Accounting

Chair: Joan K. Myers
Associate Professor(s): Mary K. Collins
Professor(s) of Practice: Kenneth Ernst
Visiting Assistant Professor(s): Mary L. Cooper, Mitchell Franklin


Accounting, as the primary financial information system in all organizations, is often described as the language of business. Accounting professionals are expected to be proficient in accounting, to possess a well-rounded business background and to have excellent oral and written communications skills. The Department of Accounting seeks to prepare graduates with the skills necessary to meet these expectations. Accounting education at Le Moyne College provides a strong foundation in the liberal arts, a body of knowledge in general business and an extensive preparation in accounting. Students completing the program find opportunities in public accounting, the private sector, the financial sector, not-for-profit organizations and the government.

The Department of Accounting offers two degree programs:

  1. A four-year undergraduate program leading to the degree of B.S. in business with a major in accounting. Graduates of this program are prepared to assume positions in the private sector, not-for-profit organizations and the government.
  2. A 150-hour program leads to the degree of B.S. in professional accountancy and an M.B.A., with both degrees being conferred at the end of the fifth year. In the event that a student begins the 150-hour program and does not complete it, that student can receive the B.S. in business with a major in accounting, by completing the requirements of the four-year undergraduate program. Candidates must have completed the requirements of the 150-hour program for admission to the C.P.A. examination. The 150-hour accounting program is registered with the New York State Department of Education and meets the educational requirements for admission to the C.P.A. examination and, in general, to corresponding examinations in other states.

Accounting major/information systems concentration

Students majoring in accounting may pursue a concentration in information systems. Information systems courses tailored for this concentration enhance the students’ knowledge of their primary accounting discipline, and integrate the use of information systems and technology with accounting. Accounting students pursuing a concentration in information systems are required to enroll in the following courses:

ACT 350/MIS 350, MIS 375 or MIS 480 and MIS 455.

Four-Year Undergraduate Program

The four-year undergraduate program will lead to a Bachelor of Science in business with a major in accounting. This program also has been structured to qualify students for graduate study or to provide them with the comprehensive outlook that will prepare them for entry into the business world.

Core RequirementsHours
COR 100 First Year Seminar3
WRT 101 Critical Writing3
PHL 110 Introduction to Philosophy3
HST 110 - HST 111 World Civilization6
ENG 210 Major Authors3
PHL 210 Moral Philosophy3
Theology3
EAC Encountering Another Culture/Language6
ENG 310 Literature and Culture3
Mathematics*3
Social Science*3
Natural Science*3
IDS Interdisciplinary Studies*3
Religion3
COR 400 Transformations3
Visual & Performing Arts*1
Diversity*0

* NOTE: Some Core requirements may be fulfilled by major requirements. See core section for more information. Because there have been substantial changes to the core curriculum, the above requirements may not apply to all students; for students who entered Le Moyne College prior to Fall 2013, be sure to consult with your advisor for appropriate course selection(s).

Accounting Major

Major RequirementsHours
ACT 301 Intermediate Accounting I 4
ACT 302 Intermediate Accounting II 4
ACT 303 Cost Accounting 3
ACT 310 Federal Income Tax for Individuals 3
ACT 401 Advanced Accounting 3
ACT 405 Auditing 3
ECO 228 Economics of Financial Markets 3
One of the following: 3
MTH 120 Mathematics for Business Majors3
MTH 122 Brief Calculus3
MTH 123 Mathematics for Act Majors3
MTH 145 Calculus I4
MTH 146 Calculus II4
ElectivesHours
BUS/ACT Elective 3
Liberal Arts Electives 9
Management Core RequirementsHours
STA 201 Statistics I 3
STA 202 Statistics II 3
ACT 201 Introductory Accounting I 3
ACT 202 Introductory Accounting II 3
LAW 200 Legal Environment of Business 3
MIS 201 Intro Mgmt Info Systems 3
MKT 301 Principles of Marketing 3
ANL 301 Business Analytics 3
FIN 301 Managerial Finance 3
MGT 301 Intro to Organization & Mgmt 3
BUS 470 Business Policy 3
ECO 113 Principles of Microeconomics 3
ECO 114 Principles of Macroeconomics or fulfilled by cultural requirement (core EAC)3
Cultural Requirement 3

* Note: Accounting/business electives may not be taken pass/fail.

