Department of Accounting and Finance

http://www.ncat.edu/cobe/departments/acct/index.html

Kevin James, Chairperson

MISSION

The mission of the Department of Accounting and Finance is to produce leaders who increase the competitiveness of their organizations through effective analysis and communication of financial information. We will achieve this mission through innovative instruction and relevant practical scholarship in a diverse and inclusive, student-focused environment.

ACCREDITATION

The undergraduate accounting program is accredited by the AACSB International – The Association to Advance Collegiate Schools of Business.

DEGREE OFFERED

Accounting – Bachelor of Science (Curriculum Guide)
Finance – Bachelor of Science (Curriculum Guide)

GENERAL PROGRAM REQUIREMENTS

All students completing bachelor’s in accounting degree program in the Department of Accounting and Finance must complete a minimum of 120 semester hours consistent with the accounting curriculum guide. All students completing the bachelor’s in finance degree program must complete a minimum of 123 semester hours consistent with the finance curriculum guide. Accounting and Finance majors must earn a minimum grade of “C” in ENGL 100, ENGL 101, MATH 111, MATH 112, ACCT 221, ACCT 222, BUED 260 (formerly BUED 360), ECON 200, ECON 201, ECON 205 (formerly ECON 305), FIN 253, MGMT 110 (formerly MGMT 220), MGMT 132, MGMT 201, MGMT 303, MGMT 315 (formerly MGMT 481), MKTG 230 (formerly MKTG 430) and MGMT 495 (formerly MGMT 520). Accounting majors must also earn a minimum grade of “C” in BUED 110 (formerly BUED 210).

DEPARTMENTAL REQUIREMENTS

Majors in the department must earn a minimum grade of “C” in the 10 courses (30 hours) listed as major program requirements for their chosen major in the applicable University Bulletin. In addition, students must earn a minimum grade of “C” in all major program elective requirements.

CAREER OPPORTUNITIES

Students majoring in Accounting are prepared for careers in international and regional public accounting  and industrial firms, government agencies and not-for-profit organizations, and are provided with an appropriate background for graduate study. Students majoring in Finance are prepared for a broad range of Finance related careers including corporate finance, investments, commercial banking, insurance, and financial planning.

COURSE DESCRIPTIONS IN ACCOUNTING

ACCT 201. Accounting Colloquium I (formerly ACCT 301) Credit (1-1)
This course introduces accounting majors to the accounting profession and to the resources needed to prepare for an accounting career. Topics covered include exposure to varied career opportunities in the accounting profession; preparation for the professional examinations; development of presentation and analytical skills; and identification/discussion of current and emerging issues in the profession. Additionally, learning assurance assessment activities will be conducted as needed. Prerequisites: Sophomore standing and Accounting major. (F;S)

ACCT 202. Accounting Colloquium II (formerly ACCT 302) Credit 1(1-1)
Accounting Colloquium II is a continuation of ACCT 201. Prerequisite: Successful completion of ACCT 301 or permission of Chairperson, Sophomore standing, and Accounting major. (F;S)

ACCT 210. Fundamentals of Accounting for Decision Making (formerly ACCT 203) Credit 3(3-0)
The course defines and identifies accounting information as approached from the perspective of an end-user. Course coverage includes financial accounting and managerial accounting concepts. The financial accounting concepts include the meaning of the basic accounting equation, accounting for merchandising business, and financial statement analysis. The managerial accounting topics include cost behavior, cost-volume profit, budgeting, and cost tracking and analysis. Majors in the School of Business and Economics cannot substitute this course as an accounting or elective requirement. Prerequisite: Sophomore standing. (F;S;SS)

ACCT 221. Principles of Accounting I Credit 3(3-1)
This course is the entry level accounting course. It covers the accounting cycle including classification, recording, and summarization of general business transactions and the preparation and use of financial statements. Special accounting procedures for current assets, long-term assets, current liabilities, and partnerships are covered. Prerequisites: C or above in MGMT 110 (formerly MGMT 220) and Sophomore standing. (F;S;SS)

ACCT 222. Principles of Accounting II Credit 3(3-1)
This course is a continuation of Principles of Accounting I. The first part of the course covers financial accounting topics including long-term liabilities, stockholders’ equity, investments, statement of cash flows, and financial statement analysis. The remainder of the course covers basic managerial accounting concepts such as job order and process costing, cost allocation, cost-volume profit analysis, and budgeting. Prerequisite: C or above in ACCT 221. (F;S;SS)

