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Accounting and
Finance
Schneider
Social Science 400a
(715) 836-2184
http://www.uwec.edu/Lists/Acad.htm
Michael
Wilson, Chair
Rajarshi Aroskar, D’arcy Becker, Margaret Dwyer, Susan
Haugen, Jay Holmen, Dennis Knutson, Lucretia Mattson, William Ogden,
Lawrence Ozzello, Roger Selin, Mehdi Sheikholeslami, Ingrid Ulstad, Paul
Vanderheiden.
To Accounting
and Finance
Course Descriptions
Accounting is the field of study
which focuses on developing and providing financial information about
businesses, including information about the cost of products manufactured
or services provided, and about governmental and not-for-profit
organizations. This information is used by internal and external decision
makers and other stakeholders of the organization. The accounting program
is designed to provide the student depth of knowledge in accounting and
business, and to help develop communication, interpersonal, and critical
thinking skills. These skills are highly valued by organizations seeking
to employ accountants. Careers in accounting include public accounting,
financial accounting, managerial accounting, internal auditing, and tax
accounting.
Finance is the field of study which
focuses on managing the finances of firms, financial institutions, and
individuals. Careers in finance include corporate financial officer,
banker, stockbroker, financial analyst, portfolio manager, investment
banker, financial consultant, and personal financial planner.
The Department of Accounting and
Finance offers a 60-credit comprehensive major in Accounting. A
certificate program is provided for students who wish to meet the
requirement for 150 semester hours of university credit in order to sit
for the CPA examination. The Department also offers a comprehensive major
in Finance with emphases in General Finance, Corporate Finance, and
Financial Services. Minors in Accounting and Finance are also available.
NOTICE: ALL STUDENTS GRADUATING WITH A MAJOR FROM
THE DEPARTMENT OF ACCOUNTING AND FINANCE MUST COMPLETE MATH 111, A SHORT
COURSE IN CALCULUS, OR ITS EQUIVALENT.
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MAJORS
AND MINORS
COMPREHENSIVE
MAJOR: ACCOUNTING
(Code 720-006)
Objectives for the Accounting Major
Accounting majors subscribe to all
of the BBA objectives. In addition, the following are objectives specific
to the Accounting major. Students will:
Functional Knowledge
1. demonstrate knowledge of the
basic principles of financial, managerial, and cost accounting.
2. demonstrate a knowledge of the
primary financial statements issued by U.S. corporations.
3. demonstrate knowledge of the
analysis and interpretation of financial statements.
4. demonstrate knowledge of the
application of technology to the solution of accounting problems.
5. demonstrate a knowledge of the
basic principles and applications of taxation in the U.S.
6. demonstrate a knowledge of the
basic structure and principles of accounting systems.
7. develop an understanding of other
areas of accounting (e.g., Governmental and Not-For-Profit, Auditing) or a
more in depth understand ing of basic areas of accounting through
additional elective coursework.
8. develop an understanding of the
importance of ethics in the accounting profession.
9. be able to recognize the social
impact of accounting transactions.
10. develop an understanding of
the role of accounting in a global economy.
11. understand the legal and
regulatory environment in which financial accounting and reporting take
place.
Adaptability
1. demonstrate the ability to
identify central issues and assumptions in an argument.
2. be able to evaluate evidence or
authority.
3. demonstrate the ability to use
multiple problem solving techniques, including the use of relevant
technology.
4. be able to demonstrate the
ability to synthesize complex information to solve problems.
5. develop an understanding of and
appreciation for cultural, racial, and gender differences in business
contexts.
Communication Skills
1. be able to articulate one’s
view in a logical and persuasive manner.
2. be able to write convincingly,
logically, and concisely.
3. demonstrate the ability to make
effective oral presentations and arguments.
Teamwork
1. demonstrate the ability to work
as a member of a group to accomplish goals.
