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Undergraduate Studies Catalog

ACCOUNTING

www.gsb.luc.edu/depts/accounting

Professors Emeriti: F.V. Boyd, C. Caufield, R.F. Kusek, J. Jozwiak, M. Kopulsky, R. Rudolph, R.D. White

Professors: J. Janiga, L. Metzger, J. O’Malley

Associate Professors: H. Boller, J. Kostolansky, E. Landgraf, B. Leonard, B. Stanko, C. Werner, T. Zeller

Assistant Professor: J. Tabor

OBJECTIVES

The objectives in accounting include the following: (1) to enable students to apply financial and managerial accounting concepts in decision-making; (2) to convey the technical knowledge and understanding of accounting necessary to begin a successful accounting career; (3) to develop and foster the students’ communication, intellectual, and interpersonal skills; (4) to foster a professional orientation, emphasizing the ethics and values necessary to an accounting professional.

Students interested in entering the public accounting profession who intend to take the CPA examination are encouraged to enroll in the department’s integrated five-year program. This program is designed to allow undergraduate accounting and business majors to complete studies through a masters degree (MSA) within five years. This enables students to meet the 150 hours required by the State of Illinois to sit for the CPA Examination effective May 2001. Students interested in entering the managerial accounting profession who intend to take the CMA examination are advised to take ECON 303 as a core requirement and ISOM 348 as a program elective.

Minor in Accounting Information Systems
The accounting information systems minor is open to all business students. The areas of Accounting and Information Systems & Operations Management have teamed up to offer this new and exciting minor which allows students to gain an integrated understanding of the information business world. AIS minor course requirements include: ACCT 231, ACCT 303, ACCT 308, ISOM 346 and either ISOM 347 or ISOM 393. For more information please contact the Assistant Dean of the Undergraduate Business Program.

COURSES OF INSTRUCTION

Accounting (ACCT)

201. Introductory Accounting I.
Prerequisite: sophomore standing.
The major emphasis is on the development and reporting of accounting information for use by investors, creditors, and others. The student is required to develop skills in the preparation and use of accounting information and must demonstrate an understanding of the accounting process, and be able to evaluate the impact of estimates, alternative accounting principles, and the limitations of the accounting model on accounting information. Topics include: preparation and use of financial statements; the accounting process; and the measurement and reporting of income, assets, liabilities, and owners’ equity.

202. Introductory Accounting II.
Prerequisites: sophomore standing, 201.
Accounting 202 highlights the differences between financial accounting and managerial accounting. The course begins by completing the study of transactions and events affecting financial statements, which was begun in Accounting 201. The cash flow statement is then explored in some detail. Finally, financial statement analysis as traditionally practiced, is considered as a capstone for financial accounting. The course then focuses on the use of accounting data by management. Product costing in a manufacturing setting, assigning of costs to objects, learning how costs behave, and the use of accounting data by management in planning operations, controlling operations, and in short term decision making are all investigated.

231. Managerial Accounting.
Prerequisites: sophomore standing, ISOM 247, a minimum grade of "C" in 201 and 202.
Development of product costs for inventory valuation and income determination. In addition, budgeting and control procedures are emphasized. Topics discussed include job order costing, activity-based costing, full absorption and direct costing, joint product costs, an introduction to overhead allocation, cost estimation, cost-volume-profit analysis, budgeting, standard costs, and analysis of variances. The course incorporates computer applications to managerial accounting problems.

303. Intermediate Accounting I.
Prerequisites: junior standing, a minimum grade of "C" in 201 and 202.
A study of the principles underlying financial statements and methods of application. Topics include alternatives for measurement of revenue, asset, and equity valuation, and presentation of financial statements. Extensive problem and written assignments.

304. Intermediate Accounting II.
Prerequisites: junior standing, a minimum grade of "C" in 303.
The major emphasis in Accounting 304 is on taking the conceptual framework, introduced in Intermediate Accounting I, and then consistently using this framework throughout the course to evaluate and explain accounting practice. This allows the student to not only understand the accounting methodologies but also recognize why these approaches are generally superior to alternative accounting treatments. Topics include concepts of present and future value, financial instruments (debt and equity), leases, pensions and other postretirement benefits, income taxes, accounting changes, earnings per share, and the statement of cash flow.

