2010-2011 Undergraduate Catalog

Accountancy

Chairperson: Dr. John A. Elfrink
Office: Stipes Hall 418
Telephone: (309) 298-1152 Fax: (309) 298-2952
E-mail: JA-Elfrink@wiu.edu

Website: wiu.edu/accountancy

Faculty: Aguir, Coe, Diehl, Elfrink, Espahbodi, Ford, Herron, Hunt, Jones, Pendergast, Pryor, Sejati, Westen, Woodruff.

Accountants in the 21st century will need to be broad based experts armed not only with a full knowledge of accounting theory and operating principles but also with a comprehensive understanding of the organization's purpose and environment. Today's accountant commands the full range of quantitative and nonquantitative decision-making tools, deals with business and organizational problems, and possesses the ability to communicate effectively both orally and in writing. Excellent computer skills and a broad understanding of the international implications of today's business environment are also essential to success in the accounting profession.

The WIU Department of Accountancy undergraduate program will prepare students for the new challenges and greater opportunities which the accounting profession offers today. The accountancy program provides students not only with the accounting skills but also with the communication skills they will need to succeed. Working with advanced computer software, writing reports and papers, and presenting individual and team projects are all included in the regular program of study of all WIU accountancy majors.

Students enrolled in the accountancy program who plan to take the CMA, CFE, or CPA examinations will have the opportunity to select from the following programs:

  •  The Bachelor of Business (120 s.h.) with an emphasis on Management Accounting and preparation for the Certified Management Accountant (CMA) exam and the Certified Fraud Examiner (CFE) exam.
  • The Master of Accountancy (150 s.h.) with an emphasis in Public Accounting and preparation for the Certified Public Accountant (CPA) exam.

The State of Illinois requires candidates for the Certified Public Accountant (CPA) examination to have completed a bachelor's degree and a total of 150 semester hours of education. To enable students to sit for the CPA examination, the accountancy programs at WIU provide an opportunity to obtain an additional 30 hours beyond the Bachelor of Business in Accountancy through the Master of Accountancy degree program or Integrated Baccalaureate and Master’s Degree Program.

For more information about the Master of Accountancy and the CPA, CMA, and CFE examinations, please contact the chairperson of the Department of Accountancy at the address listed above.

GradTrac is available to Accountancy majors. See more information about GradTrac.

Honors Curriculum—Academically qualified students in this department are welcome to complete an honors curriculum in University Honors, Upper Division Honors, or Lower Division Honors. All Honors students must complete the one-hour honors colloquium (G H 299). Lower Division Honors includes General Honors coursework. Upper Division Honors includes honors work in the major. University Honors combines Upper and Lower Division Honors. For more information about honors curricula see page ___ or visit the Centennial Honors College website at www.wiu.edu/Honors .

Integrated Baccalaureate and Master’s Degree Program—An integrated baccalaureate and master’s degree program is available in Accountancy. An integrated degree program provides the opportunity for outstanding undergraduates to earn both degrees in five years. Please refer to the Graduate Studies catalog for details about the integrated program.

Degree Programs

Bachelor of Business—Accountancy

All students seeking the Bachelor of Business in Accountancy must complete I, II, III, IV, and V. The minimum semester hour requirement for the baccalaureate degree is 120 s.h.

I. University General Education Curriculum: 43 s.h.

II. Business Core Courses†: 33 s.h.

III. Department Core Courses: 24 s.h.

ACCT 341, 342†, 351, 371, 441, 451†, 480†; CS 302

IV. Electives

  1. A minimum of 6 s.h. of accounting coursework and 3 s.h. from either accounting, BL 432, FIN 371, FIN 431, OM 352 or other department approved courses: 9 s.h.
  2. Open Electives: 8-11 s.h.

V. Other: 15 s.h.*

Natural Sciences-Mathematics: MATH 137 and either STAT 171 or DS 203
Social Sciences: ECON 231 and 232 and either PSY 100 or SOC 100

†IS 320 (Business Core), ACCT 342, ACCT 451, and ACCT 480 fulfill the Writing Instruction in the Discipline (WID) graduation requirement.
*12-15 s.h. may count towards the University General Education requirement.

Other Requirements

Transfer students must complete at least 50% of their accounting courses at WIU to graduate as accountancy majors.

Minors

Minor in Accountancy: 18 s.h.

  1.  ACCT 201*, 202*, 341, 351: 12 s.h.
  2. Two (or three*) of the following:
    ACCT 342, 371, 420 (up to 3 s.h.), 441, 442, 445, 451, 455, 457, 471, 480: 6 s.h.

