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Accounting

Bachelor of Arts in Accounting

The Accounting faculty believes that competence in accounting is fundamental to good management.  Recent events serve to reinforce this belief. This challenging major includes hands-on work experience in an accounting internship and prepares the student for a variety of careers in accounting. For those interested in “sitting” for the CPA exam, the College offers a one year graduate master’s program.

One of the hallmarks of New England College is the close working relationship between our faculty and our students. The Accounting faculty is highly motivated to help each student realize their full potential for success in the program.

For students interested in pursuing a career that requires passing the Certified Public Accountant (CPA) exam, New England College offers a “plus” year graduate Master of Science in Accounting program.

Requirements to Major in Accounting

A. ACCOUNTING CORE COURSES

  • AC/BU 2210 – Financial Accounting
  • AC/BU 2220 – Management Accounting
  • AC 3210 – Financial Reporting I
  • AC 3220 – Financial Reporting II
  • AC 3230 – Cost Accounting
  • AC 3290 – Federal Taxation
  • AC 4920 – Practicum in Accounting
  • AC 5640 – Auditing and Attestation

B. ELECTIVES

Take one course from the following list:

  • AC 5250 – Financial Statement Analysis
  • AC 5260 – Ethical Issues in Accounting
  • AC 5310 – Accounting Information Systems
  • AC 5620 – Government and Non-Profit Reporting
  • AC 5730 – Accounting for Mergers and Acquisitions

C. RELATED COURSES REQUIRED FOR THE MAJOR

  • BU 2110 – Quantitative Methodsor
  • MT 2310 – Statistics
  • BU 3310 – Business Finance
  • BU 3920 – Business Law
  • EC 2110 – Macroeconomics
  • EC 2120 – Microeconomics

D. ELECTIVES AND INSTITUTIONAL REQUIREMENTS

Suggested Course Sequence within the Accounting Major

While each student is strongly encouraged to meet with their advisor to work out a specific course schedule during the year, below is a suggested course sequence for the major.

First Year

  • Financial Accounting and Management Accounting
  • College Writing I & II
  • LAS 1110 and LAS 1120
  • Math Requirement and Open Elective

Sophomore Year

  • Financial Reporting I & II
  • Micro and Macro Economics
  • LAS 2110 and LAS 2120
  • Statistics or Quantitative Analysis and Open Elective

Junior Year

  • Cost Accounting and Federal Income Taxes
  • LAS 2130 and LAS 2140
  • Business Finance and Open Elective
  • Open Elective & Open Elective

Senior Year

  • Auditing & Attestation and the Accounting Elective
  • Accounting Internship & Business Law
  • LAS 3110 & Open Elective
  • Open Elective & Open Elective

Course Descriptions

AC 2210 (BU 2210) Financial Accounting

This course examines basic concepts and principles of financial accounting. After covering the accounting cycle, emphasis is placed on the recording and reporting of financial information conforming to the generally accepted accounting principles published by the Financial Accounting Standards Board, its predecessors, and the Security and Exchange Commission. Prerequisite: either have Sophomore status, a declared Accounting major or permission of the instructor.

AC 2220 (BU 2220) Management Accounting

This course shows students how to generate information needed to help managers achieve goals and objectives. Students determine prices for products and services, decide whether or not to acquire equipment, prepare budgets, compare actual performance to budgets, decide what information is relevant to decisions, allocate costs to various activities in the organization and generate information in support of managerial decisions. Students receive instruction in a computer spreadsheet program and use spreadsheets to facilitate decision-making.

AC 3210 Financial Reporting I

A study of the theory and practice of the accounting for most balance sheet accounts, revenues, and expenses. May include other advanced topics. Pronouncements of the AICPA, FASB and other authoritative sources are an integral part of this course. Prerequisite: AC/BU 2210.

AC 3220 Financial Reporting II

A continuation of the concepts begun in Financial Reporting I. Balance sheet topics will include liabilities like long-term debt, pensions, leases along with stockholders’ equity accounts. May include other advanced topics. Pronouncements of the AICPA, FASB and other authoritative sources are an integral part of this course. Prerequisite: AC 3210 or permission of the instructor.

