200 | 300 | 400 | Graduate Courses

Accounting
Richard B. Carter, Chair of Department
Professors: Hira, Smith
Professors (Emeritus): Brown, Elvik, Handy
Associate Professors: Bouillon, Dilla, Doran, Jeffrey, Kurtenbach, Ravenscroft, Swanson
Assistant Professors: Caplan, Clem, Janvrin, Terando
Assistant Professors (Adjunct): Curtis
Instructors (Adjunct): Blanshan, Duffy, Mazzitelli

Undergraduate Study
For undergraduate curriculum in business, major in accounting, see College of Business, Curricula.

The primary purpose of accounting is to provide relevant information to both internal users (management) and external users such as investors, creditors, government, and the general public. Accounting is an integral part of the management of business and public organizations. Accountants, therefore, participate in planning, evaluating, and controlling the activities of the firm. Accounting is needed by external users in order to make investment decisions, grant or withhold credit, and, in the case of government, to collect revenue and gather statistical information. In order to provide useful information, accountants collect, analyze, synthesize, and report data in an understandable manner.

The instructional objective of the Accounting Program is to provide a well-rounded professional education in accounting. Such an education should provide the student with: (1) a mastery of basic accounting concepts; (2) an ability to think critically and creatively about accounting problems; (3) an ability to communicate effectively and work with others as a member of a team; (4) an awareness and sensitivity for dealing with ethical concerns.

The major in accounting is designed to give students a conceptual foundation as well as to provide a wide range of basic skills and analytical tools for use in reporting for both public and private concerns. Students who complete the accounting major are well prepared to accept positions in industry, government, and the public accounting profession. The requirements for the accounting major are met by successful completion of the following courses: Acct 383, 384, 386, 387, 485, and 497. Completion of Stat 326 is required prior to Acct 497. See the graduate study curricula in accounting for the 150 hour education requirement for CPA certification in Iowa.

In addition, it is highly recommended that an accounting major include Business Law II (Acct 316). The Department of Accounting should be consulted for information on specific alternative plans of study.

The department also offers a minor for College of Business students with a different major. They are required to take 15 credits from a list of approved courses, of which 9 credits need to be stand alone.

CPA Note: In addition to the 18 credit hours of accounting required for the accounting major, candidates for the CPA exam must complete two additional accounting courses to sit for the CPA exam, for a total of 24 hours beyond principles. Students may use the electives shown above or petition to take graduate courses to fulfill the additional six hours. In order to be certified or licensed to practice in Iowa, students must complete 150 credit hours. Students should consider early on how they intend to meet these requirements. Options include the Master of Accounting or double majors. Business Law II (Accounting 316) is also highly recommended; please note this class does not count towards the aforementioned 24 hours required to sit for the exam. For states outside Iowa, be sure to check local rules, as each state determines its own licensing requirements.

Graduate Study
The department offers work for a graduate degree - the masters of accounting (M.Acc.). This is a 32-hour degree. The program requires 15 hours of graduate accounting courses, at least 9 hours of nonaccounting graduate electives, a communications course and an international course from an approved list, and a 2-hour creative component. The M.Acc. is appropriate for any student wanting to pursue a variety of accounting careers. Additionally, the program is designed to help interested candidates meet the 150-hour education requirement for CPA certification in Iowa.

The department participates in two graduate degree programs: the M.S. in business and the M.B.A. full-time and part-time programs. The M.S. degree in business is a 30-credit curriculum culminating in a thesis. The M.B.A. program is a 48-credit, nonthesis, noncreative component curriculum. Twenty four of the 48 credit hours are core courses and the remaining 24 are graduate electives.

Within the M.B.A. program, students may develop an area of specialization in accounting. This specialization requires that 12 of the 24 credit hours of the graduate electives be from accounting. Included in this 12 credit hour requirement is a three credit hour required course, Acct 598. Enrollment in Acct 598 is limited to those students with fifteen hours of undergraduate and/or graduate accounting courses or the permission of the instructor.

