Accounting
2005 - 2006 College of the Ozarks Catalog

Bachelor of Arts, Bachelor of Science

The objectives of the accounting major are to: 1) prepare students for placement in the job market by acquiring basic accounting skills; 2) prepare students to pass the professional accounting exams for Certified Public Accountant (CPA), Certified Management Accountant (CMA) and Certified Internal Auditor (CIA); and 3) prepare students for graduate school.

Applicants who apply for the Uniform Certified Public Accountants (CPA) Examination in Missouri must have at least one hundred fifty (150) semester hours of college education including a baccalaureate or higher degree conferred by an accredited college or university recognized by the Missouri State Board of Accountancy, with a major in accounting or the equivalent of a concentration in accounting. A resident of a state other than Missouri needs to contact their state’s accountancy board concerning that state’s requirements to sit for the CPA exam. This may be a 5 year program if you plan to sit for the CPA exam.

Majors and minors are expected to participate in assessments administered by the Accounting Department.

Major in Accounting

Required major courses: 27 hours  
ACT 203 Elementary Accounting I (F/S) 3
ACT 213 Elementary Accounting II (F/S) 3
ACT 303 Cost Accounting (S) 3
ACT 313 Intermediate Accounting I (F) 3
ACT 323 Intermediate Accounting II (S) 3
ACT 343 Tax Accounting I (S) 3
ACT 423 Advanced Accounting WI (F) 3
A MINIMUM OF TWO OF THE FOLLOWING 6
   ACT 333 Governmental and Not-For-Profit Accounting (F)  
   ACT 403 Tax Accounting II (F)  
   ACT 413 Auditing (S)  
   ACT 49V Special Problems (1-3)  
+CPA candidates in Missouri must have at least 27 semester hours in Accounting in addition to Elementary Accounting I & II

Required collateral courses: 21 hours
BUS 213 Principles of Management (F/S) 3
BUS 313 Business Law I (F/S) 3
BUS 413 Corporate Finance (F/S) 3
MKT 223 Marketing (F/S) 3
THREE COURSES FROM THE FOLLOWING AREAS
(all 9 hours may be in one area)
9

Business Administration

Economics

Business Education

Free Enterprise

Marketing

 

Accounting majors may not declare a Business Administration major or minor, since they have its equivalent as part of their major.

General Education course options specified by the major:
ECN 203 Principles of Economics I (F/S) 3
MAT 123 Math Inquiry (F/S) or MAT 133 College Algebra (F/S) 3

Minor in Accounting

Required minor courses: 21 hours
ACT 203 Elementary Accounting I (F/S) 3
ACT 213 Elementary Accounting II (F/S) 3
Three additional ACT courses (300-400 level) 9
TWO OF THE FOLLOWING 6
   BUS 213 Principles of Management (F/S)  
   BUS 313 Business Law I (F/S)  
   BUS 413 Corporate Finance (F/S)  
   MKT 223 Marketing (F/S)  
Accounting minors may not declare a Business Administration major or minor.

COURSES IN ACCOUNTING (ACT)

203 Elementary Accounting I The fundamental concepts and principles that underlie accounting information are described. Shows how accounting data are accumulated, and initiates the student into the effective use of such data. (F/S)

213 Elementary Accounting II—Prerequisite: ACT 203. The proper recording procedures and characteristics of current and long-term liabilities are illustrated. Apply the principles learned in the first course to partnerships and corporations, and consider the elements involved in preparing a cash flow statement, financial statement analysis, managerial accounting and planning and controlling business operations. (F/S)

Prerequisite for all 300-400 level courses: 45 hours or permission. A grade of C- or above in the 200 level prerequisite course.

303 Cost Accounting—Prerequisite: ACT 213. The role of the accountant in the organization, cost behavior and volume-profit relationships, characteristics of responsibility accounting, standard costs and flexible budgets, cost structures for control and motivation and relevant costs of non-routine decisions. (S)

313 Intermediate Accounting I—Prerequisite: ACT 213. A focus on financial accounting, which provides financial information primarily for decision makers outside the organization. Apply accounting theory, standards, principles and procedures to accounting problems. Study assets in more depth. (F)

323 Intermediate Accounting II—Prerequisite: ACT 313. The characteristics and general journal entries of corporations are discussed, recording procedures for long-term investments in equity securities and bonds as well as the long-term liability bonds payable, procedures followed when changing accounting methods, correcting errors, making interim reports, analyzing financial statements, proper reporting for pension costs and leases. Methods used to prepare a cash flow statement. (S)

333 Governmental and Not-For-Profit Accounting—Prerequisite: ACT 203. A study of accounting principles, standards, procedures and financial statements that apply to state and local governments, and not for profit organizations. (F)

343 Tax Accounting I—Prerequisite: ACT 203. A study of federal income taxation for individuals. (S)

403 Tax Accounting II—Prerequisite: ACT 343. A study of federal income taxation for partnerships, corporations, sub-s corporations, and estate and gift taxes. (F)

413 Auditing—Prerequisite: ACT 303, or concurrent enrollment, and ACT 323, or concurrent enrollment. The purpose is to emphasize concepts which enable the student to understand the philosophy and environment of auditing. An audit case will be assigned. (S)

423 Advanced Accounting—Prerequisite: 323. Emphasis on business combinations and the related consolidated financial statements. An expanded look at partnerships, segment reporting and foreign currency translation. Writing Intensive. (F)

483 Internship—Prerequisite: accounting major, completion of 60 hours, 3.0 GPA in major and overall, and permission. This course provides an opportunity to gain practical knowledge in the field of accounting.

49V (1-3) Special Problems—Prerequisite: permission. Individual work to permit the students to explore or research a problem of special interest.

 

2005 - 2006 College of the Ozarks Catalog