This major provides an all-inclusive
program which will enable the graduate to pursue entry level accounting
positions. Graduates with this major are eligible to take the examinations
for the Certified Management Accountant (CMA) and Certified Internal
Auditor (CIA) designations.
In order to take the Certified
Public Accountant (CPA) exam in Wisconsin after January 1, 2001, a
graduate must have 150 credits which include an accounting major.
Forty-seven other jurisdictions also have laws requiring 150 credits in
order to take the CPA exam.
Many employers of entry level
accountants may, in the future, require 150 credits of accounting
coursework, including an accounting major. Students should work closely
with their faculty advisers to determine the best course of study to reach
their educational and career goals.
NOTE 1: A grade of C- (C minus) or
above is required in all accounting courses. In addition, a grade of C- (C
minus) or above is required in all finance classes taken as electives in
the accounting major.
NOTE 2: Acct 312 CANNOT
be taken by accounting majors.
NOTE 3: It is recommended that
students obtain the Advanced Business Communication Certificate. See the
University Catalogue or your adviser for details.
NOTE 4: All candidates for the
baccalaureate degree must satisfactorily complete 30 or more hours of
curricular, extracurricular, or co-curricular service-learning. At least
one-half of this can be achieved through participation in the Volunteer
Income Tax Assistance program administered by the Student Accounting
Society/Beta Alpha Psi. Other opportunities exist to receive
service-learning credits through the Student Accounting Society/Beta Alpha
Psi and some accounting classes. Students may earn credit for
service-learning projects through Acct 210. See your adviser for details.
NOTE 5: Forty-eight states and
jurisdictions have adopted laws requiring 150 semester credits of
university coursework, including an accounting degree, to sit for the CPA
exam. The 150 hour law in Wisconsin was effective January 1, 2001. We
strongly encourage students to complete one of the department’s 150-hour
programs. For more information, see your adviser or the department chair.
Sixty semester credits, including the BUSCORE (32
credits); Accounting Foundation Courses (Acct 301, 302, 314, 315, 321,
450, 460); plus additional requirements as described in the following
table.
| Selected
Requirements |
Choose
two courses from:
Acct 401
Acct 413
Fin 326
Fin 327 |
| Accounting/Finance
Elective |
Minimum
three credits from:
Acct 317 Acct 415
Acct 323 Fin 322
Acct 334 Fin 421 |
| Internship
(optional) |
one
- three credits |
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150-HOUR
REQUIREMENT
Forty-eight states and
jurisdictions, including Wisconsin, have adopted legislation that will
require 150 semester hours of university credit in order to sit for the
CPA examination. Wisconsin’s 150-hour law became effective January 1,
2001. The law states that beginning with the May 2001 CPA exam, 150
credits of college or university courses which include an Accounting major
or its equivalent will be required in order to sit for the exam in
Wisconsin.
In order to prepare accounting
students to meet the requirements of current and proposed legislation, the
University offers two options: (1) the MBA Program and (2) the 150-Hour
BBA/Certificate Program.
MBA PROGRAM
Students can meet the 150-hour
requirement by completing the MBA degree. The MBA is designed to allow
accounting students to complete an undergraduate and a graduate degree in
five years. Organized in a modular format, the MBA can be started in the
last semester of the undergraduate program. Additional information about
the MBA is available in the Graduate Catalogue or from the MBA Office
(Schneider 309).
CERTIFICATE PROGRAM
Students can meet the 150-hour
requirement for the 150-hour Accounting Certificate by completing
the BBA degree plus 30 additional semester hours. This option is designed
to provide breadth of knowledge in the accounting foundation courses and
depth of knowledge in specialized areas of accounting as well as breadth
of knowledge in other business disciplines. This option provides
coursework which emphasizes communication, critical thinking, and
analytical skills. Accounting students should consult with their advisers
to determine which of the 150-hour options is best designed to help them
reach their educational and career goals.
Objectives for the 150-hour BBA/Certificate
Program
Students in the 150-hour BBA/Certificate
Program will be able to achieve the BBA and accounting major objectives.