Typical Program for Accounting Major

First SemesterHoursSecond SemesterHours
Freshman Year
WRT 1013 ECO 1143
HST 1103 PHL 1103
COR 1003 HST 1113
ECO 1133 BUS 150 (EAC)3
MTH 120/122/123/145/1463 Liberal Arts Elective3
Sophomore Year
ACT 2013 ACT 2023
STA 2013 STA 2023
Liberal Arts Elective3 PHL 2103
ENG 2103 MIS 2013
Theology3 Natural Science3
VPA1
Junior Year
ACT 3014 ACT 3024
ACT 3033 ACT 3103
FIN 3013 LAW 2003
ENG 3103 ECO 2283
IDS3 EAC 23
Senior Year
MGT 3013 BUS 4703
ANL 3013 MKT 3013
ACT 4013 ACT 4053
Religion3 BUS/ACT Elective3
Liberal Arts Elective3 COR 400A3

Note: Electives must be chosen so that accounting and business courses total 62 hours and liberal arts and sciences courses total 60 hours. A program adjustment may be required to meet the constraints of limited offerings or limited class sizes in the service courses, which include all courses except those offered by the Department of Accounting. The Department of Accounting will accommodate the courses in the year specified.

Accounting Minor

Accounting Minor

Minor RequirementsHours
ACT 201 Introductory Accounting I or ACT 203 Financial and Managerial Accounting3
ACT 202 Introductory Accounting II or ACT 204 Financial and Managerial Accounting3
ACT 301 Intermediate Accounting I 4
ACT 302 Intermediate Accounting II 4
Accounting elective 3

Note: Courses for minor credit may not be taken pass/fail.

150-Hour Program

The 150-hour program in accounting leads to the simultaneous conferring of a Bachelor of Science in accounting and an M.B.A. at the completion of all program requirements. The program is structured to meet the requirements of the New York State Education Department for admission to the C.P.A. examination. Students must be admitted into the MBA program by the end of the second semester of their junior year. Requirements for admission to the MBA Program are as follows: GPA of 3.0 or above in Accounting courses and overall; Average grade in ACT 301 and ACT 302 of B or above; and a GMAT score of 450 or above.

Core RequirementsHours
COR 100 First Year Seminar3
WRT 101 Critical Writing3
PHL 110 Introduction to Philosophy3
HST 110 - HST 111 World Civilization6
ENG 210 Major Authors3
PHL 210 Moral Philosophy3
Theology3
EAC Encountering Another Culture/Language6
ENG 310 Literature and Culture3
Mathematics*3
Social Science*3
Natural Science*3
IDS Interdisciplinary Studies*3
Religion3
COR 400 Transformations3
Visual & Performing Arts*1
Diversity*0

* NOTE: Some Core requirements may be fulfilled by major requirements. See core section for more information. Because there have been substantial changes to the core curriculum, the above requirements may not apply to all students; for students who entered Le Moyne College prior to Fall 2013, be sure to consult with your advisor for appropriate course selection(s).

