Accounting

M. Myring, Chairperson  

Accounting is often described as the “language of business.” Business managers, stockholders, investors, creditors, government agencies, and labor groups depend on accountants for financial data and need to understand the “language.” Majors in accounting prepare students for careers in public accounting as certified public accountants (CPA) or for careers as accountants for individual companies in private industry, government agencies, or nonprofit organizations. 

Under current state law, an Indiana candidate must complete 150 semester hours of education containing the equivalent of an accounting major in order to sit for the CPA Examination. This means that a candidate cannot sit for the CPA Examination with a 120-hour bachelor’s degree in accounting. 

Because students must take at least 24 hours beyond the Bachelor of Science degree, the department and its advisory council recommend that students complete the 30-hour master’s degree rather than just 24 additional hours of undergraduate courses. The net addition of six hours will produce a better set of credentials. 

The 150-hour law does not affect all accounting students equally. Only those entering the public accounting profession with the expectation of obtaining the CPA certificate must comply with the 150-hour law. Those accounting graduates who seek work with private businesses, government agencies, and not-for-profit organizations may find the four-year Bachelor of Science degree satisfactory. 

MAJOR IN ACCOUNTING, 66 hours

ACCOUNTING (ACC)

200 Accounting for New Ventures (3)
A survey course focusing on basic accounting and forecasting for non-accountants. Students will be introduced to financial statements and learn how to develop budgets and projections to support the launch of new ventures. 
    Prerequisite: ECON 116 or ECON 201; MGT 241. 
    Open only to non-business students. 

201 Principles of Accounting 1 (3)
An introduction to accounting emphasizing the basic principles underlying the accounting cycle. Includes the preparation of reports to management and external users of financial statements. Core Transfer Library: Professional/Occupational (IPO 1801)
    Prerequisite: completed 18 credit hours. 

202 Principles of Accounting 2 (3)
A continuation of ACC 201 emphasizing financial statement analysis and managerial and cost accounting concepts. Core Transfer Library: Professional/Occupational (IPO 1802)
    Prerequisite: ACC 201. 

299X Experimental/Developmental Topics (1-6)
Topics relevant to the discipline. Course titles will be announced before each semester. 
    A total of 6 hours of credit may be earned. 

301 Intermediate Accounting 1 (3)
The theoretical framework for accounting principles and procedures, the application of generally accepted accounting principles, and the preparation of financial statements. 
    Prerequisite: admission to the Miller College of Business; ACC 202. 

302 Intermediate Accounting 2 (3)
A continuation of ACC 301. Includes such topics as accounting for income taxes, pensions and post-retirement benefits, leases and other external reporting concerns. 
    Prerequisite: ACC 301. 

305 Accounting Information Systems (3)
A study of the role of accounting information systems and related subsystems. The relationship of accounting information systems to other systems, including management information systems, is addressed. 
    Prerequisite: admission to the Miller College of Business; ACC 202. 

306 Intermediate Management Accounting (3)
Measurement and management tools and techniques, emphasizing managerial uses of financial and operational data. 
    Prerequisite: admission to the Miller College of Business; ACC 202. 

369 Internship in Accounting (1-6)
Under a program approved and supervised by the Department of Accounting, a student majoring in accounting will work as an accounting intern for a public accountant, a business firm, or a governmental agency. 
    Prerequisite: admitted into the major, successfully completed ACC 301; permission from the accounting internship coordinator. 
    A total of 6 hours of credit may be earned. 

401 Introduction to Taxation (3)
A study of the basic features of the federal income tax. Emphasizes the determination of taxable income of individuals and corporations. 
    Prerequisite: ACC 201. 

410 Advanced Topics in Taxation (3)
A study of federal taxes on the business income of corporations, partnerships, exempt entities, and estates and trusts. Includes the use of tax reference materials and tax services. 
    Prerequisite: ACC 401. 

430 Government and Nonprofit Accounting (3)
Underlying concepts and standards of financial reporting for government and nonprofit entities are introduced. Emphasizes financial reporting differences between these entities and business enterprises. 
    Prerequisite: ACC 301. 

440 Advanced Financial Accounting (3)
Special accounting problems related to business combinations, consolidated financial statements, fiduciary accounting, international accounting, and partnership accounting. 
    Prerequisite: ACC 302. 

451 Auditing Principles and Practices (3)
Auditing of financial data and related controls from the perspective of internal and external auditors. Topics include internal control procedures, auditing procedures and standards, as well as reporting. 
    Prerequisite: ACC 302. 

495 Special Topics in Accounting (1-3)
Special advanced topics in accounting offered periodically with varying topics. 
    Prerequisite: junior and senior accounting majors or by permission of the department chairperson. 
    A total of 6 hours of credit may be earned with different topics, but no more than 3 in any one semester or term. 

497 Independent Study in Accounting (1-3)
An opportunity for students with superior scholastic records to study some phase of accounting. The topic selected, methods of study, and credit hours must be approved by the department. 
    Prerequisite: permission of the department chairperson. 
    A total of 3 hours of credit may be earned.