Assistant Professor of Accounting and Economics/Finance;

ckdussold@mckendree.edu; (618) 537-6988; Piper Academic Center 107

 

Terese Kasson, C.P.A., M.B.A., Instructor of Accounting;

mtkasson@mckendree.edu; (618) 537-6926; Piper Academic Center 104

 

Chair, Division of Business;

sslang@mckendree.edu; (618) 537-6892; Piper Academic Center 102

 

Because the accountant plays a key role in management decisions, the accounting field is one of the fastest growing in education and business. The accounting program is designed to prepare the student for a professional career in industrial, public, or government accounting.

 

Accounting students become proficient in using the accounting model and developing the balance sheet, the income statement, the statement of changes in owners’ equity, and the cash flow statement. This basis will enable students to make decisions about the presentation of financial data, the analysis of managerial and cost data, auditing and the reliability of data, and the preparation of personal and simple business tax returns. To be effective in these activities, students will develop their oral and written communication skills, their critical thinking skills, and their quantitative skills.

 

Students who plan to sit for the CPA examination are required to have 150 college credit hours. This is 22 credit hours beyond McKendree’s graduation requirements. Three of these 22 hours must be in a non-accounting business elective. The other 19 hours can be any classes of the student’s choosing. Students taking the additional credits at McKendree have the option of completing a second major.

 

To receive a Bachelor of Business Administration degree in Accounting, the student must successfully complete the business core and the major requirements listed below. The student must complete all work applied to the major with a minimum cumulative grade point average of 2.25. Any business course outside of the business core may be applied toward the completion of requirements for only one business major or minor. The Pass/C-/D/Fail option may not be chosen for a course fulfilling a major or minor requirement.

 

2005-06 Catalog:

ACC 261 ACC 262 ECO 211     ECO 212 BUS 303 or BUS 304 FIN 308 BUS 310 MTH 310 MGT 204 MKT 205 BUS 410 or ACC 321 MGT 450

PRINCIPLES OF ACCOUNTING I PRINCIPLES OF ACCOUNTING II PRINCIPLES OF MICROECONOMICS PRINCIPLES OF MACROECONOMICS BUSINESS LAW I BUSINESS LAW II                                                                       PRINCIPLES OF BUSINESS FINANCE                                        QUANTITATIVE ANALYSIS FOR BUSINESS DECISIONS             STATISTICS                                                                                PRINCIPLES OF MANAGEMENT                                                 PRINCIPLES OF MARKETING                                                  MANAGEMENT INFORMATION SYSTEMS  COMPUTERIZED ACCOUNTING SYSTEMS BUSINESS STRATEGY AND POLICY

(4) (4) (3) (3) (3) (3) (3) (3) (4) (3) (3) (3) (3) (3)

 

ACC 301 ACC 302 ACC 303 ACC 304 ACC 341 ACC 352 ACC 401 ACC 431

INTERMEDIATE ACCOUNTING I  INTERMEDIATE ACCOUNTING II  COST ACCOUNTING I  COST ACCOUNTING II  INTRODUCTION TO AUDITING  FEDERAL INCOME TAX  ADVANCED ACCOUNTING  ACCOUNTING THEORY

(3) (3) (3) (3) (3) (3) (3) (3)

       

 

The minor in Accounting is available to students in any major. To receive a minor,

the student must complete the required courses listed below and a minimum of nine credit hours of accounting electives at the 300-400 level. The student must complete work applied to the minor with a minimum of a 2.25 cumulative grade point average.

 

ACC 261 ACC 262 ACC 301 ACC 304

PRINCIPLES OF ACCOUNTING I  PRINCIPLES OF ACCOUNTING II INTERMEDIATE ACCOUNTING I COST ACCOUNTING II

(4) (4) (3) (3)

 

Plus at least nine hours in additional 300/400 level accounting electives

(9)

                

  

ACC 261         PRINCIPLES OF ACCOUNTING I       (4)

An introductory course emphasizing financial accounting principles and concepts. Areas studied include information processing and accounting for assets, liabilities, revenue, expenses, and owner’s equity. Annually, Fall and as needed.

 

A continuation of Accounting I. Topics covered include bonds, investments, corporate equity, budgets, cost systems, cash flow, and analysis of statements. The course also includes an introduction to the managerial accounting topics of product costing, cost-volume-profit analysis, and performance evaluation. Prerequisite: ACC 261. Annually, Spring and as needed.

