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Accounting

The Major in Accounting. A major in accounting requires successful completion of the Business Foundation and of the accounting courses listed below.  No grade below a C- will be accepted toward graduation for foundation courses; upon earning a grade below C- in a foundation course, the student must retake the course the next semester in which it is offered. The course descriptions listed later in the catalog identify prerequisites, and these suggest a certain degree of order in completing the foundation. In addition to the foundation, first-semester Weis School students enroll in MGMT-102 Global Business Perspectives (four semester hours), which provides an introduction to liberal studies and college life, as well as an overview of business functional areas, career opportunities and the Sigmund Weis School curriculum. This course satisfies the Perspectives requirement of the Central Curriculum.

Double-counting restriction:  no student may have more than one major in the Sigmund Weis School of Business.

Semester Hours View Full Course Catalog >>

Year 1

4 ECON-201 Principles of Macroeconomics
4 ECON-202 Principles of Microeconomics

4        Choose from: MGMT-202 Business Statistics, MATH-108 Introduction to Statistics, MATH-109 Statistics for Social Sciences, MATH-180 Statistical Methods or PSYC-123 Statistics for the Behavioral Sciences

Year 2

4 INFS-174 Database Systems Analysis and Design
4 ACCT-200 Financial Accounting
4 ACCT-210 Legal Environment
4 MGMT-203 Quantitative Methods for Business and Economic Decisions
4 MGMT-240 Principles of Management
4 MKTG-280 Marketing
2 PRDV-105 Introduction to Professional Development

Year 3

4 ACCT-330 Cost Management
4 FINC-340 Corporate Financial Management

Year 4

4 INFS-472 Management Support Systems
4 MGMT-400 Business Policy and Strategy
4 MGMT-404 Global Business Ethics
2 ACCT-220 Introduction to Taxation
2 FINC-300 Financial Statement Analysis
4 ACCT-301 Intermediate Accounting I
4 ACCT-302 Intermediate Accounting II
2 ACCT-305 Federal Taxation
4 ACCT-309 Accounting Information Systems
4 ACCT-420 Auditing
4 ACCT-430 Managerial Accounting Policy

To satisfy the major course requirements, courses must be completed with a grade of C- or better.

For the purposes of calculating the required 2.00 minimum GPA in the accounting major, the Accounting Department uses the following courses: ACCT-220 Introduction to Taxation, ACCT-301 Intermediate Accounting I, ACCT-302 Intermediate Accounting II, ACCT-305 Federal Taxation, ACCT-309 Accounting Information Systems, ACCT-330 Cost Management, ACCT-420 Auditing and ACCT-430 Managerial Accounting Policy. An accounting student must take at least 50 percent of these courses at Susquehanna.

Minor in Accounting. The minor in accounting has two purposes. It introduces liberal arts majors to career opportunities in the accounting profession, and it provides systematic study of accounting as a social science. The minor is not open to students pursuing a Bachelor of Science in business degree.

The minor in accounting requires completion of 26 semester hours, including ACCT-200 Financial Accounting, ACCT-210 Legal Environment, FINC-300 Financial Statement Analysis, ACCT-301 Intermediate Accounting I, ACCT-330 Cost Management, either ECON-105 Elements of Economics or ECON-202 Principles of Microeconomics, and four additional semester hours of accounting courses. The department recommends that students pursuing a minor also complete a statistics course. No more than one grade lower than C- will be accepted in fulfillment of the minor requirements.

ACCT-200 Financial Accounting

Introduction to accounting for internal and external reporting. Emphasizes corporate financial accounting and reporting. Covers theoretical and practical issues related to the accounting and reporting of assets, liabilities, owners' equity, revenues, expenses, gains and losses. Emphasis is placed on the importance of financial accounting information for investment and credit decisions. PRDV-100 Using Computers is highly recommended but not required. Prerequisites: Either accounting major, finance major, business administration—finance emphasis major or sophomore standing. 4 SH.

ACCT-210 Legal Environment

The legal environment as it relates to business. Considers essential elements of consumer protection law, employment law, environmental regulation, court procedures, torts, introduction to contracts, agency law and selected laws regarding corporations. Prerequisite: Sophomore standing or permission of the instructor. 4 SH. CC: Ethics Intensive, Interdisciplinary.

ACCT-220 Introduction to Taxation

The objective of this course is to provide students with an initial background in federal income tax. The course builds an appreciation of federal income tax laws, as opposed to accounting principles and theory. It is designed to develop a fundamental knowledge of basic federal income tax principles and concepts. The course is also designed to qualify the student as a TCE (tax counseling for the elderly) volunteer. This program is offered in the spring and is not a course requirement. The TCE program is specifically targeted to the elderly and is offered at the Selinsgrove Senior Center. The topics discussed in this course include the following: gross income inclusions and exclusions, adjusted gross income, deductions, exemptions, filing status, sales and exchanges of property, the earned income credit, the credit for the elderly, education credits, and capital gains and losses. Pennsylvania taxes are also covered. Prerequisite: ACCT-200. 2 SH.

ACCT-301 Intermediate Accounting I

Covers the theoretical and conceptual framework of financial accounting and the content and usefulness of financial statements. Also provides in-depth coverage of the accounting and reporting issues related to operating activities of business enterprises. Special projects include case studies and position papers requiring research into pronouncements of the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB). Prerequisites: ACCT-200 and sophomore standing. 4 SH.

