ACCOUNTING

Somsen Hall, Room 323A (507-457-5860)
Frederic Ihrke (Chairperson)

FACULTY

J. Lawrence Bergin, Professor; B.S., M.B.A., Northeastern University; 1981 -
James F. Hurley, Associate Professor; B.S., M.A., Ph.D., University of Nebraska; 1983 -
Frederic Ihrke, Professor; B.S., Bemidji State University; M.B.T., University of Minnesota-Twin Cities; J.D., William Mitchell College of Law; Certified Public Accountant (CPA) Minnesota; 1981 -
Gloria McVay, Associate Professor; B.S., M.B.A., Minnesota State University-Mankato; Ph.D., University of Kentucky; 2000 -
John D. Morgan, Associate Professor; B.A., University of Iowa; M.S., Arizona State University; Ph.D., University of Nebraska, Lincoln; Certified
Public Accountant (CPA); Certified Management Accountant (CMA); 2006 -
William Ortega, Associate Professor; B.B.A., University of Iowa; M.B.A., Indiana University; Ph.D., Florida State University; Certified
Management Accountant (CMA); 2003 -
Larry Sallee, Professor; B.S., University of Wisconsin-Superior; M.B.A., University of Wisconsin-La Crosse; D.B.A., U.S. International
University; Certified Public Accountant (CPA); Certified Management Accountant (CMA); 1985 -

PURPOSE

The purpose of the accounting program is to prepare students for careers in business and government, with emphasis on preparation for professional certification.

PASS/NO CREDIT (P/NC) COURSES
Except for internships and practica, students must take all courses in the Accounting major and minor on a grade-only basis. The P/NC option is available to non-majors unless otherwise noted in the accounting course descriptions. Courses offered on a pass/no credit only or grade only basis are so designated in the course descriptions.

GRADUATION REQUIREMENTS
For a checklist of the University’s graduation requirements, see page 23. Specific requirements for accounting majors/minors are as follows:
1. Complete all coursework and satisfy all other WSU requirements for a B.S. major in Accounting.
2. Complete a minimum of 15 credit hours of 300/400-level ACCT courses at WSU.
3. Achieve a grade of “C” or better in each course listed under B.S. Major-Accounting.
4. Earn at least a 2.50 overall GPA and a 2.50 GPA in ACCT courses.
5. Complete a minimum of 50% of the College of Business credits required for the accounting major at WSU.
6. Sixty-four non-business credits are required for the Accounting major. Of the math, statistics, and economics courses required for the major, 6 credits of math and statistics and 9 credits of economics can be counted toward the requirement for 64 non-business credits.

UNIVERSITY STUDIES FLAG REQUIREMENTS (12 S.H.)
Students may use flag courses to satisfy both University Studies and major requirements; flag courses will usually be in the student’s major or minor program. University Studies Flag requirements are as follows: Oral Flag (3 S.H.), Math/Critical Analysis Flag (3 S.H.), and Writing Flag (6 S.H.). The Department of Accounting offers the following flag course in the University Studies Program:
Writing Flag # ACCT 471 Auditing (3)
For accounting majors and minors, flag courses are identified in the lists of required courses and electives in this section.

WSU-ROCHESTER
The department’s major is available through the 2+2 Program at the WSU-Rochester campus. See page 37 for the articulation of the 2+2 Accounting Program.

B.S. MAJOR - ACCOUNTING (ACCT)
78-79 S.H. (No Minor Required)

Accounting majors must earn a “C” or better in accounting prerequisite courses in order to take the next course. All courses are offered each year on the Winona campus unless otherwise noted in the course descriptions.

