Accounting

About the Major

Course Requirements

ACC 105: Financial Accounting

This course emphasizes the provision of relevant and reliable information used in making financial and business decisions. Areas of emphasis include the basic concepts and principles of financial accounting; the accounting cycle from the analysis of business transactions and their systemic recording through the preparation of the basic financial statements: balance sheet, income statement, and statement of cash flows; the basic theory and practice for recognition, measurement, and classification of assets, liabilities, equity, revenues and expenses; and the interpretation of accounting data, income and cash flow analysis. Alternative forms of business organization, internal control, the interrelationships of accounting data and the ethical implications of accounting are also covered. Co-requisites: MAT 103 College Algebra CS 110 Introduction to Computer-Based Systems

ACC 106: Managerial Accounting

Managers in all organizations are confronted daily with the need to make decisions and solve problems. They need information for making informed judgments, solving problems, and managerial control. Information is a valuable resource to an organization, and the management accounting system is the primary source for much of the information managers need and receive. Areas of emphasis include cost concepts, cost management and behavior, standard costing, and variance analysis; cost-volume-profit analysis; budgetary controls; and responsibility accounting. Understanding the use of financial and managerial accounting information for pricing, product costing, and operational, investment, and capital budgeting decisions, as well as the ethical implications of managerial accounting decisions are also covered. Prerequisite: ACC 105 Financial Accounting Co-requisite: MAT 115 Introductory Statistics

ACC 205: Intermediate Accounting I

A rigorous study of current accounting theory and practice, this course builds on the fundamental concepts covered in the introductory financial and managerial accounting courses, and develops a more professional level of accounting knowledge and analysis. Coverage includes the conceptual framework of financial accounting, the development of accounting standards, the accounting process, financial statements, and the time value of money. Included in this study is an analysis and review of cash and receivables, inventories and cost of goods sold, fixed assets and depreciation, intangibles and amortization, and revenue recognition. The review of each group of accounts includes conceptual considerations, technical accounting procedures, and the necessary and appropriate disclosures within the body of the financial statements and the related accounting schedules and notes. Prerequisite: ACC 106 Managerial Accounting

ACC 206: Intermediate Accounting II

This course is a continuation of Intermediate Accounting I and its comprehensive study of the accounting standards applicable to all balance sheet accounts and their related counterparts. Included in this study is an analysis and review of investments, current and long-term liabilities, contingencies, and equity. The review of each category includes conceptual considerations, technical accounting procedures, and the necessary and appropriate disclosures within the body of the financial statements and the related accounting schedules and notes. Topics include dilutive securities and basic and fully diluted earnings per share, and accounting for leases, income taxes, executive compensation and retirement and post-retirement benefit plans, and accounting changes. The course concludes with a comprehensive review of financial statement analysis and interpretation, and full disclosure in financial reporting. Prerequisite: ACC 205 Intermediate Accounting I

ACC 220: Accounting Information Systems

The course helps students understand accounting information systems (AIS) concepts so that they can understand software and system processes to effectively utilize these systems and to effect and evaluate systems of internal control, know how accounting information systems gather and transform data into useful information, and understand the interrelationships among systems. Using flowcharting techniques, students will appreciate how transactions affect an organization, and recognize when management or ethical issues need to be addressed. The audit procedures and risks in a computer environment will also be covered. Prerequisite: ACC 106 Managerial Accounting

ACC 307: Cost Accounting

Cost accounting furnishes management with the necessary accounting tools for planning and controlling activities and for making many business decisions. Specifically, the collection, presentation, and analysis of cost data helps management as it deals with the areas of cost-volume-profit analysis, job-order and process cost systems, standard, differential, and activity based cost systems, variance analysis, and static and flexible budgeting. By focusing on basic concepts, analyses, uses, and procedures instead of procedures alone, the course shows cost accounting as a tool for business strategy and implementation. The role of the accountant as both decision-maker and data provider is considered. Prerequisite: ACC 106 Managerial Accounting