150-Hour Program

Major RequirementsHours
ACT 301 Intermediate Accounting I 4
ACT 302 Intermediate Accounting II 4
ACT 303 Cost Accounting 3
ACT 310 Federal Income Tax for Individuals 3
ACT 401 Advanced Accounting 3
ACT 405 Auditing 3
ACT 406 Advanced Auditing 3
ACT 470 Accounting Theory and Research 3
One of the following accounting courses: 3
ACT 304 Advanced Cost Accounting3
ACT 390 Independent Study1-6
ACT 410 Corporate Taxation3
ACT 420 Other Taxable Entities & Tax Procedures3
ACT 481-489 Special Topics in Accounting3
ACT 402 Program Eval Research Methodol & Policy3
ACT 430 Government Contract Accounting3
ACT 435 Introduction to Government Systems3
One of the following mathematics courses: 3
MTH 120 Mathematics for Business Majors3
MTH 122 Brief Calculus3
MTH 123 Mathematics for Act Majors3
MTH 145 Calculus I4
MTH 146 Calculus II4
ElectivesHours
Free elective* 3
Liberal Arts Electives 9
Management Core RequirementsHours
ACT 201 Introductory Accounting I 3
ACT 202 Introductory Accounting II 3
ECO 228 Economics of Financial Markets 3
FIN 301 Managerial Finance 3
STA 201 Statistics I 3
STA 202 Statistics II 3
ECO 113 Principles of Microeconomics 3
ECO 114 Principles of Macroeconomics 3
MIS 201 Intro Mgmt Info Systems 3
LAW 200 Legal Environment of Business 3
MBA RequirementsHours
Foundation Courses - Because these requirements are satisfied by the undergraduate curriculum, foundation courses will be waived. (If ENG 403 is not completed at the undergaduate level, BUS 501 is required at the graduate level, adding three hours to the MBA degree.)3
ANL 601 Supply Chain Management 3
BUS 601 Business Ethics 3
BUS 602 Business Law 3
BUS 603 International Business 3
FIN 601 Financial Management 3
HRM 601 Human Resource Management 3
MGT 601 Org Dynamics: Leadership 3
MIS 601 Information Strategy and Management 3
MKT 601 Marketing Management 3
BUS 750 Strategic Management 3
MBA Electives 6

* NOTE: Students waiving out of CSC 151 must substitute a liberal arts elective in its place. Free electives may be from either the liberal arts or the business/accounting areas.

Typical Program for 150-Hour Program

First SemesterHoursSecond SemesterHours
Freshman Year
WRT 1013 PHL 1103
MTH 120/122/123/145/1463 Liberal Arts Elective3
HST 1103 HST 1113
ECO 1133 ECO 1143
COR 1003 BUS 1503
Sophomore Year
ACT 2013 ACT 2023
STA 2013 STA 2023
ENG 2103 MIS 2013
Liberal Arts Elective3 Natural Science3
Theology3 PHL 2103
VPA1
Junior Year
ACT 3014 ACT 3024
ACT 3033 ACT 3103
FIN 3013 LAW 2003
ENG 3103 EAC3
IDS3 ECO 2283
Senior Year
ACT 4013 ACT 4053
MGT 6013 ACT Elective3
MKT 6013 ANL 6013
Religion3 BUS 6023
Free Elective3 COR 400A3
Fifth Year
FIN 6013 BUS 6013
HRM 6013 BUS 603 (3)3
MIS 6013 MBA Elective3
MBA Elective3 ACT 4703
ACT 4063 BUS 7503

* NOTE: Graduate courses in the senior year should not be taken until completion of at least 90 credit hours. Courses designated as fifth year courses should not be taken until completion of an least 120 credits.

(1) ENG 403 recommended.

(2) BUS 501 if not ENG 403

(3) Fulfills cultural elective

Courses


ACT 201 . Introductory Accounting I (3).

Accounting majors will be introduced to the study of the basic concepts and principles of accounting and of the theory on which they are based. The topics covered include: the financial accounting environment, the accounting cycle, the elements of the preparation for financial statements, valuation procedures for assets and liabilities, focus on accounting for sole proprietorship.

ACT 202 . Introductory Accounting II (3).

A continuation of the study of the basic concepts and principles of accounting, and of the theory on which they are based. The topics covered include: accounting for partnerships, accounting for leases and corporate bonds (i.e., long term liabilities), accounting for corporate equity, statments and cash flows, the use, evaluation and interpretation of accounting information. PREREQUISITE: ACT 201

ACT 203 . Financial Accounting (3).

An introduction to the fundamentals of financial accounting involving the communication of relevant financial information to external parties. Includes interpretation and effective use of financial statements through study of accounting model, the measurement processes, data classification and terminology. Discussions emphasize concepts, standards and generally accepted accounting principles as the rationale for accounting procedures.

ACT 204 . Managerial Accounting (3).