In addition, the following objectives apply to the Certificate Program:
Functional Knowledge
1. demonstrate a more in-depth
knowledge of the principles of accounting.
2. demonstrate the ability to
integrate knowledge of the various areas of accounting to solve complex
accounting and business problems.
3. develop a broader understanding
of the functions of finance, management, marketing, and information
systems in a business.
Adaptability
1. understand how changes in the
business environment impact the various areas of accounting.
2. be able to analyze and research
problems in a business from the accounting point of view.
3. be able to analyze current
issues in accounting.
Communications Skills
1. demonstrate proficiency in oral
and written communications skills needed by a professional accountant.
2. attain the Advanced Business
Communication Certificate.
Teamwork
1. demonstrate proficiency in
working as a member of a team to solve complex problems and accomplish
goals.
NOTE 1: A grade of C- or above in
all accounting courses, and a 2.50 GPA in all accounting courses as well
as in all business and economics courses combined, is required at the
beginning or upon completion of the last term.
NOTE 2: Acct 312 CANNOT
be taken by accounting majors.
NOTE 3: Students are required to
obtain the Advanced Business Communication Certificate. See the University
Catalogue or your adviser for details.
NOTE 4: All candidates for the
baccalaureate degree must satisfactorily complete 30 or more hours of
curricular, extracurricular, or co-curricular service-learning. At least
one-half of this can be achieved through participation in the Volunteer
Income Tax Assistance program administered by the Student Accounting
Society/Beta Alpha Psi. Other opportunities exist to receive
service-learning credits through the Student Accounting Society/Beta Alpha
Psi and some accounting classes. Students may earn credit for
service-learning projects through Acct 210. See your adviser for details.
NOTE 5: Forty-eight states and
jurisdictions have adopted laws requiring 150 semester credits of
university coursework, including an accounting degree, to sit for the CPA
exam. The 150 hour law in Wisconsin was effective January 1, 2001. We
strongly encourage students to complete one of the department’s 150 hour
programs. For more information, see your adviser or the department chair.
Sixty semester credits to receive the BBA degree, plus an
additional thirty semester credits to receive the 150-hour certificate,
including the BUSCORE (32 credits) and the requirements described below.
Major
course requirements
(30 credits) to receive BBA |
Acct
301
Acct 302
Acct 314
Acct 315
Acct 321
Acct 401
Acct 413
Acct 450
Acct 460
Acct/Fin elective (three credits to be selected from Acct 317,
323, 334, 415,
Fin 322 |
| Additional
accounting/finance electives (six credits) |
Six
credits to be chosen from:
Acct 317
Acct 323
Acct 334
Acct 415
Fin 322 |
| Selected
requirements |
Acct
402
Advanced Business
Communication
Certificate (six
credits)
Mktg 337
Bsad 306
Additional Business Courses
(nine
credits - one
course must
be
selected from each of
the listed areas)
Finance: 326, 327, 421, 429
Management: 342, 349, 414,
441, 446
Info Systems: BTel 245,
MIS 310, CS 163 |
| Internship
(optional) |
one
- three credits |
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MINOR:
ACCOUNTING
(Code 720-403)
Twenty-four semester credits
including Acct 201, 202, 301, 312 or 314, 320 or 321. The remaining
credits selected from other accounting courses and/or Fin 327. The minor
has been designed to provide a general understanding of accounting and its
role in society.
NOTE 1: A 2.00 or higher GPA in
courses counting toward a minor is required.
NOTE 2: Students selecting this
minor must satisfy the College of Business admission requirements prior to
enrollment in 300/400 numbered courses in the College of Business.
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COMPREHENSIVE
MAJOR: BUSINESS FINANCE
Objectives for the Finance Major
In addition to all the BBA
objectives, Finance majors also meet the specific objectives listed below.
Students will:
Functional Knowledge
1. have an understanding of modern
working capital management.
2. have an understanding of the
issues and skills involved in evaluating long-term investments and their
financing.
