Top Navigation

Side Navigation

Accounting and Finance

Chairperson: Dr. Gregg S. Woodruff
Office: Stipes Hall 431
Telephone: (309) 298-1152; Fax: (309) 298-2952
E-mail: GS-Woodruff@wiu.edu
Website: wiu.edu/accountancy

Faculty: Aguir, Calvert, Coe, Deboeuf, Diehl, Elfrink, Ford, Gray, Herron, Hunt, Johnson, Kenny, Lee, Pendergast, Pillutla, Pryor, Westen, Woodruff, Yan.

The Department of Accounting and Finance offers a Bachelor of Business in Accountancy and a Bachelor of Business in Finance.

The B.B. in Accountancy will prepare students for the new challenges and greater opportunities which the accounting profession offers today. The degree 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 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.

The B.B. in Finance develops the skills and knowledge necessary for the management of money. Finance is concerned with the process, institutions, markets, and instruments involved in the transfer of money among and between individuals, business, and government. This all takes place in a world which is changing in a variety of directions, and the Finance major will learn how to make sound decisions in this constantly shifting environment. In addition to class lectures, students will learn from techniques such as computer simulation, case studies, and field trips. Students will also have the opportunity to learn from representatives of corporations and government agencies who visit as guest speakers. Required study areas for the Finance major include financial institutions, financial management, investment policy, insurance/risk management, and real estate. Additional studies may be taken in such courses as bank management, advanced financial management, security and portfolio analysis, personal and commercial lines of insurance, and real estate financing. Finance majors have excellent prospects for employment in financial institutions, brokerage or investment operations, and corporations or government agencies.

GradTrac is available to Accountancy and Finance 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 the Centennial Honors college page of the catalog or visit the Centennial Honors College website at wiu.edu/Honors.

Integrated Baccalaureate and Master’s Degree Program—An integrated baccalaureate and master’s degree program is available for the Bachelor of Business in Finance: Master of Business Administration. Two integrated baccalaureate and master’s degree programs are available for the Bachelor of Business in Accountancy: Master of Accountancy and Master of Business Administration. 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 below, and the foreign language/global issues requirement for the major#. The minimum semester hour requirement for the baccalaureate degree is 120 s.h.

Pre-Accountancy students who have earned 60 hours, but are ineligible to declare a business major will be limited to a maximum of 29 hours of business courses (see Limit onBusiness Credits) and may be removed from business courses.

  1. University General Education Curriculum: 43 s.h.
  2. Business Core Courses†: 33 s.h.
  3. Department Core Courses: 24 s.h.
    ACCT 341, 342, 351, 371, 441, 451, 480; CS 302
  4. 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.
  5. Other: 15 s.h.*
    Natural Sciences-Mathematics: MATH 137 and STAT 171
    Social Sciences: ECON 231 and 232 and either PSY 100 or SOC 100

#The foreign language/global issues graduation requirement may be fulfilled by successfully completing one of the following: 1) an intermediate foreign language requirement; 2) a General Education global issues course; 3) any major’s discipline-specific global issues course; or 4) an approved study abroad program.

†BCOM 320 (Business Core) fulfills 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.

Bachelor of Business—Finance

All students seeking the Bachelor of Business in Finance must complete I, II, III, IV, and V below, and the foreign language/global issues requirement for the major#. The minimum semester hour requirement for the baccalaureate degree is 120 s.h.

Pre-Finance students who have earned 60 hours, but are ineligible to declare a business major will be limited to a maximum of 29 hours of business courses (see Limit on BusinessCredits) and may be removed from business courses.

  1. University General Education Curriculum: 43 s.h.
  2. Business Core Courses†: 33 s.h.
  3. Department Core Courses: 15 s.h.
    CS 302; FIN 321, 341, 351, 371
  4. Electives
    1. Departmental: 12 s.h.
      Any four 400 level finance courses except FIN 460 or 461
    2. Directed: 3 s.h.
      One of the following courses:
      ACCT 341, 351, 371
      AGEC 336, 447
      ECON 332, 425, 432
      MKTG 335
      Any 400 level finance course (including 460, 461)
    3. Open: 11–14 s.h.
  5. Other: 15 s.h.*
    Natural Sciences/Mathematics: MATH 137 and STAT 171
    Social Sciences: ECON 231 and 232 and either PSY 100 or SOC 100

#The foreign language/global issues graduation requirement may be fulfilled by successfully completing one of the following: 1) an intermediate foreign language requirement; 2) a General Education global issues course; 3) any major’s discipline-specific global issues course; or 4) an approved study abroad program.

†BCOM 320 (Business Core) fulfills the Writing Instruction in the Discipline (WID) graduation requirement.

*12–15 s.h. may count toward the University General Education requirement.

Minors

Minor in Accountancy: 18 s.h.
  1. ACCT 201*, 202*, 341, 351: 12 s.h.
  2. Two 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 should consult with their academic advisor.

Minor in Finance: 16 s.h.
  1. FIN 311 or FIN 331: 3 s.h.
  2. Finance Electives: 9 s.h.
  3. Business Electives: 4 s.h.

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. 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) (Global Issues) 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. 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. Prerequisite: 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. Prerequisites: ACCT 342 and 451 with grades of C or better and ENG 280.