ACC 321: Taxes I

This course introduces the fundamentals of taxation, the types of taxes, the structure of the tax system, and how taxes are applied to various entities. It is an in-depth study of the income taxation of individuals and provisions applicable to all tax return filers. Topics include gross income, exclusions, deductions, losses, adjustments, credits, property transactions, capital gains and losses, as well as business expenses, depreciation, cost recovery, amortization, and depletion, and the determination of the regular tax and the alternative minimum tax. Tax research and the practical compliance aspects of individual tax return preparation are covered. While the focus is on Federal taxes, state tax implications are also studied, including multi-state tax situations. Prerequisite: ACC 105 Financial Accounting

ACC 322: Taxes II

A study of tax compliance for corporations, partnerships, and fiduciaries, as well as for non-for-profit organizations, including tax accounting for formation, reorganization, distribution, and liquidation of organizations. The study of transfer taxes and the preparation of the related Federal tax forms are included. Students are required to identify and resolve tax issues through the utilization of various sources, including applicable tax law and regulations, administrative and judicial opinions, interpretative texts, and published procedures. In addition to tax research, the practical compliance aspects of tax return preparation are covered. While the focus is on Federal taxes, state tax implications are also studied, including multi-state tax situations. Prerequisites: ACC 106 Managerial Accounting, ACC 322 Taxes I

Students then need to take one of the following accounting courses:

ACC 301: Auditing and Other Assurance Services

This course is an analysis and appraisal of audit theory and practice, focusing on issues relevant to the public accounting profession and to internal auditors and managers in private and governmental organizations. It introduces students to the role of auditors and the audit standards, and emphasizes the importance of the concept of risk. Topics covered include auditing principles and procedures involving staff organization, professional ethics, legal responsibility of the accountant, the various forms of audit reports, internal control, fraud detection and prevention procedures, audit programs, working papers, original record examination and the nature of evidential matter, and an introduction to audit related statistical applications. The content, meaning, and impact of the Sarbanes/Oxley Act are covered. Students gain an understanding of audit risk, and learn the fundamentals of auditing from planning to obtaining and documenting sufficient evidence for expression of an audit opinion. They gain an understanding of the attest function and other assurance services and their applicability to various entities, operations audits, compliance audits, and the requirements for an integrated audit. Prerequisites: ACC 206 Intermediate Accounting II, ACC 220 Accounting Information Systems

ACC 309: Government and Non-Profit Accounting

Accounting and financial and budgetary reporting for governments and not-for-profit organizations are based on distinctive concepts, standards, and procedures designed to accommodate their environments and the needs of their financial report users. This course focuses on the most important of these concepts, standards, and procedures applicable to (1) state and local governments including counties, cities, townships, and school districts, as well as other special districts, and public authorities, (2) not-for-profit organizations, (3) not-for-profit and governmental universities and hospitals, and (4) the federal government. Financial management evaluation procedures and accountability considerations peculiar to government and not-for-profit organizations are emphasized throughout the course, and the distinctive aspects of auditing government and not-for-profit organizations are discussed. Prerequisite: ACC 206 Intermediate Accounting II

ACC 326: Tax Planning

This course considers the application of taxes as a component of decision-making for individuals and businesses. Taxes can have a significant impact on the viability of a number of personal finance and business decisions. The importance of management’s consideration of tax laws in decision-making, examining the tax consequences of prospective business decisions and responsive strategies is stressed. While the focus is on Federal taxes, state tax implications are also studied, including multi-state tax planning. Prerequisites: ACC 206 Intermediate Accounting II, ACC 322 Taxes II

ACC 330: Advanced Accounting

EA comprehensive analysis and review of advanced accounting topics relating to various levels of inter-company corporate investments, this course includes the accounting related to acquisitions, mergers and consolidations, and the applicable financial reporting required for domestic, international, and multi-national corporations. Additional topics include partnership formation and dissolution, and the admission and retirement of partners and their partnership interests, and the financial reporting regulations of the Securities and Exchange Commission. Prerequisites: ACC 206 Intermediate Accounting II, ACC 321 Taxes II

ACC 355: Internship

Work experience with significant academic content, having an appropriate, complementary role within the student’s academic program. Approval of the academic dean is required.