3. have an understanding of the
global nature of the financial environment.
4. have an understanding of the
various components of the financial system.
5. have an understanding of the
basics of investing.
6. have an understanding of the
importance of ethics in the finance profession.
Adaptability
1. be able to analyze a firm’s
financial statements, identify its strengths and weaknesses, and develop
strategies/policies to retain strengths and/or to improve weaknesses.
2. be able to evaluate investments
and select the appropriate ones to maximize stockholders’ wealth under
various possible scenarios.
3. be able to determine the best
long-term financing alternatives given the dynamic nature of the firm,
markets, and economy.
4. be able to identify and proact
to the implications of currency and political risks associated with
international transactions and investments.
5. be able to identify the basic
characteristics of and assign a fair value to the common investment
instruments traded in financial markets.
6. be able to recognize the
significance of financial derivative assets.
7. be able to understand how a
firm can achieve its management objectives given the legal and
regulatory structure under which firms operate.
Communication Skills
1. be able to articulate their
ideas in a logical and persuasive manner.
2. be able to organize their
thoughts and express them in good writing style.
3. be able to deliver their
presentations in a professional fashion.
Teamwork
1. be able to make a positive
contribution in accomplishing the goals of their groups.
Objectives for the Finance Major in
the General Finance Emphasis
Students in the General Finance
emphasis shall achieve the BBA and Finance major objectives. The following
functional objectives also apply to students in the emphasis. Students
will:
Functional Knowledge
1. be able to demonstrate
knowledge in two additional areas in accounting. The courses that
students take will determine the two areas.
2. be able to demonstrate
knowledge in two additional areas related to finance. The elective
courses that students take will determine the two areas.
Objectives for the Finance Major in the Corporate
Finance Emphasis
Students in the Corporate Finance emphasis shall achieve
the BBA and finance major objectives. The following functional objectives
also apply to students in the emphasis. Students will:
Functional Knowledge
1. be able to demonstrate a
knowledge of the principles of cost accounting.
2. also accomplish one of the
following:
A. demonstrate a knowledge of the
issues and procedures related to personal and business taxes.
OR
B. demonstrate a knowledge of the
accounting issues involved with the long term liabilities of the firm.
3. be able to demonstrate
knowledge in two additional areas related to financial management of a
corporation. The elective courses that students take will determine the
two areas.
Objectives for the Finance Major in
the Financial Services Emphasis
Students in the Financial Services
emphasis shall achieve the BBA Finance major objectives. They will also
accomplish the functional objective related to professional sales and,
depending on the area of specialization, one of the four following
functional objectives: banking, financial planning, insurance, and
investment. Students will:
Functional Knowledge
1. demonstrate an understanding of
the skills and issues related to professional selling.
2. demonstrate a knowledge of the
issues and procedures related to personal and business taxes.
3. demonstrate a knowledge of the
accounting issues involved with the long term liabilities of the firm.
4. also accomplish one of the
following:
A. demonstrate a knowledge of the
issues involved in managing a bank. [Banking Specialization]
OR
B. understand the basics of, and
interrelationship among, the five core components of financial planning.
[Financial Planning Specialization]
OR
C. demonstrate an understanding of
the different categories of insurance and the basic issues of risk
management. [Insurance Specialization]
OR
D. have an understanding of
different security pricing models and portfolio selection procedures.
[Investment Specialization]
While the general Finance emphasis
provides general knowledge in the area, students with specific career
plans may select the more focused study provided by the Corporate Finance
(Code 800-001) or Financial Services (Code 800-004) emphases.