The specialization in accounting is designed to meet the 150 hour education requirement for CPA certification in Iowa.

Courses open for nonmajor graduate credit: 485, 488, 495, and 497.

Courses Primarily for Undergraduate Students
Acct 215. Legal Environment of Business. (3-0) Cr. 3. F.S.SS. Prereq: Sophomore classification. General history, structure, and principles of law. The legal system, as an agency of social control; good business practices, and tool for change. The court systems, Constitution, torts, contracts, administrative agencies, and agency law.

Acct 284. Financial Accounting. (3-0) Cr. 3. F.S.SS. Introduction to the basic concepts and procedures of financial accounting from a user perspective. The course examines the accounting cycle, business terminology, basic control procedures, and the preparation and evaluation of financial reports, with an emphasis on financial statement analysis.

Acct 285. Managerial Accounting. (3-0) Cr. 3. F.S.SS. Prereq: 284. Preparation and use of internal managerial reports for decision-making, planning and performance evaluation.

Acct 316. Business Law. (3-0) Cr. 3. F.S. Prereq: 215. Continuation of 215. Sales under the Uniform Commercial Code, negotiable instruments, secured transactions, property transactions, partnerships, and wills and estates.

Acct 383. Intermediate Managerial Accounting. (3-0) Cr. 3. F.S. Prereq: 285 or 508. Generation, communication and use of information to assist management with planning, control, and decision making in manufacturing and service organizations. Includes traditional and contemporary models of cost estimation, assignment, and control, responsibility accounting, and nonrecurring decisions. Emphasis on developing written and oral communication skills, as well as spreadsheet capabilities.

Acct 384. Accounting Information Systems. (3-0) Cr. 3. Prereq: 285. Analysis of concepts and procedures underlying the automated accumulation and processing of accounting data. EDP internal control and audit techniques. Trends in accounting information systems.

Acct 386. Intermediate Accounting I. (3-0) Cr. 3. F.S. Prereq: 285 or 508. The conceptual framework of financial accounting. Communication of financial information on the income and retained earnings statements, statement of cash flows, and the balance sheet. Accounting concepts relating to current and operational assets of the firm.

Acct 387. Intermediate Accounting II. (3-0) Cr. 3. F.S. Prereq: 386. Financial accounting and reporting practices for business entities. Generally accepted accounting principles (GAAP) relative to firm liabilities, equity, income, taxes, employee benefits, leases, accounting changes and cash flows. Discussion of current issues in financial accounting.

Acct 485. Principles of Federal Income Tax. (3-0) Cr. 3. F.S. Prereq: 285 or 508. An introduction to the fundamentals of income tax related to entities and individual taxpayers, and concepts applicable to all tax entities. Depreciation, like-kind exchanges, and capital gain treatment. Transaction planning to maximize participation in preferential tax opportunities. Nonmajor graduate credit.

Acct 488. Governmental and Non-profit Institution Accounting. (3-0) Cr. 3. Prereq: 386 or 508. Budgeting, accounting, auditing, and financial reporting principles associated with private and public nonprofit organizations. Includes survey of state, local, municipal, and federal government accounting, as well as accounting for colleges, universities, public schools, health care facilities, voluntary health and welfare organizations and other not for profit entities. Nonmajor graduate credit.

Acct 490. Independent Study. Cr. 1 to 3 each time taken. F.S.SS. Prereq: 285, senior classification, permission of instructor.

Acct 495. Advanced Accounting Problems. (Dual-listed with 595.) (3-0) Cr. 3. Prereq: 387. Partnerships, branch operations, accounting for business combinations and affiliated companies, consolidated financial statements; reporting for multinational operations. Nonmajor graduate credit.

