Accounting Course Requirements

The accounting program is available both on campus and through our distance education program.

Accounting Major - (51 credit hours)

A Baccalaureate degree in Accounting at Saint Mary-of-the-Woods College requires at least 125 credit hours.  In addition to the general study requirements, the accounting major requires the completion of 51 credit hours of accounting and related coursework.

Accounting Major - Required Business Core

27 credit hours required; all courses listed.

Studies the accounting cycle leading to the development and use of financial statements. Emphasis is on the proprietorship type of business organization.

Studies accounting for corporations and introduces accounting for management decision making. Builds on the concepts of BU 121. Prerequisite: BU 121.

Surveys the various internal forces in social and business organizations from an economic viewpoint. Specific emphasis is on the relationship between a firm‘s possible form and its interaction with the consumer.

Emphasizes management functions and management systems. Enhances understanding of the managerial role and its influence on organizational performance. Facilitates understanding of managerial activities involving human, technical and conceptual skills within behavioral, classical and management science approaches.

Surveys the process of product design, packaging, pricing, advertising, distribution and sales of goods and services. Emphasizes not only management decisions made in each of these processes, but also usable management tools. Emphasis is also placed on the marketing concept of discovering and fulfilling human needs.

Studies and applies communication theory and communication as a management tool.

Focuses on the nature of law-making, the legal processes by which law is applied to resolve disputes, the value and policy that are the basis for our law and legal processes and the role of law and litigation in the conduct of everyday business affairs. Emphasis is on the fundamentals of the legal system, both philosophical and technical, which facilitate business operations and discourage or control harmful business practices. Ethical implications and standards to which business conduct should conform are considered and stressed.

Develops a basic understanding of the methods of securing and allocating financial resources within a firm. Emphasis is on financial decision making and the associated knowledge, principles and techniques. Prerequisites: BU 122 and MA 253.

Involves the use of the case method, wherein the skills learned in accounting, finance, management and marketing fields are used to analyze situations dealing with the cultural and governmental factors that influence the environment of international business. Prerequisite: senior status in business.

Accounting Major - Required Accounting Courses

24 credit hours required; all courses listed.

The student learns many advanced spreadsheet skills, template techniques and advanced presentation skills. Theoretical problems include connecting mainframe accounting software to the PC and using the PC to analyze mainframe data. Prerequisite: CS 101 or consent of the instructor.

Introduces income tax accounting for individuals, partnerships and corporations. Tax software is used to produce individual tax returns. Prerequisite: BU122.

Provides an in-depth study of financial accounting. Builds on the conceptual framework introduced in BU 121 to explain and evaluate accounting procedures in detail. Reviews the accounting cycle and financial statements, including the Statement of Cash Flow, and explores a study of revenue recognition, cash and receivables, present value and inventories. Students use extensive advanced spreadsheet tools and templates, and are introduced to accounting software. Prerequisites: BU 122 and BU 215.

Provides an in-depth study of financial accounting. Builds on the conceptual framework introduced in BU 323 to explain and evaluate accounting procedures in detail. Includes accounting for assets, financial instruments, leases, pensions, accounting for income tax, stockholder‘s equity and earnings/share. Students are introduced to exporting financial information from various sources to a spreadsheet package for analysis. Prerequisite: BU 323.

The allocation of manufacturing costs to units produced using job order, process and standard cost systems. Emphasizes enhanced management decision making by various quantitative methods. Includes just-in-time and activity-based allocation. Prerequisites: BU 122 and MA 253.

Studies auditing concepts and standards to determine if financial statements present fairly the financial position, results of operations and changes in financial position in conformity with generally accepted accounting principles and the types of reports issued. An audit practice set is prepared. Prerequisite: BU 122.

Builds on conceptual framework introduced in Intermediate Accounting. Students work with a variety of concepts including: error analysis, revenue recognition, income tax analysis, pension analysis, and cash flow risk and analysis. Students learn to prepare and communicate reports, write clear financial notes and supporting documents. Students improve critical thinking skills by evaluating different sources of information, reconciling conflicting and ambiguous data, as well as applying rules to problems not explicitly described. Fall, even years. Prerequisite: BU 324.

Reviews and advances knowledge gained in principles and intermediate accounting. The major areas covered in this course include the three alternative methods (basic equity, cost and fully adjusted equity) of consolidations subsequent to the combination and review of Statement of Cash Flows in a consolidate setting. As a capstone course it includes a research paper and the submission of the accounting portfolio. Prerequisites: BU 225 and BU 324.

Accounting Major - Accounting Electives

Electives are not required, but one is recommended.

Includes taxation of corporations, partnerships, estates and trusts. Students are introduced to theoretical taxation issues as well as application of current existing tax laws. Essential for those considering the CPA exam. Prerequisite: BU 225.

