Business and Economics Courses 4-Year Plan
The bachelor of science (B.S.) in accounting educates you in accounting principles and practices within the wider business and societal context. You may also minor in accounting.
The degree also offers you preparation for continued graduate study and the Uniform Certified Public Accountant examination (American Institute of Certified Public Accountants); the Certified Management Accounting (CMA) examination (Institute of Management Accountants); the Certified Internal Auditor examination (Institute of Internal Auditors; and/or and the Enrolled Agent (Internal Revenue Service) examination.
The bachelor of science degree in accounting requires special courses as well as the Salem Signature general education requirement.
Required courses include principles of financial accounting, intermediate accounting I, II and III; cost accounting; accounting information systems; auditing, income taxation I and II; legal environment and professional ethics; and senior seminar in accounting.
You also will choose elective courses ranging from international accounting to business law, and from accounting for not-for-profit organizations to principles of marketing.
Your courses will be taught by faculty members Mike Cummings, Ron Cardwell, Dick Johe, Megan Silbert, Alyson Francisco, Eve Rapp and Ed Hartgrove. Faculty members will help you prepare for graduate study and/or sitting for professional examinations, beginning during the Jan Term of your senior year. The accounting program offers workshops and seminars that will help you determine which examination is right for you.
You will be equipped for graduate study, a career and/or sitting for one of the nationally recognized professional examinations. In North Carolina, the CPA exam may be started 120 days before your projected graduation date with a bachelor's degree in accounting. Your advisor will help you plan for this.
Accounting Major (B.S.)
The Bachelor of Science in accounting is intended to educate the student in accounting principles and practices within the wider business and societal context. The degree also offers preparation for continued graduate study and the Uniform Certified Public Accountant examination (American Institute of Certified Public Accountants), the Certified Management Accounting examination (Institute of Management Accountants), the Certified Internal Auditor examination (Institute of Internal Auditors) and the Enrolled Agent examination (Internal Revenue Service).
In North Carolina, the Certified Public Examination (CPA) may be started 120 days before the student’s projected graduation date for a bachelor’s degree in accounting. Accordingly, students who aspire to become CPAs should begin preparing for the CPA exam during January Term and plan to sit for parts of the CPA exam during the final semester of the degree or shortly thereafter. Detailed eligibility and examination rules are available from the websites of the North Carolina Board of CPA Examiners and the American Institute of CPAs. Students are advised to include the cost of a commercial intensive CPA review course and CPA testing fees as part of their educational costs for their senior year. At the beginning of the senior year, students are advised to visit the office of the Director of Financial Aid to determine whether or not scholarship, grant, and government student loan funds are available for CPA review and examination costs.
At least five accounting courses must be completed at Salem. Students cannot receive course credit for both ACCT 130 (Principles of Managerial Accounting) and ACCT 160 (Cost Accounting).
For a minor in accounting, six course credits are required. A minimum of three courses must be taken at Salem.
Accounting Courses (ACCT)
120. Principles of Financial AccountingOne course
An introduction to the procedures and processes through which financial data are generated, stored, synthesized and presented to management and to the public in the form of financial statements: income statements, balance sheets and statements of cash flow. Students in the course will develop an understanding of the rules and practices through which reports are developed, the tools to interpret financial reports and evaluate strengths and weaknesses of business firms and the uses of financial data in decision-making.
130. Principles of Managerial Accounting One course
The analysis of financial data for managerial decision making; the interpretation of accounting data for planning and controlling business activities. Emphasis will be given to the role of financial data in decisions regarding the structure of economic institutions and the mix of goods and services produced by a society. Prerequisite: ACCT 120 or permission of instructor.
140. Intermediate Accounting IOne course
This course is an in-depth study of traditional financial accounting theory and related problems as well as recent developments in accounting valuation and reporting practices. Emphasis will be placed on the conceptual framework of accounting, the accounting process, financial statements, present value concepts, and current assets and current liabilities, plant assets, long-term liabilities and stockholders’ equity, including relevant International Financial Reporting Standards. Prerequisite: MATH 070 or 100 and ACCT 120.
150. Intermediate Accounting IIOne course
A continuation of Intermediate Accounting I with emphasis on dilutive securities and earnings per share, investments, issues related to income measurement, pension costs, leases and current value accounting. Prerequisite: ACCT 140.
155. Intermediate Accounting IIIOne course
This course is continuation of Intermediate Accounting II with emphasis on dilutive securities and earnings per share, investments, issues related to pension costs, leases and current value accounting, statement of cash flows, accounting for income taxes, and Securities and Exchange Commission required financial reporting for publicly held companies, including relevant International Financial Reporting Standards. Prerequisite: ACCT 150.
160. Cost AccountingOne course
This course will cover various methods of accumulating accounting data for decision-making in a production environment. Emphasis is on the development and use of different types of standard cost systems, analysis of costs and gross profit, budgeting, responsibility accounting, income effects of costing alternatives and return on investment concepts. This course will include topics covered on the Certified Management Accounting professional exam. Prerequisite: ACCT 120.