ACCT 326. Managerial Accounting (formerly ACCT 446) Credit 3(3-0)
This course covers fundamental managerial accounting concepts and techniques for planning and controlling organizational resources, and short-term decision-making. Topics include product costing, activity-based costing, budgeting, cost-volume profit analysis, decision analysis, responsibility accounting, and ethics in the management accounting environment. Prerequisite: C or above in ACCT 222. (F;S;SS)

ACCT 331. Intermediate Accounting I (formerly ACCT 441) Credit 3(3-1)
This course is an intensive study of financial accounting. The theories and concepts that define the content of the income statement, statement of retained earnings, and the balance sheet are studied in detail. Emphasis is placed on the theory and practice related to the accounting for asset accounts. Topics covered include cash and cash equivalents, receivables, fixed assets, and intangibles. Prerequisites: C or above in ACCT 221 and ACCT 222, Junior standing, Accounting and Finance majors only. (F;S;SS)

ACCT 332. Intermediate Accounting II (formerly ACCT 332) Credit 3(3-1)
This course is a continuation of ACCT 441. It emphasizes theories and practices related to the accounting for liabilities, stockholders’ equity and corporations, dilutive securities, earnings per share, revenue recognition, taxes, pensions, leases, accounting changes, and the statement of cash flows. Attention is also given to accounting for investments and derivatives. Prerequisite: C or above in ACCT 331, Accounting and Finance majors only. (F;S;SS)

ACCT 334. Cost Accounting (formerly ACCT 444) Credit 3(3-1)
This course is a study  of the principles and methodology of product and inventory cost determination and the effect on income measurement for manufacturing concerns, including job order and process costing under historical and standard cost systems. The course emphasizes strategic cost management and decision-making in a contemporary business environment. Coverage is also given to activity-based costing, cost-volume profit analysis, target costing, pricing decisions, planning, budgeting, variance analysis, and modern decision tools. Prerequisites: C or above in ACCT 222, Junior standing, and Accounting majors only. (F;S)

ACCT 345. Contemporary Cost Accounting Topics (formerly ACCT 563) Credit 3(3-0)
The course covers contemporary issues/problems in cost and managerial accounting in the context of the modern business environment. Emphasis is given to cost information systems, analytical models, global aspects in management accounting, decision models, nontraditional accounting systems and other specialized cost topics. Case methodology and computer analysis are utilized. Prerequisites: Minimum Grade of “C” in ACCT 344. (S)

ACCT 362. Accounting Systems (formerly ACCT 562) Credit 3(3-1)
This course is an introduction to accounting systems analysis and design, with particular emphasis on internal controls. It explores the appropriate ethical considerations in the development and reporting of accounting information. The course places an emphasis on financial information needs and computer auditing techniques. Prerequisite: C or above in ACCT 331, and Accounting majors only. (F;S)

ACCT 443. Income Tax Accounting Credit 3(3-1)
This course is a study of federal income tax laws for individuals. While the course focuses on a determination of tax liability and computation of taxable income, the tax structure, tax administration, property transactions and accounting periods and methods are also covered. Students are introduced to tax software for individuals. Prerequisite: C or above in ACCT 222 and Junior standing, and Accounting majors only. (F;S)

ACCT 455. Advanced Accounting (formerly ACCT 545) Credit 3(3-1)
This course emphasizes special topics and complex issues that include partnerships, business combinations, multinational businesses, and other selective advanced accounting topics. Prerequisite: C or above in ACCT 332, and Accounting majors only. (F;S)

ACCT 461. Auditing Principles (formerly ACCT 561) Credit 3(3-1)
This course focuses on the conceptual / practical aspects of the examination of historical financial statements by independent accountants within the framework of generally accepted accounting principles and generally accepted auditing standards. Detailed coverage is given to audit reporting, audit evidence, internal control, fraud auditing, and the numerous activities taking place during the various phases of the audit engagement. Professional ethics and auditor legal liability are addressed. In addition to audits of historical financial statements, the course addresses other assurance services commonly provided by public accounting firms. Prerequisite: C or above in ACCT 332, and Accounting majors only. (F;S)

ACCT 463. Commercial Law Credit 3(3-0)
In this course, the critical provisions of the Uniform Commercial Code will be examined in detail. Other topics will include anti-trust, security law, suretyship, professional liability, bulk transfers, and labor law. Prerequisites: MGMT 303 (formerly MGMT 361), Senior standing, and Accounting majors only. (S)