An introduction to the fundamentals of management accounting emphasizing the use of accounting information in decisionmaking processes of managers with responsibilities inside the organization. Includes relationship of cost accounting to generally accepted accounting principles, the managerial approach and responsibility accounting concerning assets, revenues and costs. Prerequisite: ACT 203.

ACT 301 . Intermediate Accounting I (4).

An extension of study of accounting theory applied to corporate accounting and the preparation and interpretation of financial statements. Topics include a review of the accounting process; structure and content of the basic financial statements; and coverage of theory, practice and procedures related to current assets, current liabilities and long-lived assets, tangible and intangible. Prerequisite: a grade of C or above in ACT 202 or permission of department chair.

ACT 302 . Intermediate Accounting II (4).

A continuation of coverage of theory, practice and procedure relative to longterm liabilities and equities. Additional topics are income and revenue recognition, accounting for leases, pensions and income taxes, price-level accounting, statement of cash flow and analysis of financial statements. Prerequisite: a grade of C or above in ACT 301.

ACT 303 . Cost Accounting (3).

Basic cost accounting concepts and the cost accumulation process are presented. These are related to the process of inventory valuation and internal use for planning and control. Topics include cost accumulation, budgets, standards, responsibility accounting, relevant costing, direct costing and cost-volume-profit analysis. Prerequisites: ACT 201-202.

ACT 304 . Advanced Cost Accounting (3).

Cost concepts and cost information systems are presented in relation to managerial decision making and control. The course emphasizes the internal use of cost information and procedures for developing this information. Topics covered are cost for pricing control, inventory policy and control, transfer pricing, performance measures, capital budgeting and application of probability and statistical concepts to problems in cost control and analysis. Prerequisite: ACT 303.

ACT 310 . Federal Income Tax for Individuals (3).

Provides instruction by application of federal income tax laws to incomes of individuals. Various tax returns are prepared. Includes a comprehensive explanation of the federal tax structure and training in the application of tax principles to specific problems. Prerequisite: ACT 201 or 203.

ACT 350 (MIS 350/MIS 350/MIS 550/ACT 550). Accounting Information Systems (3).

This course will examine the design, control and operation of accounting information systems with a strong emphasis on integration. The course will present a thorough introduction to basic information systems theory, provide a working knowledge of systems analysis and design techniques, databases and enterprise systems. Understanding and appreciation of accounting information systems is critical to successfully managing, auditing and developing systems to support today's evolving business environment. This course offers a focused look at accounting information systems as part of enterprise resource planning systems, with a focus on SAP and other comparable enterprise systems to demonstrate concepts.

ACT 390 . Independent Study (1-6).

A student who wishes to pursue an independent study project for academic credit must submit, prior to registration, a proposed plan of study that includes the topic to be studied and the goal to be achieved, the methodology to be followed, schedule of supervision, end product, evaluation procedure and number of credits sought. The proposal must be approved by the supervising faculty member, the department chair and the dean of management. It will be kept on file in the academic dean's office. Credit and hours by arrangement.

ACT 401 . Advanced Accounting (3).

A study of the advanced phases of partnership accounting and extended application of fundamental theory to specialized fields and activities. Among the topics covered are partnership and joint venture accounting; agency and branch accounting; mergers, consolidations; parent and subsidiary relations; foreign operations; governmental and fiduciary accounting. Prerequisites: a grade of C or above in ACT 301 and 302.

ACT 402 (SOC 402/ECO 402/PSC 402/IRL 403). Program Eval Research Methodol & Policy (3).

The goal of this course is to develop a comprehensive understanding of the use of behavioral science research methods and theories for program and intervention evaluations. Topics given special emphasis include: measurement strategies and problems, needs assessment, experimental and quasi-experimental field designs, qualitative methods, benefit-cost analysis, statistical approaches to modeling bias and the use of evaluation results in the policy process.

ACT 405 . Auditing (3).

Course covers the principles, procedures and function of auditing. Problem solving involves the application of auditing principles, which can be studied, analyzed and worked on by the students in order to acquire, within limits, a basic understanding of auditing practices, procedures and responsibilities. A computer simulation is used to illustrate statistical sampling techniques. Prerequisites: ACT 301-302.