REQUIRED COURSES (69-70 S.H.)
Accounting - ACCT (30 S.H.)
211 Financial Accounting Principles (3)
212 Managerial Accounting Principles (3)
220 Accounting Computer Applications (3)
311 Intermediate Accounting I (3)
312 Intermediate Accounting II (3)
330 Accounting Information Systems (3)
361 Intermediate Managerial/Cost Accounting (3)
413 Advanced Financial Accounting (3)
421 Introduction to Taxation (3)
# 471 Auditing (3)
Economics/Finance (9 S.H.)
* ECON 201 Principles of Microeconomics (3)
* ECON 202 Principles of Macroeconomics (3)
FIN 360 Business Finance (3)
Business Administration (24 S.H.)
# BUSA 220 Business Statistics (3)
# BUSA 320 Intermediate Business Statistics (3)
BUSA 301 Business Law I (3)
BUSA 311 Business Law II (3)
MIS 362 Management Informational Systems (3)
# MGMT 325 Organizational Dynamics (3)
# MGMT 495 Strategic Management (3)
OM 334 Operations Management (3)
Marketing (3 S.H.)
MKTG 300 Principles of Marketing (3)
Mathematics (3-4 S.H.)
MATH 140 Applied Calculus (3) OR MATH 160 Calculus I (4)

ELECTIVES (9 S.H.)
Any 300- or 400- level course from the Economics and Finance department (3)
300- or 400-Level ACCT electives (6)

Note: Students should be aware that the following courses also satisfy flag requirements:
# ECON 303 Intermediate Macroeconomics (3)
# ECON 304 Money and Banking (3)
# FIN 335 Forecasting Methods (3)
# FIN 421 Institutional Investment and Financial Markets (3)
# MGMT 317 Management of Human Resources (3)

B.S. MINOR - ACCOUNTING (ACCT)
21 S.H.

REQUIRED COURSES (18 S.H.)
Accounting - ACCT
211 Financial Accounting Principles (3)
212 Managerial Accounting Principles (3)
220 Accounting Computer Applications (3)
311 Intermediate Accounting I (3)
421 Introduction to Taxation (3)
Business Administration - BUSA
291 Legal Environment of Business (3) OR
301 Business Law I (3)