 

An in-depth expansion of fundamental accounting processes and an introduction to accounting theory followed by an analysis of all current accounts and long term assets excluding investments. Cash, temporary investments, receivables, inventories, current liability accounts, plant assets and intangibles are studied in detail. Prerequisite: ACC 262. Annually, Fall.

 

Accounting for long term debt, stockholders equity, earnings per share, investments, pensions, leases, income taxes, accounting changes, financial reporting under changing prices, as well as preparation of the statement of cash flows and the statement of changes in equity. Prerequisite: ACC 301. Annually, Spring.

 

Fundamental principles and practices developed in accounting for costs of production. Types of cost systems in current use for planning and controlling business operations, cost-volume-profit analysis, budgets, standards, and variance analysis are emphasized. Prerequisite: ACC 262. Annually, Fall.

 

A study of special concerns of the management accountant with emphasis on internal control, the performance evaluation and reporting process and plan revisions. The controller’s role in budget preparation, cost analysis and performance measurement is stressed. Problems and authentic case studies are used to complement textbook assignments. Prerequisite: ACC 303. Annually, Spring.

 

Provides instruction in the use of electronic spreadsheet and accounting system software packages for accounting/financial applications. Students become proficient in creation, modification and automatic programming of spreadsheet functions. Prerequisites: ACC 262; CSI 102, 120 or 121. As needed.

 

Principles, procedures and techniques used by independent certified accountants and internal auditors in analysis and verification of accounting records and financial statements, financial and administrative internal controls, working papers, audit reports, auditing standards and professional ethics. Prerequisite: ACC 302. Annually, Spring.

 

An overview of federal income tax for both individuals and businesses. Course covers the calculation of taxable income for individuals, proprietorships, partnerships, and corporations. Distinctions between ordinary income and capital gains and between deductible and nondeductible expenses are emphasized. Prerequisite: ACC 262. Annually, Fall.

 

As needed.      

 

Theory and problems involved in preparation and interpretation of consolidated statements and may include additional topics such as trusts, estates, and partnerships. Also included are segmental and interim financial reports and accounting for multinational firms and foreign transactions. Prerequisite: ACC 302. Annually, Fall.

 

A study of the evaluation of accounting theory emphasizing the work of the Accounting Principles Board and the Financial Accounting Standards Board. The influence of government taxing and regulatory bodies on accounting theory and practice is considered. The course includes case studies and current developments in accounting theory. Prerequisite: ACC 302. Annually, Spring.

 

This seminar investigates the professional designations for accounting professionals and their related examinations. The requirements to earn these designations are discussed as are the professional expectations related to each. Prerequisite: ACC 262. As needed.

 

This course is designed to present an overview of the unique accounting and financial reporting principles that have evolved for government organizations. Prerequisite: ACC 262. As needed.

 

This seminar is designed to establish a classification system to explain fraud schemes used by employees, owners, managers, and executives to defraud their companies. How to spot “red flags” of fraud, and develop and implement effective preventative measures are major topics of discussion. Prerequisite: ACC 262. As needed.

 

This course looks at how to calculate the various financial statement analyses available and how to apply them to informed, directed decision-making. Prerequisite: ACC 262. As needed.

 

This course provides an overview of the basic tools, methods and techniques used in the interpretation of annual reports of publicly held corporations. The reporting differences among industries, including manufacturing, retailing, service firms, regulated and non-regulated industries are examined. Prerequisite: ACC 262. As needed.

 

This course provides an overview of the accounting and reporting requirements for colleges and universities, hospitals, healthcare organizations and other similar entities. Prerequisite: ACC 262. As needed.

 

This course explores techniques for using nonfinancial as well as financial performance measures as an integrated means of supporting the organization’s overall strategies. Nonfinancial performance is evaluated from four perspectives: financial, customer satisfaction, internal processes, and learning and growth. Prerequisite: ACC 262. As needed.

 

This seminar studies how budgets can be used as a tool for planning and for control. Other topics considered include management compensation as it relates to the budget and participatory and authoritative budgeting processes. Prerequisite: ACC 262. As needed.

 

This seminar examines the characteristics of general partnerships, limited partnerships, and joint ventures. The drawing and capital accounts are explained as are various methods of allocating partnership net income. Prerequisite: ACC 262. As needed.

 

This course focuses specific attention on problem solving in the business context through cases depicting a variety of business situations. Techniques learned in prior cost accounting classes are applied to management issues requiring students to go “beyond the numbers” in their analyses. Prerequisite: ACC 262. As needed.

 

 

 

As needed.