2007/2008 Graduate Catalog

| Courses | Program | Requirements

Department Chairperson: John A. Elfrink
Graduate Committee Chairperson: George S. Peek
Department Office: Stipes Hall 418
Department Telephone: 309/298-1152
Fax: 309/298-2952
Location of Program Offering: Macomb

Graduate Faculty

Associate Graduate Faculty

Program Description

The WIU Department of Accountancy provides a student-centered environment that
promotes academic excellence, professional and personal growth, a spirit of collegiality, and ethical and professional conduct.

The Department’s curriculum and activities develop outstanding graduates who
demonstrate the knowledge, skills, and competencies necessary to enter the accounting profession and to meet future career challenges.

The faculty is committed to excellence in teaching and is engaged in research, service, and professional interactions to benefit the university, the accounting profession, and the community.

Admission Requirements

In addition to meeting the general admission requirements of the School of Graduate
Studies, admission to the Master of Accountancy program requires an acceptable
combination of undergraduate grade point average (GPA) and total GMAT score so that (200 X GPA) + GMAT is at least 1100, with a minimum undergraduate GPA of 2.75 and a minimum GMAT score of 500, with scores at or above the 25th percentile in both the Verbal and Quantitative sections and a score of 4 or above on the written portion. The GMAT requirement is waived for students with an undergraduate major in accountancy having an overall grade point average of 3.5 (on a 4.0 scale) from an institution with AACSB International accreditation. International students must also have minimum scores of 550 on TOEFL, 220 on TSE, and 4 on TWE. All application materials and supporting documents must be received BEFORE an admission decision is made.

Students may take graduate accounting courses as non-degree graduate students; however, they may not enter the Master of Accountancy program until all admission conditions are met.

Each prospective Master of Accountancy candidate must demonstrate academic background equivalent to that of an undergraduate accounting major at Western Illinois University, including mathematics equivalent to a first course in calculus. All academic courses fulfilling the background requirement must have been completed with a grade of C or better. The Graduate Committee for Accountancy will evaluate each transcript individually to determine any background courses which a student must take as part of the Master of Accountancy degree program

Required Background Accounting Courses (or equivalents)

ACCT 341 Intermediate Accounting I
ACCT 342 Intermediate Accounting II
ACCT 351 Management Accounting
ACCT 371 Principles of Taxation
ACCT 441 Advanced Financial/Governmental Accounting
ACCT 451 Accounting Systems and Control
ACCT 480 Financial Auditing

Required Background Business Courses (or equivalents)

ACCT 201 Principles of Financial Accounting
ACCT 202 Principals of Managerial Accounting
DS 203 Business Statistics for Managerial Decision Making
ECON 231 Principles of Macroeconomics I
ECON 232 Principles of Microeconomics II
FIN 331 Financial Management I
IM 340 Management Information Systems
MGT 349 Management and Organizational Behavior
MKTG 327 Marketing Principles
Two business law courses

A student without a business degree desiring to enter the Master of Accountancy program may elect to complete the Master of Business Administration (MBA) Year One courses, ACCT 201, ACCT 202, BL 431, and BL 432 to fulfill the required background business course component. (See MBA Degree Requirements.)

Degree Requirements

The Master of Accountancy degree is designed as a one-year program for candidates with accounting degrees from accredited institutions or as a two-year program for candidates whose business degree is not in accounting. Candidates who do not possess degrees in business disciplines should anticipate a time frame of approximately three years to complete all background courses and graduate course requirements.

Each prospective Master of Accountancy candidate is required to complete a graduate
program of study, subject to approval by the Graduate Committee for Accountancy. The program must be submitted for approval after the completion of nine semester hours and before completion of 15 semester hours.