*Business majors may only count one of these two courses (ACCT 201 or ACCT 202) towards the accounting minor and must take an additional course from the list in 2. above.

Course Descriptions

ACCOUNTING (ACCT)

200 Introduction to Accounting. (3) An introduction to financial and managerial accounting for non-business majors. The course will focus on the use of accounting information by managers. Not open to business majors or to students who have received credit for ACCT 201.

201 Principles of Financial Accounting. (3) The role of financial accounting concepts and practices in the development of information for business decisions. Prerequisite: sophomore standing.
IAI: BUS 903.

202 Principles of Managerial Accounting. (3) The role of managerial accounting concepts and practices in the development of information for business decisions. Prerequisite: ACCT 201.
IAI: BUS 904.

307 Accounting for Managers and Management Decisions. (3) Covers asset, liability, and equity accounting, as well as basic cost accounting concepts and techniques. Emphasis is on the use of accounting information for planning, controlling, and operating decisions. Not open to those who have received credit for ACCT 201 or ACCT 202. Cannot be applied towards meeting the requirements for accountancy major or minor without prior approval of the department chair. Prerequisite: junior standing.

341 Intermediate Accounting I. (3) Theoretical concepts and technical procedures underlying the preparation of external financial reports for corporate business organizations. Includes a one-hour lab which focuses on skills development for success in the accounting profession. Prerequisite: ACCT 201 and 202 with grades of C or better.

342 Intermediate Accounting II. (3) Theoretical concepts and technical procedures underlying the preparation of external financial reports for corporate business organizations. Writing Instruction in the Discipline (WID) course. Prerequisites: ACCT 341 with a grade of C or better and ENG 280.

351 Management Accounting. (3) A detailed study of cost allocation methods, cost accounting systems, and the complexities involved in costing products, jobs, and services. Prerequisite: ACCT 202 with a grade of C or better.

371 Principles of Taxation. (3) The course will survey the reporting and planning of the effects of federal income taxation on personal and business transactions. Includes a one-hour lab which will stress tax research and personal compliance issues. Prerequisite: ACCT 200 or 201 with grades of C or better, and junior standing.

420 Internship in Accountancy. (3–12, repeatable to 12) One hour of credit is available for every 40 hours (120 hours minimum) of approved experience. Student is responsible for locating acceptable employment. A maximum of 3 s.h. may be used in the major. Prerequisite: accountancy major or minor; prior approval of department chairperson or internship coordinator; completion of ACCT 341. Graded S/U only.

421 Independent Study in Accountancy. (1–3, not repeatable) Independent research on selected topics in accountancy. Prerequisite: approval of department chairperson.

441 Advanced Accounting I. (3) Study of advanced accounting topics including consolidations, international accounting, and international financial reporting standards (IFRS). Prerequisite: ACCT 342 with a grade of C or better.

442 Advanced Accounting II. (3) Study of advanced accounting topics including segment reporting, partnerships, SEC reporting, and state and local government accounting. Prerequisite: ACCT 342 with a grade of C or better.

445 The Analysis and Use of Financial Statements. (3) Integration of concepts from economics, business strategy, accounting, and other business disciplines to analyze financial statements for investment and credit decision making. Prerequisite ACCT 441 with a grade of C or better.

451 Accounting Systems and Control. (3) Introduction to the concepts and current practices in analyzing and developing organizational accounting and control systems. Writing Instruction in the Discipline (WID) course. Prerequisites: ACCT 341 with grade of C or better, CS 302, and ENG 280.

455 Advanced Management Accounting. (3) Advanced topics in cost/management accounting with an emphasis on tools and techniques for decision making. Prerequisite: ACCT 351 with a grade of C or better.

457 Fraud Examination. (3) An examination of the principles and practices for investigating allegations of fraud and financial misconduct. Topics include the elements of fraud, red flags, document examination, interviewing techniques, and report writing. Prerequisites: Senior standing and ACCT 200 or 201 or permission of instructor.

471 Advanced Federal Taxation. (3) A study of advanced topics in federal taxation. The course will address compliance and planning issues in the taxation of corporations, partnerships, estates and trusts, and other advanced topics. ACCT 371 with a grade of C or better.

480 Financial Auditing. (3) The role and function of the accountant in the attestation process, with emphasis on the audit of financial statements. An analysis of the interrelation of audit standards, procedures, and principles; and consideration of trends and developments in the profession of public accounting. Writing Instruction in the Discipline (WID) course. Prerequisites: ACCT 342 and 451 with grades of C or better and ENG 280.