Sixty semester credits, including
the BUSCORE (32 credits); the Finance Foundation Courses (Fin 322, 326,
327, 421); plus additional requirements which are specific to the emphasis
selected by the student as described in the following table.
| |
Finance
(800-000) |
Corporate
Finance
(800-001) |
Financial
Services
(800-004) |
Required
Accounting
Courses |
Minimum five
credits from:
Acct 301
Acct 302
Acct 314
Acct 321
Acct 450 |
Acct 314
And one of:
Acct 301,
Acct 302,
Acct 321,
Acct 450 |
Acct
321, and Acct 301 or
Acct 450 |
Additional
Required
Finance
Courses |
|
|
Minimum
three credits
from:
Fin 371,
Fin 424,
Fin 425,
Fin 429 |
Required
Marketing
Courses |
|
|
Mktg
337 |
Finance
Elective
Courses |
Minimum
six addt’l credits from (incl. at least one finance elective
course):
Fin 325, 371, 424, 425, 426, 429;
Acct 401;
Mgmt 414;
Mktg 337;
Econ 318 |
Minimum
six addt’l credits from (incl. at least one finance elective
course):
Fin 325, 371, 424, 426;
Acct 301, 401;
Mgmt 414;
Econ 318 |
Minimum
addt’l
three credits from:
Fin 371, 424, 425, 426, 429;
Acct 301, 401;
Econ 318 |
Addt’l
Credits 300 level or above
to Complete
60 Credits |
Four
credits |
Four credits |
One credit |
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MINOR:
BUSINESS FINANCE (Code 800-401)
Twenty-seven semester credits,
including Acct 201, 202; Econ 103, 104; Fin 320; Math 245; MIS 240; and
six credits from Fin 322, 325, 326, 327, 371, 420, 421, 424, 425, 426.
Note: Students selecting this minor
must satisfy the College of Business admission requirements prior to
enrollment in 300/400 numbered courses in the College of Business.
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Departmental
Honors Program in Accounting and Finance
Objectives:
1. To provide outstanding students in accounting and
finance with opportunities for academic enrichment and challenge beyond
usual course coverage and requirements.
2. To encourage more faculty-student scholarly
interaction, including research collaboration.
3. To encourage and allow outstanding students to
pursue projects that require an understanding of relationships between
different areas of accounting and finance.
Eligibility:
Upper-class accounting and finance majors with
resident, overall, and major GPAs of 3.50 or higher. Completion of Acct
201 and 202. Completion of Acct 301 for accounting majors. Completion of
Fin 320 for finance majors.
Procedure:
Applicants must prepare a proposal listing courses to
be taken for honors credit. The Departmental Honors Committee (a
subcommittee of the Departmental Curriculum Committee) will approve
candidates for admission to the Departmental Honors Program and certify
fulfillment of the requirements for graduation with Departmental Honors.
The committee will be provided copies of all written reports and
evaluations related to the student’s fulfillment of the departmental
honors requirements.
Requirements:
1. Completion of a major in accounting and/or
finance. Nine credits of regular accounting and/or finance courses taken
for honors credit.
2. To obtain honors credit, students must demonstrate
additional scholarship through special research, projects, or
assignments. Through such additional honors work, students should be
encouraged to focus on relationships between different areas of
accounting and finance. Accounting classes taken for honors credit must
be numbered above Accounting 301. Finance classes taken for honors
credit must be numbered above Finance 320. One course must be elective
for the major.
3. Completion of the department’s senior honors
seminar. (This is a new one-credit course, "Senior Honors Seminar,"
Acct/Fin 490.) Through this seminar each student will complete a final
honors project. That project will ordinarily result in a written report
and an oral presentation to the seminar group and other interested
faculty and students. Students will be encouraged to pursue projects
that require an understanding of relationships between different areas
of accounting and finance.
4. At graduation, the student must have resident, overall, and major
GPAs of 3.50 or higher.
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CREDIT
BY EXAMINATION
Credit may also be obtained for courses offered by the
Department of Accounting and Finance by successfully passing a
comprehensive examination with a grade of C or above.
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SATISFACTORY/UNSATISFACTORY
OPTION
Courses may
not be taken under the Satisfactory/Unsatisfactory option except as noted
under Special Curricular Options in the
College of Business section of this Catalogue.
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