Acct 497. Introduction to Auditing. (3-0) Cr. 3. F.S. Prereq: 384, 386 and Stat 326. The conceptual framework of auditing. Professional ethics. External reporting concepts. Audit methodology including risk analysis, internal control, procedures for gathering evidence and the role of statistical sampling in auditing. Nonmajor graduate credit.

Courses Primarily for Graduate Students, open to qualified undergraduate students

Acct 508. Survey of Financial and Managerial Accounting. (2-0) Cr. 2. Prereq: Graduate classification. A general introduction to both financial and managerial accounting information. Financial topics covered include the use and analysis of financial information, the regulatory environment, and the use of the internet and electronic spreadsheets as a means of accessing and analyzing financial data. Managerial topics covered include the use of accounting information as a basis for management decisions, basic cost concepts, cost-volume-profit analysis, strategic cost issues and performance measurement.

Acct 581. Accounting for Decision Making. (3-0) Cr. 3. Prereq: 383, 508 or equivalent. Decision analysis applied to managerial accounting issues. Generation of information for management decision making and control. Responsibility accounting and non-recurring decisions.

Acct 583. Accounting for Strategic Management. (3-0) Cr. 3. Prereq: 383, 508. Focus on generation and analysis of accounting information for strategic purposes. Includes performance measurement decisions, balanced scorecard,alternative costing methods, capital budgeting. Emphasis on communication and analysis of information.

Acct 584. Information Technology and Assurance. (3-0) Cr. 3. Prereq: 384 or 508 or permission of the instructor. Focus on information technology control, design, implementation and assurance services relating to information technologies. Course requires travel to businesses for on-site evaluation and design.

Acct 585. Tax Implications of Business Decisions. (3-0) Cr. 3. Prereq: 285, 6 credits in accounting or 508. The impact of federal tax legislation on the formation, operation and liquidation or reorganization of entities. Income-tax planning for executives.

Acct 586. Advanced Federal Taxation. (3-0) Cr. 3. F.S. Prereq: 485. Advanced topics in Federal Taxation. An in-depth study of partnership, corporation, fiduciary, and estate and give taxation. Tax administration, practice and tax planning are covered. Strongly recommended for those who plan a career in public accounting or taxation.

Acct 590. Special Topics. Cr. 1 to 3 each time taken. F.S.SS. Prereq: Permission of instructor. For students wishing to do individual research in a particular area of accounting.

Acct 592. Financial Statement Analysis. (3-0) Cr. 3. Prereq: 284 or 508. The presentation and analysis of financial statement information from the point of view of the primary users of such data: owners and creditors. Topics covered will include the financial reporting system, the primary financial statements, and effects of accounting method choice on reported financial data, and firm valuation.

Acct 595. Advanced Accounting Problems. (Dual-listed with 495.) (3-0) Cr. 3. Prereq: 387. Partnerships, branch operations, accounting for business combinations and affiliated companies, consolidated financial statements; reporting for multinational operations.

Acct 596. International Accounting. (3-0) Cr. 3. Prereq: 284 or 508. Accounting and reporting requirements and managerial issues faced by multinational corporations. The international environment of standard setting will be examined. Technical issues such as transfer pricing, inflation accounting and taxation will be discussed.

Acct 597. Advanced Auditing and Assurance Services. (3-0) Cr. 3. Prereq: 497. A study of advanced auditing and assurance issues. Topics include risk analysis, internal control, fraud detection, analytical procedures, evaluating operational and strategic objectives, and reporting and implementing audit findings.

Acct 598. Financial Accounting: Theory and Contemporary Issues. (3-0) Cr. 3. F. Prereq: 386 and 383 or 508. Theoretical discussion of the financial accounting and reporting environment. The usefulness of financial accounting information for decision making will be examined. A number of current financial accounting issues and the financial accounting standard setting process will be discussed and examined.

Acct 599. Creative Component. Cr. 2. Prereq: Admission to the Master of Accounting Program. This course prepares students to complete their creative component project required in the Master of Accounting degree.