prerequisite: Students must earn a minimum grade of “C” in ACTY 2110.

ACTY 4160 Auditing (3 hrs.)
A study of auditing of business and non-business originations. Topics include audit risk, audit procedures during the planning and performance phase of an audit, internal control concepts, ethics and the legal environment, statistical audit tools, types of audit reports, auditing standards, and the relationship of internal auditing to financial statement auditing. Prerequisite: Students must earn a minimum grade of “C” in ACTY 3110.

ACTY 4220 Cost Accounting - Theory and Practice (3 hrs.)
A study of the use of cost accounting information within a planning and control framework. Topics include the information needs of managers, costing of products and services, cost allocations among departments of an enterprise, activity-based costing, the theory of constraints, cost of quality, budgeting, income effects of absorption and variable costing, transfer pricing, and performance measurement. Prerequisite: Students must earn a minimum grade of “C” in ACTY 3220.

ACTY 4240 Advanced Tax Accounting (3 hrs.)
A study of the federal tax laws that govern the transactions during a corporation’s life cycle. The tax effects of organizing, operating, making distributions, reorganizing, and liquidating regular and S corporations are analyzed. The differences in the taxation of corporations, partnerships, and limited liability companies also are addressed. Prerequisite: Students must earn a minimum grade of “C” in ACTY 3240.

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