ELECTIVES (3 S.H.)
Any accounting (ACCT) course

COURSE DESCRIPTIONS (ACCT)
211 - Financial Accounting Principles (3 S.H.)
The study of topics in financial accounting, including the accounting cycle, forms of business organizations, assets, liabilities, owner’s equity, and financial statement preparation and analysis. Examples are drawn from service, merchandising, and manufacturing organizations. Prerequisite: WSU math proficiency.
212 - Managerial Accounting Principles (3 S.H.)
The study of managerial accounting principles including cost behavior, job order costing, process costing, cost-volume-profit relationships, contribution costing, standard costs, relevant costs, and budgets. Additional topics may include the Statement of Cash Flows and financial statement analysis. Prerequisite: ACCT 211.
220 - Accounting Computer Applications (3 S.H.)
This course starts with an in-depth review and expansion of bookkeeping in a manual accounting system. The course assumes the student has a strong background in basic financial accounting. The course then moves to “hands on” experience with Excel (including construction of spreadsheet formulas involving IF, IF/OR, IF/AND commands, statistical and financial functions, graphing and spreadsheet links), Powerpoint, and accounting software. Working with a leading integrative computerized accounting software package is a main focus of the course. Prerequisits: ACCT 211 and ACCT 212 and completion of, or concurrent enrollment in, ACCT 311. (This course is designed to be taken during the same semester that the student is taking ACCT 311, Intermediate Accounting I.)
311 - Intermediate Accounting I (3 S.H.)
Major emphasis on financial accounting. Review of basic financial statements. Development of accounting principles and procedures related to assets (cash, receivables, investments, inventories, plant and equipment, intangibles, and the time value of money). Prerequisites: ACCT 212, ACCT 220, or ACCT 212 and concurrent enrollment in ACCT 220. Not open to students in their first year of college study.
312 - Intermediate Accounting II (3 S.H.)
Development of accounting principles and procedures related to liabilities, owner’s equity, revenue recognition, and special topic areas such as pensions and leases. Prerequisite: ACCT 311.
330 - Accounting Information Systems (3 S.H.)
A study of the principles underlying the design and installation of accounting systems and survey of methods of processing data with an emphasis on internal control. Prerequisites: ACCT 311 or ACCT 212 and MIS 362.
340 - Governmental and Other Not-For-Profit Accounting (3 S.H.)
This course is designed to analyze the funds used by state and local units of government. Also covered are accounting methods and procedures used by hospitals, colleges and universities, voluntary health and welfare organizations, and other not-for-profit organizations. Prerequisite: ACCT 311.
361 - Intermediate Managerial/Cost Accounting (3 S.H.)
Cost accounting fundamentals including long-term planning, control, cost allocation, quantitative analysis and behavioral considerations in systems design. Prerequisites: ACCT 212 and ECON 201.
380 - Topics and Issues in Accounting (1-4 S.H.)
An analysis of current topics, trends, issues, and software relevant to the milieu of accounting. The subject matter can vary by semester and is typically announced in advance by the instructor. This course may be repeated as topics change. Prerequisite: instructor’s permission. Not offered every year.
398 - Internship (1-7 S.H.)
Credits are not counted in the accounting major; they are counted as general elective credits. Prerequisite: Concurrent enrollment in ACCT 399. P/NC only.
399 - Internship Problem (1-3 S.H.)
Prerequisite: minimum 2.50 GPA and instructor’s permission. The student should have completed most, if not all, College of Business core courses, ACCT 311 (Intermediate Accounting I), and other specific accounting courses depending on the type of internship. See the Department Internship Coordinator for specific requirements. Grade only. Credits may only be counted as general elective credits.
413 - Advanced Financial Accounting (3 S.H.)
This course includes the study of business combinations resulting from acquisitions of assets of stock, foreign currency transactions, and partnership accounting. Prerequisite: ACCT 312.
414 - Advanced Financial Accounting Topics (3 S.H.)
A study of selected financial accounting topics including SEC regulations, bankruptcy, trusts and estates, reporting for segments and interim financial periods, and branch accounting. Prerequisite: ACCT 312. Not offered every year.
416 - Accounting Theory (3 S.H.)
A study of the foundations, statements, analyses, and evolution of the various accounting theories including those by the FASB, AICPA, AAA, IMA, and other organizations. A review of the research studies and literature relating to accounting theory and principles during the past 100 years. Prerequisite: ACCT 312. Not offered every year.
421 - Introduction to Taxation (3 S.H. )
A study of the history of taxation, the formation and application of federal tax law, and the basic methods and procedures of tax research. The course emphasizes the individual income tax, but also introduces the student to the taxes applicable to other entities. Tax preparation using the computer is also a significant component of the course. Prerequisites: ACCT 212 and ECON 202. Grade only.
422 - Advanced Taxation (3 S.H.)
A study of the federal tax law applicable to C corporations, S corporations, partnerships, estates, and trusts. In addition to income tax law, the course also addresses the major issues relating to the transfer of property through gifts and the estate. Methods and procedures of tax research also are stressed in the course. Prerequisite: ACCT 421. Grade only. Offered yearly.
423 - Tax Planning (3 S.H.)
This survey course provides an overview of the tax laws and their interrelationships in a way that has proven interesting, enlightening, and profitable to taxpayers, managers, tax planners, and defenders. Prerequisite: ACCT 421 or instructor’s permission. Not offered every year.
424 - International Taxation (3 S.H.)
This course focuses on the complex tax issues involved in transnational transactions. It addresses major tax treaties, jurisdictional issues, problems of tracing income flow, fluctuations in currency valuations, and other pertinent subject matter. Prerequisite: ECON 202. Not offered every year.
462 - Advanced Managerial/Cost Accounting (3 S.H.)
An in-depth study of advanced topics in cost planning and control. A review of cost and managerial accounting literature and research. Prerequisite: ACCT 361. Offered yearly.
471 - Auditing (3 S.H.)
This course provides an introduction to financial statement auditing and an exposure to internal, governmental, operational, and fraud auditing. Topics include audit evidence, audit standards, audit procedures, professional ethics, fraud detection, and audit reports. Current issues facing the auditing profession are addressed. Prerequisites: ACCT 312, BUSA 220, and ACCT 330 (past or concurrent enrollment).
472 - Advanced Auditing (3 S.H.)
This course is primarily for students planning to pursue careers in auditing and take the CPA or CIA exam. Additional exposure to fraud detection and audit procedures is provided. Other topics include statistical sampling methods, legal liability, professional responsibilities, audit reporting topics, and other assurance services offered by CPA firms. Prerequisite: ACCT 471. Not offered every year.
490 - Independent Studies in Accounting (1-3 S.H.)
Offers the advanced student an opportunity to do additional reading and/or research in areas of special interest. Prerequisite: Instructor’s permission. Total credits may not exceed 6 S.H.