Accounting

Accounting www.millikin.edu/accounting

Accounting Faculty

Full-Time: Michael Brown, Shailesh Patel

Major in Accounting

Students who complete a degree in Accounting will be able to perform an audit, develop a budget, assess financial risks and controls, prepare individual and corporate tax returns, use financial databases for decision-making, and respond to professional, ethical, and regulatory issues in accounting. Accounting students are strongly encouraged to pursue the designation of Certified Public Accountant (CPA), Certified Management Accounting (CMA), and/or the Certified Internal Auditor (CIA). Students wishing to pursue the CPA license must complete 150 semester hours of college credit prior to sitting for the certification exam. Working with their advisors, students can choose an appropriate path for this requirement, including completing a fifth year while earning an MBA.

Performance Learning

Performance Learning initiatives for 3rd parties in the community could include preparing income tax returns (VITA), performing financial audits for local business, interning as financial accountants and/or managerial accountants as well as presenting accounting analysis for business clients.

Career Opportunities

Accounting graduates obtain employment as auditors, corporate accountants, consultants, tax accountants, business analysts, and public accountants.

Learning Goals for the Accounting Major

• Knowledge Acquisition: Accounting graduates will develop competency in the functional areas of accounting. • Research Skills: Accounting graduates will develop the ability to utilize financial and other authoritative databases. • Communication Skills: Accounting graduates will develop the ability to effectively present findings, in both written and oral format at a professional level. • Ethics and Professional Responsibility: Accounting graduates will develop the ability to recognize and respond to professional, ethical and regulatory issues in accounting.

Requirements for the Major

In addition to the business core courses, students will be required to complete 33 semester hours of the courses defined below.

Required courses (33 credits):

BU260. Business Law (3) AC251. Intermediate Accounting I (3) AC252. Intermediate Accounting II (3) AC331. Individual Income Taxation (3) AC332. Entity Taxation (3) AC334, VITA Tax Practicum (3) AC411. Advanced Managerial Accounting (3) AC413. Advanced Financial Accounting (3) AC421. Auditing Principles I (3) AC422. Auditing Principles II (3) AC471. Accounting Internship (3)

A grade of C+ or higher is required in the following course: AC471. Accounting Internship

A grade of C or higher is required in the following courses: AC251. Intermediate Accounting I AC252. Intermediate Accounting II AC331. Individual Income Taxation

Accounting Courses (AC) (Credits)

AC210. Principles of Accounting (3)

The course is designed to provide students with the ability to understand how financial transactions are systematically captured and reported in financial statements. In addition, students will understand how to use information obtained from the financial statements to improve operational efficiency and profitability. Cannot be used for credit for any major in the Tabor School.

AC230. Introduction to Financial Statements (3)

Focuses on the needs of stakeholders external to the organization. This course serves as an introduction to the language of business and to the importance of accounting information in business decision-making. It is designed to serve both business and non-business majors.

AC240. Principles of Managerial Accounting (3)

Management accounting that focuses on decision-making concepts applicable to both service and manufacturing companies. The course introduces topics such as operating leverage, cost-volume-profit analysis, relevance, and cost allocation as well as manufacturing cost flow, job-order and process costing.

AC251. Intermediate Accounting I (3)

In-depth study underlying assumptions and principles used in preparation of basic financial statements. Analysis of elements of the balance sheet, including current assets, inventory, and long-term assets. Includes problems of valuation and revenue recognition.

AC252. Intermediate Accounting II (3)

Accounting for corporate owner’s equity. Study of accounting for EPS, current and long-term liabilities, deferred taxes, pensions, leases, and accounting for changes and errors. Includes an in-depth study of the statement of cash flows. This course also has a required research component.

AC331. Individual Income Taxation (3)

A basic understanding of the Internal Revenue Code Provisions that affect individuals, how these code provisions are implemented through the Federal Income Tax Regulations, and some of the reasons behind tax laws.

AC332. Entity Taxation (3)

Tax research methods and survey of federal income tax law and procedures primarily as they pertain to partnerships, corporations, and trusts and estates. Topics include, but are not limited to, research methods, problems between partners and partnerships, corporate operating rules, complete and partial liquidations, earnings accumulations, trust and estate operations and taxation.

AC334. VITA Tax Practicum (3)

Students will prepare federal and state income tax returns and offer any necessary assistance to the public through the IRS’s Volunteer Income Tax Assistance (VITA) Program.

AC411. Advanced Management Accounting (3)

Understanding and using the behavior of costs to provide information for decision-making. Product costing for internal reporting vs. external reporting. Job, process and standard cost systems. Responsibility accounting, performance evaluation and variance analysis.

AC413. Advanced Financial Accounting (3)

Theory, principles and practices relating to more intricate phases of accounting. Study includes partnerships, business combinations and consolidations, foreign exchange and accounting for governmental units and nonprofit organizations.

AC421. Auditing Principles I (3)

This course is an introduction to auditing and assurance engagement standards of performance and reporting by external, internal, and governmental auditors as well as an introduction to accounting information systems. Topics covered in this course are an introduction to accounting information systems, the role of accountants in business analysis, sales and collections business processes, purchases and payments business processes, conversion business processes, data analytics in accounting, reporting processes, accounting information systems and internal controls, information security and computer fraud, the role of the auditor, professional standards and ethics, the legal liability of CPA’s understanding what is audit evidence and documentation and audit planning and risk assessment and the consideration of internal control in an information technology environment.

AC422. Auditing Principles II (3)

An introduction to auditing and assurance engagement standards of performance and reporting by external, internal, and governmental auditors. Topics covered include the collection, evaluation, and documentation of evidence; and issues of independence. The course includes performance learning activities in auditing. The course stresses the need for ethical conduct.

AC471, 472. Accounting Internship (1-3)

A cooperative course between the University and selected business establishments to develop further the professional training of accounting majors. Combination of work experience and written reports.

AC491. Independent Study (1-3)

Qualified seniors are encouraged to undertake an original investigation of a problem in accounting. May include a written report and an oral examination. Credits earned in this course may apply to hours for the major.