ACCT 485. Selected Topics in Accounting (formerly ACCT 445) Credit 3(3-1)
Topics covered give additional consideration to selected accounting problems. Current accounting issues/problems and approaches to their resolution are examined. Governmental and not-for-profit topics are also considered. Prerequisites: Successful completion of ACCT 222 and junior standing. (F)

ACCT 490. Seminar in Accounting Theory (formerly ACCT 590) Credit 3(3-1)
This course focuses on the fundamental accounting concepts, principles, and procedures that make up the theoretical underpinning of financial accounting. In addition, emphasis is placed on knowledge needed for the CPA exam. Topics reviewed include structure of financial statements, depreciation methods, inventory valuation, revenue recognition, fair value accounting, liabilities, pensions, leases, and taxes. This course is NOT recommended for audit. Prerequisites: C or above in  ACCT 332, senior standing, and permission of instructor, Accounting majors only. (F;S)

ACCT 491. Fundamentals of Governmental & Not-for-Profit Accounting Credit 3(3-1)
This course presents basic concepts of accounting for governmental and nonprofit entities. Financial reporting, budgeting, funds sources and uses, and the environment in which these entities operate are also explored. Differences in reporting by governmental entities and nonprofit organizations, based on compliance with different standard-setting bodies, are covered. Accounting for local and state governments, nonprofit organizations, colleges and universities, as well as health care organizations is included in this course. Prerequisites: C or above in ACCT 222, Senior standing, and Accounting majors only. (F;S)

ACCT 643. Advanced Income Tax Accounting Credit 3(3-1)
This course is a study of federal income tax laws related to partnerships, corporations, and fiduciaries. A study of property transactions is continued. Students are introduced to tax case research and the tax software for businesses. It is recommended that this course be taken for credit only and not for audit purposes. Prerequisite: C or above in ACCT 443, Accounting majors only. (F:S)

COURSE DESCRIPTIONS IN FINANCE

FIN 253. Business Finance (formerly FIN 453) Credit 3(3-0)
This course is an introduction to the financial problems of business organizations, the finance function and its relationship to other decision-making areas in the firm, the concepts and techniques for planning and managing the acquisition and allocation of financial resources from the standpoint of internal management. Prerequisites: A minimum grade of C in ACCT 221 and sophomore standing. (F;S;SS)

FIN 350. Financial Analysis (formerly FIN 550) Credit 3(3-0)
The course focuses on short-term financial analysis processes and techniques for managing current assets and liabilities. It emphasizes both practical and theoretical approaches for making optional decisions and includes consideration of appropriate policies and procedures to ensure continuity in decision-making. Prerequisite: A minimum grade of C in FIN 253. (F;S;SS)

FIN 351. Financial Management (formerly FIN 551) Credit 3(3-0)
This course concentrates on decisions involving long-term financial commitments and survival of the firm, including capital budgeting policies and procedures, capital structure, long-term financing and cost of capital. Practical approaches and theoretical models are used to examine domestic and multinational finance. Prerequisite: A minimum grade of C in FIN 253. (F;S)

FIN 355. Investments (formerly FIN 455) Credit 3(3-0)
This course analyzes the various types of corporate and public securities and examines the operation of securities markets. Prerequisite: A minimum grade of C in FIN 253. (F;S)

FIN 365. Real Estate (formerly FIN 465) Credit 3(3-0)
This course is a comprehensive introduction to real estate theory and practice. It is designed to enable the student to understand realty terminology and procedures. Topics include realty law, leases, types of realty ownership, income tax law, sales contracts, mortgages, estimating property value, negotiating, financing realty, closing procedures, closing costs, and deeds. This course provides background preparation for the real estate salesman’s pre-licensing exam. Prerequisite: Junior standing. (F;S)

FIN 366. Real Estate Finance (formerly FIN 466)
This course is an overview of real property with an emphasis on decision-making. Topics include present value calculations, underwriting residential and income property loans, mortgage law, kinds of mortgages, mortgage markets, and types of lenders. Prerequisite: A minimum grade of C in FIN 365, FIN 253 (formerly 453), or instructor consent. (S)

FIN 452. Commercial Bank Management (formerly FIN 552) Credit 3(3-0)
This course analyzes the operations of commercial banks, specifically, and other major financial institutions, generally. Emphasis is placed on management decision-making processes. Through case analysis and problems, the student is introduced to cash, loan, deposit, investment, and management problems faced daily by managers of financial institutions. Prerequisites: A minimum grade of C in FIN 253 and ECON 315 (formerly ECON 415). (S)

