Business: Accounting Catalog Information
Major in Accounting The major in accounting prepares students in general accounting principles so they can prepare, interpret and analyze financial statements of businesses, not-for-profit organizations and government institutions. It also provides entry-level knowledge for students interested in auditing and taxation careers. This requires preparation in core areas such as auditing, cost accounting, taxation and business law. Students will become familiar with the diversity of transactions each of these organizations can experience. The requirements for a major in accounting are 120 hours: • ACCT 155 – Principles of Accounting I, 4 credits • ACCT 156 – Principles of Accounting II, 4 credits • ECON 201 – Principles of Economics, 4 credits • BUS 303 – Managerial Finance, 4 credits • ECON 274 – Introduction to Business and Economic Statistics, 4 credits • ACCT 355 – Intermediate Accounting I, 4 credits • ACCT 356 – Intermediate Accounting II, 4 credits • BUS 362 – Business Law, 4 credits • ACCT 366 – Cost Accounting, 4 credits • ACCT 368 – Tax Accounting, 4 credits • ACCT 369 – Auditing, 4 credits • ACCT 454 – Advanced Accounting, 4 credits Electives: • ACCT 359 – Accounting Information Systems, 4 credits • ACCT 390 – Cooperative Education, 2 to 8 credits • ACCT 480 – Independent Study, 1 to 4 credits Accounting majors are also encouraged to consider ACCT 390 – Cooperative Education (internship) during their time at Concordia, for which they can earn up to 8 credits. This experience will not count toward course requirements for the accounting major, but will make students better prepared to compete for positions in the accounting profession and does count for the 150-hour requirement. Students can also take ACCT 480 – Independent Study to augment their accounting study and meet the 150-hour program requirements. Ideally, these courses are tailored to students’ interests and go beyond the topics of required courses. Some examples of past Independent Study courses are Fraud Investigation, Forensic Accounting, Balanced Scorecard, and Sarbanes-Oxley. As with ACCT 390, these courses do not count toward course requirements for the accounting major. 150-Hour Education Requirement for Certified Public Accountants All graduates of accounting programs will be required to meet the Minnesota or North Dakota 150-hour requirement if they desire certification (CPA) and licensure to practice as a certified public accountant in those states. This education requirement does not relate to corporate positions or to most governmental accounting positions. Since the certification requirement only specifies that graduates applying to be CPAs must have the equivalent of five years of education, various “fifth year” options exist. To meet the “fifth year” requirement, Concordia students need 30 credit hours above the 120 credit hours required to graduate. Fifth-Year Experiences for Accounting Students In partnership with the University of St. Thomas in St. Paul, Minn., Concordia accounting students will be given priority enrollment in the University of St. Thomas’ Master of Science in Accountancy program. This master’s program would begin in July after Concordia’s May graduation and would be completed by June of the following year (11 months). This program consists of 31 semester hours of graduate coursework, with a guaranteed paid internship with a firm in the Twin Cities during the second semester. Students may also wish to pursue graduate study, such as an M.B.A. or a master’s degree in accounting, at other graduate schools. As with the University of St. Thomas program, this could satisfy the 150-hour requirement while developing a deeper understanding of accounting and earning a graduate degree. Accounting students can also decide to stay on Concordia College’s campus and obtain additional breadth in accounting-related areas, such as a minor in finance, computer science, or a double major in accounting and business, or other business disciplines. Internships are available locally, as well as in Minneapolis and other larger cities, for those students who wish to apply their accounting knowledge in the workplace. Another option would allow accounting students to double major in international business, with a minor in a world language, and study in France, Germany, Norway or Mexico City during the second semester of this fifth year. Internships are also available at these global sites. There are many other options that may satisfy the 150-hour requirements for licensure and meet the interests and goals of individual students. Also, other states have 150-hour requirements that differ slightly from Minnesota’s. Accounting students should discuss their plans with an adviser from the accounting faculty to be certain they have explored the various options thoroughly and made choices that match well with their interests.
Business: Accounting Courses
ACCT 155 – Principles of Accounting I, 4 credits. E. An introductory study of financial accounting. The course addresses the preparation of financial information and the communication of that information to interested users, with a focus on the use of financial statements. The course also introduces basic financial accounting theory and develops analytical skills in understanding and using financial information.
ACCT 156 – Principles of Accounting II, 4 credits. E. The second course in accounting focuses on management’s use of financial information. Topics covered include cost category concepts, job order costing, process costing, standard costing, performance analysis, accounting for business segments, and their cost and budgeting. Prerequisite: ACCT 155 – Principles of Accounting I
ACCT 355 – Intermediate Accounting I, 4 credits. E1. This course focuses on the development of generally accepted accounting principles as applied to complex transactions of asset and liability valuation and revenue and expense measurement. The emphasis of the course is on the preparation and analysis of accounting information available to investors, creditors and other external users. Prerequisite: ACCT 156 – Principles of Accounting II
ACCT 356 – Intermediate Accounting II, 4 credits. E2. A continuation of ACCT 355 – Intermediate I. This course includes specialized financial accounting issues, such as leases and earnings per share calculations. Prerequisite: ACCT 355 – Intermediate I
ACCT 366 – Cost Accounting, 4 credits. E2. The development and analysis of cost information for use by management in decision-making, income determination and performance evaluation. Topics covered include: cost allocation, product and service cost methods, cost planning, cost control, and the role of costs in performance evaluation. Prerequisite: ACCT 156 – Principles of Accounting II
ACCT 368 – Tax Accounting, E1. A study of taxation, with emphasis on federal income taxation of individuals and businesses. Topics include the lawmaking and administrative system, tax law and regulations, basic tax planning, and current issues. Prerequisite: ACCT 156 – Principles of Accounting II
ACCT 369 – Auditing, 4 credits. E1. This course focuses on the review of financial statements for the purpose of issuing an audit opinion. Topics covered in the course include: audit theory, audit reports, the professional ethics of auditing, internal control, audit sampling and specific procedures for auditing major business cycles. Prerequisite: ACCT 355 – Intermediate I
ACCT 380 – Special Topics, 2 to 4 credits. D. Courses covering various topics of interest in this particular discipline are offered regularly. Contact department or program chair for more information.
ACCT 390 – Cooperative Education, 2 to 8 credits. E.
ACCT 454 – Advanced Accounting, 4 credits. E2. A study of special topics in financial accounting, including (1) financial accounting and reporting issues for government and nonprofit entities; (2) accounting for business mergers and consolidations, subsequent activity, and the resulting consolidated financial statements; (3) International accounting standards and issues. Prerequisite: ACCT 355 – Intermediate I or consent of instructor
ACCT 480 – Independent Study, 1 to 4 credits. D. This course provides an opportunity for individual students to conduct in-depth research of a particular topic under the direct supervision of a faculty member. Contact the department or program chair for more information.
Course Catalog