ACC 499: Senior Thesis/Project

In conjunction with a faculty advisor, the student will design and implement a major research project. Prerequisites: ACC 206 Intermediate Accounting II, Senior Standing with permission

BUS 124: Introduction to Management

Study of management from a general perspective. Major functional areas of internal and external activities of an organization, the decision-making process, and the place of the computer in contemporary management. Emphasis on formulation and implementation of policy in keeping with an organization’s goals.

BUS 225: Business Law

Study of contract, agency, debtor credit, trusts and estates, property, corporation and partnership law; uniform Commercial Code. areas of governmental regulation, including antitrust, securities and employment law; work papers, privileged communications and confidentiality. Prerequisite: 124. CC

BUS 240: Corporate Finance Fundamentals

Introduction to the theoretical concepts of corporate finance. The course focuses on the management of working capital, cost of capital, capital budgeting and capital structure planning. The course also provides an overview of money and capital markets. Prerequisite: ACC 105, MAT 098/100.

One of the following three:

BUS 321 Labor and Employee Relations

Government regulations and industry practices guiding employer/employee relations, including fair treatment, employment-at-will, employee health, safety, workplace participation and collective bargaining. Prerequisite: 124. CC

or

BUS 322:Organizational Behavior

Multidisciplinary approach to the business organization as a complex system. Concepts and theories related to structure and function of organizations; comprehensive study of strategy formulation and organizational implementation; analytical focus on internal operation and structure and external posture from which alternatives are developed and policies proposed. Prerequisite: 124.

or

BUS 326 Human Resource Management

System elements required to recruit, select, train and maintain a workforce in business. emphasis on management development, wage and salary administration, and personnel planning. Prerequisite: 124.

BUS 413: Strategic Management

utilizes the case study method and the systems approach to integrate various perspectives and expertise in managerial problem-solving and decision-making. Knowledge and skills acquired through studies in the major are employed as students collaborate to apply a holistic approach to organizational planning and decision-making. limited to seniors.

ECO 101: Introduction to Macroeconomics

Institutions and functioning of capitalism; national income and its determination; monetary and fiscal policy; international economics; problems of growth and development. CC Prerequisite MAT 100

ECO 102: Introduction to Microeconomics

The mechanisms by which resources are allocated in a market system and study of modifications to account for imperfections in the system. Topics include demand, production and cost, theories of business behavior and consumer behavior, market performance in the U.S. economy, and comparative economic systems. CC Prerequisite MAT 100

ECO 303: International Economics

International trade; foreign exchange; international capital movements; tariffs and restrictive trade practices; trade agreements; international monetary agencies. Prerequisites

or

ECO 315: Comparative Economic and Political Systems

Study of major international economic and political systems and the role each plays in influencing global economics and politics. Prerequisite: 101 or 102, or PS 110 or 120.

MAT 115: Introductory Statistics

A course in basic statistical concepts and techniques for the non-mathematics major. Topics include descriptive statistics, measures of central tendency and dispersion, probability theory, standardized probability distributions, correlation and regression, inferential statistics, confidence intervals, hypothesis testing and analysis of variance. Prerequisite: 098/100 or Mathematics Placement Exam results.

PHI 126: Business Ethics

N/A

RLS 217: Private Values and Public Policy

Private Values and Public Policy Interplay between private persons, their beliefs and values, and the larger community with its customs and laws. Individualistic vs. community values; the influences of individuals on public policy. Strategies of resistance, nonviolence, civil disobedience and political activism. Ethical and legal issues in regulating variant behavior, high-risk activities and victimless crimes. Privacy, civil rights, civic responsibilities and related issues. Minority protections, church-state relations.Role of personal beliefs in the public arena and schools.

Graduate Testimonial

Wilson College’s Cost Accounting class thoroughly covered not only theory and practices, but also tied what we were learning in class to the real world. My Costing Project gave me the opportunity to have a one-on-one interview with a local manager, to document an actual company’s costing approach, and to provide my own analysis of its methods. Sharing my results with my classmates and hearing theirs, as well, made what we learned in the classroom relevant and complete.”Margaret Stafford

Wilson Women have taken their Accounting and Business knowledge to the workforce with much success. Accounting continues to be a very lucrative job for women, particularly women wanting to balance both work and family obligations, with many accounting firms and corporations offering flexible schedules, opportunities to work at home, and alternate work schedules.

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