165. Forensic AccountingOne course
This course will include coverage of the nature of occupational fraud and abuse and a review of the techniques used to commit financial fraud. Students will study the underlying indicators of fraud and the investigative process when fraud is detected as well as use computer-assisted techniques, including data extraction and analysis. This course will include topics covered in the Certified Fraud Examiner and Certificate in Financial Fraud professional exams. Prerequisite: ACCT 120.
170. Financial Management for Not-for-Profit OrganizationsOne course
This course will introduce students to accounting, financial and related administrative issues that are unique to not-for-profit organizations. The course will examine the rules of accounting that are specific to not-for-profit organizations, including fund accounting, and introduce students to the fundamentals of endowment and investment management. The financial tools for successful management of a not-for-profit organization will be discussed, including cash flow planning, budgeting and the design and evaluation of internal controls. Prerequisites: ACCT 120 and NFPM 100 or permission of instructor. Cross-listed as NFPM 170.
180. Accounting Information SystemsOne-half course
This course presents the conceptual foundations of accounting information systems, including transaction reporting and processing in a systems environment, the roles and responsibilities within the Information Technology function and the financial statement and business implications of electronic commerce. A case study involving basic computerized accounting systems will also be presented. Prerequisites: ACCT 140 and BUAD 111.
200. Independent Study in AccountingOne-half to one course
Independent study under the guidance of a faculty advisor. Independent study may take the form of readings, research, conferences and projects. It may not be used to substitute for regular courses in the curriculum. Independent study may be taken for a total of four courses, usually not more than two per term. Prerequisites: 2.0 cumulative average, ACCT 140, and permission of the department chair.
201. International AccountingOne course
The purpose of this course is to identify and evaluate major issues in international accounting in order to gain an appreciation of the international diversity in accounting practices. Topics covered will include accounting aspects of international business, comparative analysis of accounting practices and the study of variations in information disclosure and financial reporting. Additional topics include classification of accounting systems, foreign currency translation, transfer pricing, environmental factors that influence accounting systems, international standard setting, harmonization and uniformity. This course may also be offered as a study abroad course during January Term. Prerequisite: ACCT 120.
220. Special Topics in AccountingOne-half to one course
This course is an intense examination of specialized topics in contemporary accounting. A research paper and oral presentation will be required. Possible topics for this course include but are not limited to the business of operating a professional accounting practice; tax policy impact upon tax legislation; and leadership within the field of professional accountancy. Prerequisite: permission of instructor.
270. Internship in AccountingOne-half to one course
An opportunity to use the knowledge and skills the student has learned in coursework to solve problems in a real work setting; the apprenticeship aspect of the internship implies that the student has some base of knowledge and that the student’s knowledge and skills will be increased by direct contact with an experienced, knowledgeable mentor. Open to sophomores, juniors and seniors with a 2.0 cumulative average; maximum credit per term is one course; admission by application only. Prerequisite: ACCT 140.
290. Honors Independent Study in AccountingOne-half to one course
Advanced independent study under the guidance of a faculty advisor. Open to juniors and seniors with a 3.5 average in accounting, subject to approval of the department chair. Honors work may be taken for a maximum of two courses.
301. AuditingOne course
A basic study of the plan and conduct of the actual audit work: the use of the working papers, the writing of reports, certification, the control and prevention of fraud through internal check systems and the moral and legal responsibilities of the auditor. This course will also include topics covered on the Certified Internal Auditor professional exam. Prerequisite: ACCT 150.
303. Income TaxationOne course
A study of the basics of federal income taxation, with emphasis on individuals and small business owners, the tax legislative process, and basic tax research and the IRS audit and appeals process. Prerequisite: ACCT 120.
304. Income Taxation IIOne course
This course continues with the study of taxation as it applies to Subchapter C and S corporations, partnerships, estates and trusts, including a review of the similarities and distinctions in tax reporting among such entities. In addition, a service project related to income taxation will be included in this course. Prerequisite: ACCT 303.
305. Legal Environment and Professional EthicsOne-half course
This course is a study of selected topics from the Uniform Commercial Code, including domestic and international sales contracts and negotiable instruments, and specifically addresses issues concerning accountants’ legal liability and ethical issues in accounting and financial reporting. Prerequisites: ACCT 120 and BUAD 220.
340. Case Studies in AccountingOne course
A course of study utilizing cases drawn from actual business situations to acquaint the student with the uses of accounting data in setting plans and objectives, controlling operations and financial decision-making. Emphasis will be on the student as decision-maker and, thus, will require research to reach an appropriate and defensible position. Prerequisite: ACCT 150.
350. Accounting for Not-for-Profit OrganizationsOne course
This course introduces accounting concepts, principles and procedures used in reporting for governmental, health care and other not-for-profit organizations and teaches students how to prepare specialized financial reports and manage financial activities. Prerequisite: ACCT 140.
390. Senior Seminar in AccountingOne course
This course involves a study of accounting theory and practice of recording and reporting combinations, mergers and consolidations. This course will also include senior assessments. Prerequisites: ACCT 155, ACCT 160, ACCT 301 and ACCT 304.
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