FIN 454. International Business Finance (formerly FIN 553) Credit 3(3-0)
This course provides a survey of fundamental issues in managing the financial operations of an international business unit. Topics include working capital management, capital budgeting, financial markets and instruments, and capital structure decisions. These issues are discussed within a framework that examines enhanced risks associated with currency fluctuations, political and regulatory differences, economics structure variations, and cultural differences. Prerequisite: A minimum grade of C in FIN 253. (F)

FIN 456. Financial Markets (formerly FIN 556) Credit 3(3-0)
This course stresses the allocation, accumulation, and liquidity adjustment functions of financial markets. Financial tools, such as flow and funds data, portfolio theory, theories of financial structure of interest rates, and security pricing (valuation) techniques, are integrated into the course. Prerequisites: A minimum grade of C in FIN 253 and ECON 415. (S)

FIN 457. Cases in Business Finance (formerly FIN 557) Credit 3(3-0)
This is a senior level course designed for, but not restricted to, students who have strong career interests in corporate financial management. The course utilizes cases and readings oriented toward short-term financial management problems. The student is continuously placed in the position of the decision-maker who must support his judgments by identifying each problem succinctly, marshaling appropriate data, analyzing the data, and ultimately arguing for one of the alternatives. Prerequisites: A minimum grade of C in FIN 350 or FIN 351 and Senior standing. (DEMAND)

FIN 458. Securities Analysis and Management (formerly FIN 555) Credit 3(3-0)
This course extends the security analysis and portfolio management discussion introduced in the basic investments course, FIN 455. This course of study should be especially valuable for students preparing for careers which involve (1) using or producing securities analyses and/or (2) managing securities portfolios, within financial institutions and treasury functions. Prerequisite: A minimum grade of C in FIN 355 (formerly FIN 455). (S)

FIN 464. Risk and Insurance Credit 3(3-0)
This course is an introduction to risk management with emphasis on varied applications of insurance as a technique for treating uncertainty. Prerequisite: A minimum grade of C in FIN 253 and Junior standing. (F)

FIN 469. Principles of Financial Planning Credit 3(3-0)
This course provides in-depth analysis of the financial planning process and the development of a comprehensive personal financial plan. The course takes an economic- and psychology-based approach to analyzing personal finance decision making. Topics include client interactions, consumption smoothing, asset allocation and investment planning, financial plan integration as well as the financial planning profession and ethical standards. Prerequisite: FIN 453. (S)

DIRECTORY OF FACULTY

Anthony Amoruso
Assistant Professor
B.S., Frostburg State University; M.Acc., West Virginia University; Ph.D., University of Georgia

Ronald Campbell
Assistant Professor
B.A., Oakwood College; M.B.A., Ohio State University; Ph.D., Texas A & M University; CPA

William D. Cooper
Professor
B.B.A., M.B.A., Georgia State University; Ph.D., University of Arkansas

Gwendolyn Highsmith-Quick
Associate Professor
B.S., North Carolina A&T State University; M.B.A., University of Wisconsin – Madison; Ph.D., University of Houston; CPA

Kevin James
Associate Professor and Chairperson
B.B.A., Middle Tennessee State University; M.B.A., Middle Tennessee State University; Ph.D., University of Tennessee; CPA

Charles Malone
Associate Professor
A.B., Boston University College of Liberal Arts; J.D., Boston University School of Law; M.B.A., Columbia University Graduate School of Business; Ph.D., University of Missouri – Columbia; CPA

Gwendolyn McFadden-Wade
Associate Professor
B.S., South Carolina State College; M. Acc., University of South Carolina; J. D., Stetson University College of Law; LL. M., University of Florida College of Law; CPA

Collins Okafor
Assistant Professor
B.S., Stetson University; M.B.A., M.Sc, Texas A&M International University; MPacc, Ph.D., Texas A&M University

Lisa Owens-Jackson
Associate Professor and Associate Dean
B.S., North Carolina A&T State University; M.A., The Ohio State University; Ph.D., Oklahoma State University; CPA

Brandis Phillips
Associate Professor
B.A., Michigan State University; M.B.A., University of Iowa; Ph.D., Michigan State University; CPA

Joseph Reid
Assistant Professor
B.S., Winston-Salem State University; M.S., Wake Forest University; Ph.D., The University of Memphis; CPA

Jerry Thorne
Associate Professor
B.S., North Carolina A&T State University; M.B.A., University of Wisconsin – Madison; Ph.D., Texas A&M University; CPA

Danielle Winchester
Associate Professor
B.S., M.B.A., University of North Carolina at Greensboro; Ph.D., Texas Tech University