306. Advanced Accounting: Business Combinations, Consolidations and International.
Prerequisites: junior standing, a minimum grade of "C" in 304.
Topics include accounting for business combinations, long-term equity accounting, consolidated financial statements, branch accounting, and international accounting. Extensive problem assignments.

307. Advanced Accounting: Not-for-Profit Entities and Advanced Financial Accounting Topics.
Prerequisites: junior standing, and minimum grade of "C" in 304.
Topics include accounting concepts as applied to state and local government, along with financial reporting for other not-for-profit entities, including hospitals, universities, and voluntary health and welfare organizations. Interim financial reporting is also discussed. Extensive problem assignments. May be taken prior to 306.

308. Accounting Information Systems.
Prerequisites: junior standing; ISOM 247; a minimum grade of "C" in 201 and 202.
Included among the topics covered in this course are AIS internal controls, the system development cycle, relational database structure, and e-commerce solutions. Students will also build flowcharting skills.

311. Auditing and Internal Control Systems.
Prerequisites: junior standing, a minimum grade of "C" in 303.
An in-depth investigation of internal control structure and systems and the theory of audit evidence. Theoretical principles and practical issues involved in planning and executing an audit are explored. Internal control policies and procedures and principal evidence techniques for major transaction cycles or account groups are studied in depth. Study of appropriate AICPA professional standards is an integral part of this course.

323. Advanced CPA Topics.
Prerequisites: junior standing; a minimum grade of "C" in 311.
Topics include: audit and other reports, statistical sampling in auditing, attestation standards, reporting on future-oriented information, accountant’s legal liability, Securities & Exchange Commission practice, professional ethics and using technology in auditing.

328. Concepts in Taxation.
Prerequisites: junior standing; and a minimum grade of "C" in 201 and 202.
An introduction to income tax fundamentals, with particular reference to an individual’s tax problems and planning. The course includes a thorough exposure to the principles related to inclusion and exclusion from gross income, deductions, basis and other gains and losses.

341. Advanced Studies in Taxation.
Prerequisites: junior standing, a minimum grade of "C" in 328.
Taxation of business and other special entities, with emphasis on principles affecting corporations and partnerships. The course will include analysis of the tax impact upon the choice of business form, from the inception to the termination of business.

350. Internship Program.
Prerequisite: junior standing.
Designed to provide controlled, on-the-job experience with participating business, industrial and governmental organizations. Can be taken for a maximum of 3 semester credit hours. Each semester of enrollment requires a term project. This course does not count toward a concentration in accounting. Pass/Fail credit only.

352. CPA Review. (6)
Prerequisite: senior standing.
Completion of an approved concentration of courses in accounting, auditing and taxes or the equivalent public accounting experience. Covers accounting theory and problems, federal taxes, auditing and business law. Specialists will teach the course. Lectures and problems. Emphasis is placed on the authoritative pronouncements issued by the AICPA, FASB, and SEC. Simulated CPA exams are given to provide a measure of performance.

395. Independent Study in Accounting.
Prerequisite: junior standing.
Independent study is in-depth research or reading, initiated by the student and jointly developed with a faculty member, into a specialized area of economics not otherwise covered by department course offerings. Variable credit. This course will not count toward major requirements. Permission of dean required.

399. Special Topics in Accounting.
Prerequisite: junior standing Special Topics are scheduled classes offered on an ad hoc basis. Specific titles, prerequisites and content will vary.

Legal Environment (LREB)

OBJECTIVES

The legal environment courses are intended to provide an understanding of the legal responsibilities arising from the interaction of persons, property and government while creating an awareness of the economic and legal environment which pertains to profit and/or nonprofit organizations.

315. Law and the Regulatory Environment of Business I.
Prerequisite: junior standing.
This course is designed to familiarize the student with the American legal system. Intended primarily for students who have not previously studied law, the course includes a review of the concept of law, the function of the courts, and the dual judicial system of the United States. An appreciation of legal history and the operation of law are developed through the vehicle of a detailed analysis of contract law and a survey of other topical headings.

351. Law and the Regulatory Environment of Business II.
Prerequisites: junior standing, LREB 315.
This course is designed to familiarize the student with the legal concepts supporting the major forms of doing business, such as partnerships, limited liability companies, and corporations. The regulations concerning federal bankruptcy and the use of negotiable instruments as a substitute for money and a representation of credit are also treated.

399. Selected Topics in Legal Studies.
Prerequisites: department and instructor permission with limited enrollment.
Specific topics to be selected by the instructor.

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