Although accounting research is a necessary skill in a dynamic financial society, students are not aware of the current issues discussed by the Securities Exchange Commission, the Financial Accounting Standards Board (FASB), the Governmental Accounting Standards Board (GASB) and the International Accounting Standards Board (IASB). In this course, the student will be introduced to ―exposure‖ drafts, and will write a suitable response to address the issue covered by the exposure draft. Research skills will be applied to various real issues. Includes an ethical dimension that considers the impact of decisions on society.

Introduces students to fund accounting and the proper reporting format for an organization. Emphasis on governmental accounting through journal entries. Prerequisite: BU 324.

Introduces international dimensions of accounting. Includes environmental factors, internationalization of the accounting discipline and internationalization of the accounting profession. Explores the relationships between accounting and cultural differences. Prerequisite: BU 122.

Topics in advanced business law may include bankruptcy, negotiable instruments, partnerships, corporations, and joint ventures. Prerequisite: BU 371.

Associate Degree in Accounting - (33 credit hours)

In addition to the general study requirements, students seeking an associate degree in accounting must complete the following courses.

Accounting Associate - Required Courses

24 credit hours required; all courses listed.

Studies the accounting cycle leading to the development and use of financial statements. Emphasis is on the proprietorship type of business organization.

Studies accounting for corporations and introduces accounting for management decision making. Builds on the concepts of BU 121. Prerequisite: BU 121.

Surveys the various internal forces in social and business organizations from an economic viewpoint. Specific emphasis is on the relationship between a firm‘s possible form and its interaction with the consumer.

Emphasizes management functions and management systems. Enhances understanding of the managerial role and its influence on organizational performance. Facilitates understanding of managerial activities involving human, technical and conceptual skills within behavioral, classical and management science approaches.

Surveys the process of product design, packaging, pricing, advertising, distribution and sales of goods and services. Emphasizes not only management decisions made in each of these processes, but also usable management tools. Emphasis is also placed on the marketing concept of discovering and fulfilling human needs.

Studies and applies communication theory and communication as a management tool.

Focuses on the nature of law-making, the legal processes by which law is applied to resolve disputes, the value and policy that are the basis for our law and legal processes and the role of law and litigation in the conduct of everyday business affairs. Emphasis is on the fundamentals of the legal system, both philosophical and technical, which facilitate business operations and discourage or control harmful business practices. Ethical implications and standards to which business conduct should conform are considered and stressed.

Develops a basic understanding of the methods of securing and allocating financial resources within a firm. Emphasis is on financial decision making and the associated knowledge, principles and techniques. Prerequisites: BU 122 and MA 253.

Accounting Associate - Electives

Choose 9 credit hours of electives.

The student learns many advanced spreadsheet skills, template techniques and advanced presentation skills. Theoretical problems include connecting mainframe accounting software to the PC and using the PC to analyze mainframe data. Prerequisite: CS 101 or consent of the instructor.

Introduces income tax accounting for individuals, partnerships and corporations. Tax software is used to produce individual tax returns. Prerequisite: BU122.

Provides an in-depth study of financial accounting. Builds on the conceptual framework introduced in BU 121 to explain and evaluate accounting procedures in detail. Reviews the accounting cycle and financial statements, including the Statement of Cash Flow, and explores a study of revenue recognition, cash and receivables, present value and inventories. Students use extensive advanced spreadsheet tools and templates, and are introduced to accounting software. Prerequisites: BU 122 and BU 215.

Provides an in-depth study of financial accounting. Builds on the conceptual framework introduced in BU 323 to explain and evaluate accounting procedures in detail. Includes accounting for assets, financial instruments, leases, pensions, accounting for income tax, stockholder‘s equity and earnings/share. Students are introduced to exporting financial information from various sources to a spreadsheet package for analysis. Prerequisite: BU 323.

Includes taxation of corporations, partnerships, estates and trusts. Students are introduced to theoretical taxation issues as well as application of current existing tax laws. Essential for those considering the CPA exam. Prerequisite: BU 225.

The allocation of manufacturing costs to units produced using job order, process and standard cost systems. Emphasizes enhanced management decision making by various quantitative methods. Includes just-in-time and activity-based allocation. Prerequisites: BU 122 and MA 253.

Studies auditing concepts and standards to determine if financial statements present fairly the financial position, results of operations and changes in financial position in conformity with generally accepted accounting principles and the types of reports issued. An audit practice set is prepared. Prerequisite: BU 122.

Although accounting research is a necessary skill in a dynamic financial society, students are not aware of the current issues discussed by the Securities Exchange Commission, the Financial Accounting Standards Board (FASB), the Governmental Accounting Standards Board (GASB) and the International Accounting Standards Board (IASB). In this course, the student will be introduced to ―exposure‖ drafts, and will write a suitable response to address the issue covered by the exposure draft. Research skills will be applied to various real issues. Includes an ethical dimension that considers the impact of decisions on society.