ACCT-302 Intermediate Accounting II

Continuation of ACCT-301, emphasizing accounting and reporting issues for investing and financing activities of a business enterprise. Additional coverage of latest developments in financial accounting. Special projects include cases and position papers requiring research into pronouncements of the FASB and IASB. Prerequisite: ACCT-301 or permission of the instructor. 4 SH.

ACCT-305 Federal Taxation

This course is a continuation of ACCT-220 Introduction to Taxation. It emphasizes tax research through the use of RIAs Checkpoint and LexisNexis. The students also learn how to prepare tax returns using a computerized tax return preparation program such as TurboTax. Technical tax topics are covered in more depth. Learning is accomplished through the use of case studies, such as Prentice-Hall's Life of Riley. There is a heavy emphasis on learning to recognize and research tax issues. The course places a considerable emphasis upon the development of the student's ability to recognize, interpret and weigh the various and often conflicting sources of the tax law. These sources include the Internal Revenue code, congressional committee reports, Treasury Department regulations, IRS pronouncements, federal court precedents, and commentaries of tax practitioners and academicians. The student is exposed to the various sources of the tax laws: how to find them, how to correctly cite them, how to read and interpret them, and how to weigh conflicting authorities in formulating recommendations. The course also develops and refines students' analytical and legal reasoning skills and their diagnostic instincts and abilities. Prerequisite: ACCT-220. 2 SH.

ACCT-309 Accounting Information Systems

In this course students are introduced to information systems concepts and practices in relation to roles of user, designer and reviewer (auditor). Common to these three roles is the importance of systems documentation and internal control. Students review and analyze typical business processes, evaluate internal controls commonly implemented by business firms, and are exposed to a wide variety of tools, trends and techniques. These include flowcharts and communications tools, database management systems, enterprise resource planning (ERP), e-business and traditional legacy processing. Prerequisites: INFS-174 and ACCT-200. 4 SH.

ACCT-310 Advanced Business Law

A study of contracts, employment law, antitrust law and commercial transactions. Includes negotiable instruments, sales, creditors' rights, personal property and bailments. Prerequisite: ACCT-210. 2 SH.

ACCT-330 Cost Management

Study and comparison of traditional and emerging costing systems. Traditional costing emphasizes accounting procedures for inventory valuation, budgeting and investment decisions with emphases on unit-based cost behavior; job, process and standard costing; variance analysis; break-even analysis; and time-value decision models. Emerging costing emphasizes the understanding of cost behavior as a strategic tool of general management. The course also covers concepts such as activity-based costing and the theory of constraints. Prerequisites: ACCT-200 with a grade of at least C- and either junior standing or sophomore standing for accounting major or finance major. 4 SH.

ACCT-340 Governmental and Nonprofit Accounting

Introduction to the theory and practice of accounting for nonprofit organizations, such as government operations, hospitals, colleges and arts facilities. Includes budgeting as well as bookkeeping and reporting practices. (Offered in alternate years.) Prerequisite: ACCT-200. 2 SH.

ACCT-405 Federal Taxes II

Continuation of ACCT-305, emphasizing taxation of corporations and partnerships, estate and gift taxation, and tax practice and procedure. Includes tax research project. Prerequisite: ACCT-305 or instructor's permission. 2 SH.

ACCT-410 Consolidations

Theory and practice of accounting for business combinations. Topics include cost, equity and consolidation methods, and the consolidation of parent-subsidiary operations, including minority interests. Prerequisites: ACCT-302 or ACCT-301 and permission of the instructor. 2 SH.

ACCT-415 Advanced Accounting

This course provides accounting students with the theoretical, conceptual and technical foundation necessary to prepare and analyze consolidated financial statements and state and local governmental financial statements. Other topics will include foreign currency transactions and translation, derivatives and hedge accounting, and interim and segment reporting. This is an applied course focusing on the development of knowledge and skills through extensive practice. Prerequisite: ACCT-302. 4 SH.

ACCT-420 Auditing

An introduction to the theoretical and conceptual foundations of auditing. Topics include risk analysis, sampling and testing, internal control structures, evidence, financial statement audits, systems audits, and reporting. The course also covers practice, duties, ethics and responsibilities of certified public accountants. Prerequisites: ACCT-309 and ACCT-302 or ACCT-309 and ACCT-301 with the permission of the instructor. 4 SH.

ACCT-430 Managerial Accounting Policy

Extended study of traditional managerial accounting concepts involving cost systems, budgeting, performance and variance analysis, behavior accounting, break-even and capital budgeting models, and direct cash flow statements. Introduction to more recently developed cost management topics, including the theory of constraints, activity-based costing/management, target costing, backflushing, learning curves, stochastic models and extension of capital budgeting models. Prerequisites: ACCT-330 and junior standing. 4 SH.

ACCT-496 Topics in Accounting

Topics of current importance and interest in accounting. Emphasizes readings from the current literature. Prerequisites: ACCT-200 and at least two additional semester hours of accounting. 2 SH.

ACCT-501 Independent Study

Individualized academic work for qualified students under faculty direction. Usually studies special topics not covered in regularly offered courses. Prerequisites: Junior or senior standing and approval of instructor and department. 2-4 SH.

ACCT-502 Senior Research

An extensive accounting-related research project under faculty supervision. Prerequisites: Senior standing, formal proposal statement before registration, acceptance by faculty supervisor and department head's permission. 2-4 SH.

ACCT-503 Accounting Internship

On-the-job supervised experience at a public accounting firm, corporation, governmental agency or nonprofit organization. Prerequisites: Internship coordinator's permission and acceptance by organization. 2-4 SH.