ACT 406 . Advanced Auditing (3).

This course provides a deeper understanding of select topics covered in the first auditing course (ACT 405). Topics include the demand for auditing services, auditor decision-making, statistical sampling and information systems auditing. Prerequisites: C or above in ACT 405.

ACT 410 . Corporate Taxation (3).

Provides instruction by application of federal tax laws to incomes of corporations. Tax returns are prepared. Emphasizes research and analysis. Prerequisite: ACT 310.

ACT 420 . Other Taxable Entities & Tax Procedures (3).

This course provides instruction as to the federal tak laws concerning income of partnerships, subchapter S corporations, trusts and estate and gift taxation, family tax planning, with an emphasis on tax procdure and dispute resolution matters with the Internal Revenue service. Tax research and analysis is required. This course will be "hands on" course, providing both a theoretical an dpractical understanding of various matters of tax laws concerning CPA's not only dealing with clients, but also with the Internal Revenue Service. Prerequisite: ACT 310.

ACT 430 (BUS 430/ACT 530/BUS 530). Government Contract Accounting (3).

Basic cost accounting concepts and the cost accumulation process are presented. This course provides guidance on accounting for, recovering and monitoring costs at each step of government contract performance, from bidding to closeout. An understanding of the Federal Acquisition Regulation (FAR), the Truth in Negotiations Act (TINA), the treatment of unallowable costs and the Defense Contact Audit Agency (DCAA) auditing standards will be provided. Current topics on special and emerging issues, including new TINA and FAR requirements; rules applicable to nonprofit associations, universities, hospitals, and state and local governments; incurred cost-electric (ICE);cost accounting issues in privatization projects and commercial item acquisitions; and the impact of procurement reform and streamlining will also be covered. Prerequisite: Intro Accounting.

ACT 435 (BUS 435/FIN 435/MIS 435/MIS 535). Introduction to Government Systems (3).

This course focuses on introductory government systems concepts, processes and functions, utilizing the Federal Acquisition Regulations (FAR). Students will examine FAR regulations, processes and nomenclature, utilizing existing and proposed regulations and industry case studies, and appropriate support technology. Guest speakers and field research provide students with access and information from industry and academia. Prerequisites: ACT 203, ACT 204.

ACT 436 (BUS 436/LAW 436/ACT 536/BUS 536/LAW 536). Introduction to Government Contracting Law, Compliance, Ethics (3).

This course provides an introduction to the legal and regulatory framework for doing business with the federal government. The course of study will center on the requirements of the Federal Acquisition Regulations, and will include a study of several related statutes, as well as the regulatory compliance and business ethics requirements of doing business with the federal government. Guest speakers and case studies provide students with access and information from industry and academia. Prerequisites: ACT 201 or ACT 203 or LAW 200 or permission of the instructor.

ACT 437 (BUS 437/LAW 437/ACT 537/BUS 537/LAW 537). Capstone Course: Cases in Government Contracting Law, Compliance, and Ethics (3).

This course is the capstone course in the Government Systems Contracting certificate at Le Moyne. It requires the student to synthesize knowledge about the legal and regulatory framework for doing business with the federal government through a series of case studies of law, compliance and ethics. Course material focuses on cases derived from requirements of the Federal Acquisition Regulations, and related statutes. Guest speakers from industry and government will discuss regulatory compliance and business ethics requirements topics with students during class. Prerequisites: BUS 436, ACT 436, LAW 436 or permission of instructor.

ACT 470 . Accounting Theory and Research (3).

This course is a seminar in accounting theory and research. The topics include both historical and current readings on: reasearch and methods, revenue recognition, assets, liabilities, equity, valuation issues, Positive Accounting Theory and accounting numbers and their impact upon financial markets. Prerequisite: C or above in ACT 401.

ACT 481-489 . Special Topics in Accounting (3).

Courses in this series offer an in-depth exploration of specific issues within the field of accounting, as well as topics of current interest to the instructor and students. Prerequisites: junior or senior standing, permission of the instructor.

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