Introduces students to fund accounting and the proper reporting format for an organization. Emphasis on governmental accounting through journal entries. Prerequisite: BU 324.

Reviews and advances knowledge gained in principles and intermediate accounting. The major areas covered in this course include the three alternative methods (basic equity, cost and fully adjusted equity) of consolidations subsequent to the combination and review of Statement of Cash Flows in a consolidate setting. As a capstone course it includes a research paper and the submission of the accounting portfolio. Prerequisites: BU 225 and BU 324.

Introduces international dimensions of accounting. Includes environmental factors, internationalization of the accounting discipline and internationalization of the accounting profession. Explores the relationships between accounting and cultural differences. Prerequisite: BU 122.

Topics in advanced business law may include bankruptcy, negotiable instruments, partnerships, corporations, and joint ventures. Prerequisite: BU 371.

Accounting Minor - (18 credit hours)

The accounting minor requires 18 credit hours of accounting related coursework.

Accounting Minor - Required Courses

9 credit hours required; all courses listed.

Studies the accounting cycle leading to the development and use of financial statements. Emphasis is on the proprietorship type of business organization.

Studies accounting for corporations and introduces accounting for management decision making. Builds on the concepts of BU 121. Prerequisite: BU 121.

Surveys the fundamental principles of macroeconomics. Provides a working understand of the economy as a whole, noting interrelationships among concerns of contemporary society, world affairs and government fiscal and monetary policies. Fulfills general studies requirement.

Accounting Minor - Electives

Choose 9 credit hours of electives.

The student learns many advanced spreadsheet skills, template techniques and advanced presentation skills. Theoretical problems include connecting mainframe accounting software to the PC and using the PC to analyze mainframe data. Prerequisite: CS 101 or consent of the instructor.

Introduces income tax accounting for individuals, partnerships and corporations. Tax software is used to produce individual tax returns. Prerequisite: BU122.

Provides an in-depth study of financial accounting. Builds on the conceptual framework introduced in BU 121 to explain and evaluate accounting procedures in detail. Reviews the accounting cycle and financial statements, including the Statement of Cash Flow, and explores a study of revenue recognition, cash and receivables, present value and inventories. Students use extensive advanced spreadsheet tools and templates, and are introduced to accounting software. Prerequisites: BU 122 and BU 215.

Provides an in-depth study of financial accounting. Builds on the conceptual framework introduced in BU 323 to explain and evaluate accounting procedures in detail. Includes accounting for assets, financial instruments, leases, pensions, accounting for income tax, stockholder‘s equity and earnings/share. Students are introduced to exporting financial information from various sources to a spreadsheet package for analysis. Prerequisite: BU 323.

Includes taxation of corporations, partnerships, estates and trusts. Students are introduced to theoretical taxation issues as well as application of current existing tax laws. Essential for those considering the CPA exam. Prerequisite: BU 225.

The allocation of manufacturing costs to units produced using job order, process and standard cost systems. Emphasizes enhanced management decision making by various quantitative methods. Includes just-in-time and activity-based allocation. Prerequisites: BU 122 and MA 253.

Studies auditing concepts and standards to determine if financial statements present fairly the financial position, results of operations and changes in financial position in conformity with generally accepted accounting principles and the types of reports issued. An audit practice set is prepared. Prerequisite: BU 122.

Builds on conceptual framework introduced in Intermediate Accounting. Students work with a variety of concepts including: error analysis, revenue recognition, income tax analysis, pension analysis, and cash flow risk and analysis. Students learn to prepare and communicate reports, write clear financial notes and supporting documents. Students improve critical thinking skills by evaluating different sources of information, reconciling conflicting and ambiguous data, as well as applying rules to problems not explicitly described. Fall, even years. Prerequisite: BU 324.

Introduces students to fund accounting and the proper reporting format for an organization. Emphasis on governmental accounting through journal entries. Prerequisite: BU 324.

Reviews and advances knowledge gained in principles and intermediate accounting. The major areas covered in this course include the three alternative methods (basic equity, cost and fully adjusted equity) of consolidations subsequent to the combination and review of Statement of Cash Flows in a consolidate setting. As a capstone course it includes a research paper and the submission of the accounting portfolio. Prerequisites: BU 225 and BU 324.

Introduces international dimensions of accounting. Includes environmental factors, internationalization of the accounting discipline and internationalization of the accounting profession. Explores the relationships between accounting and cultural differences. Prerequisite: BU 122.

Topics in advanced business law may include bankruptcy, negotiable instruments, partnerships, corporations, and joint ventures. Prerequisite: BU 371.

Information about Course Requirements
We do our best to keep this information updated, but you should always double-check to ensure you are meeting graduation requirements. For the most current course requirements please review the latest undergraduate college catalog.  Always consult your academic advisor when registering for courses or when you have questions about course requirements.