FINANCE (FIN)

101 Financial Health. (2) Develops personal finance skills needed for the college and early career stages of life. Topics include cash management, credit management, sources of educational funding, rental agreements, basic investments, taxes, insurance, financial math, and career planning. Cannot be applied towards meeting the requirements for the finance major or minor.

301 Personal Financial Planning. (3) An introductory personal money management course. Topics studied will include managing cash income, home ownership, investments, insurance, income and estate tax planning, and retirement planning.

311 Introduction to Finance. (3) Introductory course in the study of money and its management for non-finance majors. The course is divided into three sections that encompass the major areas of finance: financial institutions and markets, investments, and business finance. Not available to students who are currently enrolled in or have completed FIN 331. Prerequisites: MATH 100 or higher.

321 Principles of Real Estate. (3) The study of real estate with an emphasis on a broad coverage of all areas including but not limited to markets, legal concepts, financing, brokerage, appraising, and governmental influence.

331 Financial Management I. (3) Financial organization and the principles and practices of decision-making involving financial analysis, valuation, capital allocation, and budgeting. Cases and readings are utilized to study problems and techniques of financial analysis. Prerequisite: ACCT 201.

341 Financial Institutions. (3) A study of the major financial institutions including commercial banks, savings institutions, credit unions, mutual funds, insurance companies, securities firms, finance companies, and pension funds. Prerequisites: MATH 100 or higher.

351 Risk Management and Insurance. (3) The primary focus of this course is evaluating various loss exposures and analyzing the methods for managing these risks including personal lines of insurance such as auto, homeowners, life, annuity, retirement plans, and related items. Prerequisite: MATH 100 or higher.

371 Investments. (3) Presents a foundation in investments examining various types of financial instruments, the issuance and trade of securities, mutual funds, theory of risk and return, modern portfolio theory, capital asset pricing model, bond prices and yields, bond portfolios, and equity analysis. Prerequisites: MATH 100 or higher.

400 Finance Internship. (1–12, repeatable to 12) Integrates finance theories with application to actual business practice. All internships are supervised by a faculty coordinator and an executive in the business firm. For maximum credit, position must be full-time for 16 weeks. Proportional credit available for shorter internships or with less working hours. These credits cannot be applied toward meeting the requirements for a finance minor. Prerequisites: finance major or minor, minimum junior standing, 2.75 GPA, 9 s.h. of finance coursework, and written approval of the department chairperson. Graded S/U only.

421 Real Estate Finance and Investment. (3) The study of instruments, techniques, and institutions of real estate finance. This course analyzes mortgage and property investment risk, the secondary mortgage market, and the financial arrangements used in the financing of residential, industrial, and commercial properties, including commercial leasing. Prerequisite: FIN 321 or permission of instructor.

431 Financial Management II. (3) Theories and practices applicable to the financial administration of the firm involving cost of capital, financial structure, dividend policy, long- and short-term financing, reorganization, and international aspects. Cases and readings are utilized to study problems and techniques of financial analysis. Prerequisite: FIN 311 or 331.

441 Bank Management. (3) A study of the functions, operations, policies, organization, management, and supervision of commercial banks. Case analysis is used to predict the financial health of operational individual banks. Prerequisite: FIN 341.

451 Foundations of Estate Planning. (3) This course covers various estate planning techniques to mitigate the financial risks associated with the transfer of wealth during lifetime and at death. Wills and trusts are discussed. Techniques for reducing, freezing, or eliminating gift and estate taxes are explained. Prerequisite: FIN 351 or permission of instructor.

452 Commercial Property and Liability Insurance. (3) The study of risk management techniques and concepts as they relate to commercial lines. Insurance and noninsurance techniques (such as fidelity and surety bonding) as they are used to deal with business risks are examined. Prerequisite: FIN 351 or permission of instructor.

460, 461 Independent Study in Finance I, II. (1–3 each, not repeatable) Prerequisite: finance major or minor, 2.75 GPA or higher, 12 s.h. of finance coursework, and written permission of instructor and chairperson.

471 Security Analysis. (3) A foundation in security analysis focusing on common stock valuation. The topics include basics of portfolio theory, application of capital asset pricing model to equity valuation, framework of stock investing financial statement analysis, relative valuation techniques, and absolute valuation models. Prerequisite: FIN 371.

Seminars in Finance. (3) Each offering in this series is designed to provide students with an opportunity for intensive study in current theory and unresolved problems in the selected area. Open to finance majors or minors in their senior year.

493 Seminar in Banking. (3) This bank course integrates a risk/reward framework based on theory with an intensive study of current issues. Unresolved problems are discussed as they relate to the financial industry both domestically and abroad, the regulatory environment, and the economy. Prerequisites: FIN 341.

495 Seminar in Real Estate. (3) Prerequisite: FIN 321 or permission of the instructor.

496 Futures and Options Markets. (3) The course presents a foundation in futures and options contracts examining the types of contracts, structure of the markets, pricing of contracts, and applications in risk management. Prerequisite: FIN 311 or 331.

497 International Financial Management. (3) (Global Issues) This course presents the globalization factors, tools, and techniques encountered/employed by a corporation’s financial management team. Content examples include differing country-specific economic strengths, political risks, tax systems, exchange rate risks, and methods to reduce these risks. Prerequisite: FIN 311 or 331. Also open to international business minors if international topic.