Program Highlights

A Bachelor of Science in Accounting prepares students for careers in public accounting, private industry, and government. In keeping with the work of the Accounting Education Change Commission, the program places emphasis on accounting theory and practice as well as the fundamental skills of problem solving, communicating, and critical thinking necessary for long-term success in the field of accounting.

What can I do with a degree in Accounting?

With this degree, students usually pursue work in the following areas:

  • Professional services: public accounting, firms at the international, national, regional, and local levels providing auditing, consulting, and tax planning services
  • Industry: companies in every sector from consumer products, to technology, banking, and health care
  • Government: local, state, and federal agencies including the General Accounting Office, the Securities and Exchange Commission, the Internal Revenue Service, and the Federal Bureau of Investigation
  • Education: school districts, universities, and colleges

Coursework for this degree prepare students for employment in any of these areas. Other upper division business courses will be recommended by your advisor based on your career interests.

What will I study?

Accountants develop and interpret financial data required for decision-making by managers, investors, regulators, and other stakeholders. To perform their functions, accountants must work with both numerical information and concepts, and they must be able to function effectively as individuals and in teams.

Interesting classes I might take include:

  • Business Creation
  • Business Law
  • Principles of Microeconomics
  • Business Strategy
  • Intro to Financial Management

Graduation Requirements

In addition to the business core requirements, accounting majors must complete 30 hours of accounting courses, which may include AC 251, 252, 303, 331, 332, 411, 413, 422, 425, 460, 471, or IN330 (Volunteer Income Tax Assistance).

Students who have taken Intermediate Accounting I and II (the equivalent of AC301 and AC302) at a community college and have earned a B in each course, may petition the Accounting Coordinator to allow these courses to satisfy the Tabor School's Accounting major requirements.

Certified Public Accountant Certification

Accounting students are strongly encouraged to pursue the designation of Certified Public Accountant (CPA). Students wishing to pursue the CPA certification in the state of Illinois must complete 150 semester hours of college credit prior to sitting for the certification exam. To meet this requirement, students will have a range of options available to them.  Tabor School of Business also offers a CPA Review course that will prepare students to sit for the CPA exam.

These options may include:

  • Completing the Fifth Year Program, resulting in a bachelor's degree and an MBA in five years
  • Completing a second major, such as Information Systems or Finance
  • Taking two minors, such as one in Communications and one in IT
  • Pursuing a graduate degree following graduation from Millikin

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Plan of Study

Departmental Course Offerings

Courses change each semester, so this list should not be considered a commitment to these individual topics. However, this does represent a list of many of our current and popular courses. The list is provided so that you can begin to imagine your academic career at Millikin in this major.

AC210. Principles of Accounting This course is designed to provide students with the ability to understand how financial transactions are systematically captured and reported in financial statements. In addition, students will understand how to use information obtained from the financial statements to improve operational efficiency and profitability. Cannot be used for credit for any major in the Tabor School. (3 credits)
AC230. Introduction to Financial Statements Focuses on the needs of stakeholders external to the organization. This course serves as an introduction to the language of business and to the importance of accounting information in business decision-making. It is designed to serve both business and non-business majors. (3 credits)
AC240. Principles of Managerial Accounting Management accounting that focuses on decision-making concepts applicable to both service and manufacturing companies. The course introduces topics such as operating leverage, cost-volume-profit analysis, relevance, and cost allocation as well as manufacturing cost flow, job-order and process costing. Pre-requisite: AC230 or equivalent. (3 credits)
AC251. Intermediate Accounting I In-depth study of underlying assumptions and principles used in preparation of the balance sheet, income statement, and retained earnings. Includes a study of revenue recognition and profitability analysis, time value of money concepts, cash and receivables. Pre-requisite: AC230. (3 credits)
AC252. Intermediate Accounting II Accounting for inventory measurement, property plant and equipment, depreciation/amortization/depletion/impairments, investments, current liabilities and contingencies, bonds, and long-term notes payable. Pre-requisite: AC251. (3 credits)
AC301. Intermediate Accounting I In-depth study underlying assumptions and principles used in preparation of the balance sheet, income statement, and retained earnings. Includes a study of receivables/payables, plant and equipment, and depreciation/amortization/depletion/impairments. Pre-requisite: AC240. (4 credits) *This course will not be offered after fall 2017 and is being replaced by AC251.*
AC302. Intermediate Accounting II Accounting for corporate owner's equity including EPS, long-term liabilities, long-term investments, leases, bonds, pensions, deferred income taxes, and accounting for changes and errors. Includes a study of the statement of cash flows. Pre-requisite: AC301. (4 credits) *This course will not be offered after spring 2017 and is being replaced by AC252.*
AC303. Intermediate Accounting III Accounting for leases, income taxes, pensions and postretirement benefits, shareholders’ equity, share-based compensation, earnings per share, accounting changes, corrections of errors and a further study of the statement of cash flows. Pre-requisite: AC252. (3 credits)
AC331. Individual Income Taxation A basic understanding of the Internal Revenue Code Provisions that affect individuals, how these code provisions are implemented through the Federal Income Tax Regulations, and some of the reasons behind tax laws. Pre-requisite: AC240 or consent of instructor. (3 credits)
AC332. Entity Taxation Tax research methods and survey of federal income tax law and procedures primarily as they pertain to partnerships, corporations, and trusts and estates. Topics include, but are not limited to, research methods, problems between partners and partnerships, corporate operating rules, complete and partial liquidations, earnings accumulations, trust and estate operations and taxation. Pre-requisite: AC331 or consent of instructor. (3 credits)
AC411. Advanced Management Accounting Understanding and using the behavior of costs to provide information for decision-making. Product costing for internal reporting vs. external reporting. Job, process and standard cost systems. Responsibility accounting, performance evaluation and variance analysis. Pre-requisite: AC240. (3 credits)
AC413. Advanced Financial Accounting Theory, principles and practices relating to more intricate phases of accounting. Study includes partnerships, business combinations and consolidations, foreign exchanges and accounting for governmental units and nonprofit organizations. Pre-requisite: AC302. (3 credits)
AC422. Auditing Principles An introduction to auditing and assurance engagement standards of performance and reporting by external, internal, and governmental auditors. Topics covered include the assessment of risk; collection, evaluation, and documentation of evidence; and issues of independence. The course stresses the need for ethical conduct. Pre-requisite: Senior standing and AC302. (3 credits)
AC425. Not-for-Profit Accounting This course is a combination of two modules, a two credit module in not-for-profit accounting and a one
credit module in government accounting. This course is designed to accommodate both the accounting
major and non-major. For the accounting major, both modules are a required part of the curriculum. For
the non-major, the government accounting module is optional. Not-for-profit Accounting will prepare the student to understand and evaluate not-for-profit organizations
through  the  preparation  and  analysis  of  financial  statements  and  information  returns  as  well  as
understanding the basic formations of, and designation for not-for profit status. Government accounting
will  prepare  the  student  to  understand  the  preparation  and  analysis  of  the  two  types  of  government financial statements, basic government funds and the underlying accounting transactions. Pre-requisite: AC210 or AC230. (2-3 credits)
AC471, 472. Accounting Internship

A cooperative course between the University and selected business establishments to develop further the professional training of accounting majors. Combination of work experience and written reports. Pre-requisite: consent of accounting coordinator. (1-3 credits)

 

Accounting Major Sheet Fall 2016