Master of Accountancy programs must include the following:

I. Accounting Core Course: 9 s.h.

ACCT 445G The Analysis and Use of Financial Statements (3)
ACCT 540 Contemporary Issues in Accounting (3)
ACCT 580 Operational Auditing (3)

II. Select one of the following areas of emphasis: 12 s.h.

A. Public Accounting

ACCT 471G Advanced Federal Taxation (3)
And three of the following courses:
ACCT 457G Fraud Examination (3)
ACCT 537 Issues in International Accounting (3)
ACCT 555 Information Systems Auditing (3)
ACCT 620 Accounting Internship (3)

B. General Accounting

Select four of the following courses:
ACCT 457G Fraud Examination (3)
ACCT 471G Advanced Federal Taxation (3)
ACCT 537 Issues in International Accounting (3)
ACCT 551 Advanced Management Accounting/Systems (3)
ACCT 555 Information Systems Auditing (3)
ACCT 620 Accounting Internship (3)

III. Directed Electives (May be Accounting, Business, or other areas with permission of the graduate adviser.) : 12 s.h.


All courses selected are subject to the approval of the Graduate Adviser and the Graduate Committee for Accountancy. No more than 50% of the degree program (15 s.h.) may be taken at the 400-G level.

Application of the School of Graduate Studies policies with respect to transfer and
extension credits will be implemented on an individual basis. Students who withdraw from the University during a semester must apply to the Graduate Committee for Accountancy for readmission to the Master of Accountancy.

Course Descriptions

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

457G 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: ACCT 200 or 201, or permission of the instructor.

471G 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.

507 Accounting for Managers and Management Decisions. (3) An introduction to the use of accounting information in management decision making. The course covers asset, liability, and equity accounting, as well as basic cost accounting concepts and techniques. Emphasis is placed on information needs of managers for planning, controlling, and operating decisions.

513 Accounting for Athletic Administration. (3) An introduction to the basic procedures in accumulating, reporting, and analyzing financial data; the theory and procedures applicable to accounting for not-for-profit institutions; and the accounting methodology for planning, coordinating, and controlling activities of departments of athletics. (Not open to students in the Master of Accountancy or Master of Business Administration programs.)

537 Issues in International Accounting. (3) An investigation of the external and internal reporting problems encountered by multinational business entities and a study of accounting systems in different countries. This course will also review the purpose of international accounting organizations and their role in solving current accounting problems. Prerequisite: ACCT 507 or equivalent.

540 Contemporary Issues in Accounting. (3) A conceptual study of financial accounting and reporting topics with an emphasis on current regulatory and policy issues. Emphasis will be placed on critical thinking, written and oral communication skills, and professional development. Prerequisite: ACCT 342 or equivalent with a grade of C or better.

547 Corporate Financial Reporting and Analysis. (3) An analysis of corporate financial reports and other disclosures, with emphasis on how this information can be used for making investment and credit decisions. This course will also consider the impact of accounting choice decisions on financial reporting and analysis. Not open to undergraduate or graduate accountancy students. Prerequisite: ACCT 507 or equivalent.

551 Advanced Management Accounting/Systems. (3) Application of managerial accounting concepts and techniques to develop, analyze, and interpret information and participate in management decision making processes. Prerequisite: ACCT 451 or equivalent with a grade of C or better.

555 Information Systems Auditing. (3) A detailed examination of principles and practices for auditing in computerized environments. Course materials will focus on development and evaluation of specific control plans and activities, and on auditor and management responsibilities. Prerequisites: ACCT 451 or equivalent with a grade of C or better, or permission of the instructor.

557 Accounting for Management Planning and Control. (3) An advanced analysis of cost management techniques and methodologies for effective decision making. Emphasis will be placed on emerging cost concepts and techniques, financial and non-financial performance measurement systems, and deficiencies of traditional costing systems. Not open to Master of Accountancy students. Prerequisite: ACCT 507 or equivalent.

580 Operational Auditing. (3) The study of internal auditing as an independent internal appraisal function designed to examine and evaluate the activities of the organization. The course includes the study of internal audit standards and techniques, communication of audit results, as well as human relations techniques. Prerequisite: ACCT 480 or equivalent with a grade of C or better.

600 Independent Research in Accountancy. (3, repeatable to 6) Independent reading and study of selected topics in Accountancy. Prerequisite: Completion of six graduate hours in accounting and permission of Graduate Committee.

620 Accounting Internship. (1–6, repeatable to 6) Integrates accounting theories with application to actual business practices. Students are exposed to a variety of positions within the business firm during the semester. All internships are supervised by a faculty coordinator and an executive in the business firm. Analytic reports of work accomplished by each student are presented to the coordinator. Graded S/U only. Prerequisites: Completion of six hours of accountancy courses and prior approval of the Graduate Committee.