Accounting

Accounting is currently at the focus of the largest issues in the business environment. A strong ethical foundation has proved to be as important as technical skill in this profession. At Graceland you will find professors who hold the critical Certified Public Accountant (CPA) and Certified Management Account (CMA) designations, as well as uphold a strong values-based foundation for decision making.

Financial Accounting, Managerial Accounting, Tax Accounting, Principles of Management, Principles of Marketing, Business Law, do these subjects challenge you? You might want to consider a major in accounting. Graceland accounting graduates excel in many professions as well as being accepted to the best graduate programs in the field.

The C.H. Sandage School of Business offers a bachelor of arts degree with a major in accounting on Graceland's Lamoni campus.

Graceland's Center for the Study of Free Enterprise and Entrepreneurship provides research opportunities.  The University's national Enactus champions (2006), formerly SIFE, has gained national exposure for Graceland business students who have gone on to work for some of the top companies in the world.

B.A. Degree - Accounting Major

In addition to the general education requirements, majors in Accounting must complete a concentration of 40 semester hours in Accounting, Business, Economics, and Information Technology, including:

  • ACCT2310 Financial Accounting 3 s.h.
  • ACCT2320 Managerial Accounting 3 s.h.
  • ACCT3310 Tax Accounting 3 s.h.
  • ACCT3360 Intermediate Accounting I 3 s.h.
  • ACCT3400 Cost Accounting for Managerial Control and Strategic Planning 3 s.h.
  • ACCT3460 Intermediate Accounting II 3 s.h.
  • ACCT4100 Auditing Concepts and Applications: A Risk Analysis Approach 3 s.h.
  • BUAD3340 Business Law 3 s.h.
  • BUAD3380 Principles of Business Finance 3 s.h.
  • ECON1300 Principles of Macroeconomics 3 s.h.
  • ECON1320 Principles of Microeconomics 3 s.h.
  • CSIT1010 Microcomputer Business Applications I 3 s.h. or
         CSIT1020 Microsoft Word & Powerpoint 1 s.h. and
         CSIT1030 Microsoft Excel 1 s.h. and
         CSIT1040 Microsoft Access 1 s.h.
  • CSIT3500 Management of Information Systems 3 s.h.

One of the following: ACCT3320 or ACCT4120, or faculty approved employment in an accounting-related position. 1 s.h.

An Accounting major must also complete:

  • BUAD1420 Math for Decision Making or
         MATH1510 Calculus I 3 s.h.
  • MATH1380 Introduction to Statistics 3 s.h.

Students planning to sit for the CPA exam will need additional hours. Accounting majors are encouraged to also complete the Business Administration major.

 

Accounting Minor

A minor in Accounting consists of 18 semester hours or more in Accounting including: ACCT2310, ACCT2320, and ACCT3360.

Courses in Accounting

ACCT2000 Individual Study 1-3 s.h.

ACCT2310 Financial Accounting 3 s.h.
An introduction to the study of accounting dealing with the preparation and analysis of the balance sheet, income statement, and related accounting records. Prerequisites: Two MATH courses.

ACCT2320 Managerial Accounting 3 s.h.
The selection and analysis of accounting information for internal use by management. Prerequisite: ACCT2310 and either BUAD1420 or MATH1510.

ACCT3000 Individual Study 1-3 s.h.

+ ACCT3200 Governmental and Nonprofit Accounting 3 s.h.
A study of accounting and financial reporting principles for state and local governments, hospitals, colleges and universities, and other nonprofit entities. Prerequisite: ACCT2310 Financial Accounting.

ACCT3310 Tax Accounting 3 s.h.
A study of federal income tax provisions relating to individuals, corporations, and partnerhsips. 

ACCT3320 VITA: Volunteer Income Tax Assistance 1 s.h.
Students will be trained to provide free tax assistance to non-resident alien students who may desire assistance with their U.S. tax forms. Tax preparation workshops are held in March. May be repeated once for credit. Prerequisite: ACCT3310

ACCT3360 Intermediate Accounting I 3 s.h.
Accounting theory and practice applicable to determination of asset values and related problems of income determination. Prerequisites: ACCT2320.

+ACCT3400 Cost Accounting for Managerial Control and Strategic Planning 3 s.h.
Development of cost accumulation and reporting systems for a firm's strategy and structure with an emphasis on integrating cost information into the firms strategic plan. Prerequisite: ACCT2320 and MATH1380.

+ACCT3460 Intermediate Accounting II 3 s.h.
Accounting theory and practice applicable to liabilities and owner’s equity, special problem areas related to income determination and financial reporting, and international transactions. Prerequisite: ACCT3360.

ACCT3900 Topics in Accounting 1-3 s.h.
Study of selected topics from areas in accounting such as governmental accounting and advanced tax. Topics are announced prior to each semester they are offered. May be repeated for credit when the topics vary.

ACCT4000 Individual Study 1-3 s.h.

ACCT4100 Auditing 3 s.h.
An introduction to the study of auditing principles and standards. Provides a working knowledge of auditing procedures. Prerequisite: ACCT3360.

ACCT4120 Internship in Accounting 1-3 s.h.
An internship that allows students to work with accountants. The student will play an active role in identifying potential field sponsors. Repeatable to a maximum of 12 hours. Prerequisite: Instructor’s consent. (Graded on a Pass/Fail basis).

+ACCT4360 Advanced Accounting 3 s.h.
A study of topics including partnership, corporate liquidation, foreign currency transactions, business combinations and stock investments. Prerequisite: ACCT3360.

+ Denotes an alternate year course.