AC 3230 Cost Accounting

This course is designed to track the individual components that make up the cost of a manufactured product:  materials, labor, and overhead. It expands beyond the management accounting course in that cost accumulation systems like job order and process costing are studied. Other topics of note include quality costs, learning curve theory, just-in-time costing, and activity-based costing. Prerequisites: AC/BU 2210 & AC/BU 2220. Offered every other year.

AC 3290 Federal Taxation

A study of the composition of the federal tax law as applied to individuals. Topics include filing statuses, exemptions, basis calculations, capital gains and losses, sale of residences. An important component of the course will be the strategies the taxpayer can legally use to evade or postpone the payment of taxes. An introduction to the tax effects of organizing as a proprietorship, partnership, or corporation will be presented. Prerequisites: AC/BU 2210, BU 2210, or permission of the instructor. Offered every other year.

AC 3990 Topics in Accounting

A changing selection of courses designed to offer a variety of enrichment studies in Accounting. The course may be repeated for credit with different topics. Offered on a rotating basis.

AC 4910 Internship in Accounting

Qualified students apply knowledge and theories gained in class to real accounting situations. Students may work with cooperating employers on either a full- or part-time basis to achieve predefined objectives that have been developed and accepted by the student, the employer, and a faculty supervisor. The student’s internship is developed under the guidance of an accounting faculty member. Contract required. Variable credit (1-16).

AC 4920 Practicum in Accounting

The practicum is designed to provide the student with an experiential learning experience in an area within accounting based on interest and availability. The practicum can be completed either on- or off- campus. Variable credit (1-16).

AC 5250 Financial Statement Analysis

This course describes the accounting principles used in compiling financial statements and the qualitative characteristics of data appearing on financial statements. After a thorough overview of financial statements, major tools and techniques are explained, including horizontal and vertical statements, common-size statements, ratio analysis, liquidity and activity ratios, profitability ratios, capital structure and profitability rations, market test rations, and cash flow ratios. The significance of interim financial statements and segment reporting is explored, as are analysis of annual reports and management discussion and analysis (MDA). Prerequisite: AC 3210. Offered on a rotating basis.

AC 5260 Ethical Issues in Accounting

This course examines the ethical frameworks guiding decision making. This course will focus on the professional responsibilities and conduct with respect to clients, to colleagues, and to the field. The course will discuss how ethical issues are seen in and shape accounting standards. Prerequisite: AC 3210. Offered on a rotating basis.

 AC 5310 Accounting Information Systems

This course examines the interaction among traditional accounting functions and Information Technology. The various responsibilities associated with the IT will be discussed as well as the risks associated with these functions and appropriate segregation of functional areas. Additionally, students will understand impact that hardware and software alternatives as these choices relate to an organization’s accounting system. Prerequisite: AC 3210. Offered on a rotating basis.

AC 5620 Government and Non-Profit Reporting

This course covers the environment of government/non-profit accounting and financial Analysis, budgeting control, revenues, and expenditures, accounting for capital projects, related account groups, and endowment management to include investments, accounting for business type and trustee activities, issues of reporting, disclosure, and non-profit organizations. Prerequisite: AC 3210. Offered on a rotating basis.

AC 5640 Auditing and Attestation

This course introduces the student to the audit process, with emphasis on the perspective of management in a CPA firm, but with consideration to internal processes. Topics include implementing control procedures and assessments using both the compliance and management methods. Audit planning, staffing and training are considered. Special topics include enterprise risk management and auditing non-profit and public organizations. Prerequisites: AC 3210, AC 3220. Offered every other year.

AC 5630 International Accounting

Under the current business environment all businesses, directly or indirectly, compete in the global marketplace. Understanding international issues, therefore, is critical to the education of a well rounded, competent business student. The International Accounting course provides an overview of and a platform for understanding and discussion of comparative accounting issues and practices posed by the global environment through introduction and examination of accounting issues unique to international business activities. Course topics will encompass presentation and probe of issues faced by international firms around the world in areas of auditing, external financial reporting and standards, ethical, social, legal, cultural, control, taxes, foreign exchange, and accounting systems. Prerequisite: AC 3210. Offered on a rotating basis.

AC 5730 Accounting for Mergers and Acquisitions

This course focuses attention on all key stages of the M&A lifecycle including conception, planning, the first 100 days post merger/acquisition, due diligence of intellectual property (IP), and ongoing evaluation and improvement. Prerequisite: AC 3210. Offered on a rotating basis.

**All undergraduate courses are 4 credits unless otherwise noted.