Salem’s Accounting Program will give you a thorough grasp of accounting principles and best practices within the wider business and societal context.
It will also prepare you for continued graduate study and for 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).
Program Faculty
Helpful Links
You Might Also Be Interested In
Your Program
The bachelor of science (BS) 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 the Enrolled Agent (Internal Revenue Service) examination.
Your Courses
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 Faculty
Your courses will be taught by faculty members Mike Cummings, Tina Flowers, Dick Johe, Alyson Francisco, and Eve Rapp. Faculty members will help you prepare for graduate study and/or sitting for professional examinations, beginning during the January Term of your senior year. The Accounting Program offers workshops and seminars that will help you determine which examination is right for you.
Your Results
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 (BS) (BSBA)
The accounting major is intended to educate the student in accounting principles and practices within the wider business and societal context. The degrees also offer 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.
The bachelor of science and the bachelor of science in business administration with a major in accounting requires the following courses in addition to the Salem Signature general education requirements:
Required core courses:
- ACCT 120. Principles of Financial Accounting (3 hrs)
- ACCT 140. Intermediate Accounting I (3 hrs)
- ACCT 150. Intermediate Accounting II (3 hrs)
- ACCT 155. Intermediate Accounting III (3 hrs)
- ACCT 160. Cost Accounting (3 hrs)
- ACCT 301. Auditing (3 hrs)
- ACCT 303. Income Taxation I (3 hrs)
- ACCT 304. Income Taxation II (4 hrs)
- ACCT 350. Accounting for Not-for-Profit Organizations (3 hrs)
- BUAD 111. Management Information Systems (3 hrs)
- BUAD 201. Principles of Management (3 hrs)
- BUAD 220. Business Law (3 hrs)
- BUAD 240. Business Statistics (4 hrs)
- BUAD 350. Senior Seminar in Strategic Management (4 hrs)
- ECON 260. International Trade and Business (3 hrs)
- FINC 302. Corporate Finance (4 hrs)
- MKTG 230. Principles of Marketing (3 hrs)
- MATH 070. Essential Calculus (4 hrs) or MATH 100. Calculus I (5 hrs)
Select one additional elective accounting course from the following:
- ACCT 165. Principles of Fraud Examination (3 hrs)
- ACCT 170. Financial Management for Not-for-Profit Organizations (3 hrs)
- ACCT 200. Independent Study in Accounting (3 hrs)
- ACCT 220. Special Topics in Accounting (3 hrs)
- ACCT 270. Internship in Accounting (3 hrs)
- ACCT 290. Honors Independent Study in Accounting (3 hrs)
No more than three courses, regardless of semester hours, may be counted toward both a student’s major and a minor.
Accounting Minor
A minor in accounting requires eighteen semester hours; a minimum of nine semester hours must be taken at Salem.
Required core courses:
- ACCT 120. Principles of Accounting (3 hrs)
- ACCT 140. Intermediate Accounting I (3 hrs)
- ACCT 150. Intermediate Accounting II (3 hrs)
- ACCT 160. Cost Accounting (3 hrs)
Select two additional elective accounting courses from the following:
- ACCT 155. Intermediate Accounting III (3 hrs)
- ACCT 165. Principles of Fraud Examination (3 hrs)
- ACCT 170. Financial Management for Not-for-Profit Organizations (3 hrs)
- ACCT 301. Auditing (3 hrs)
- ACCT 303. Income Taxation I (3 hrs)
- ACCT 304. Income Taxation II (4 hrs)
- ACCT 350. Accounting for Not-for-Profit Organizations (3 hrs)
ACCT 120. Principles of Financial Accounting (3 hrs)
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. (QI)
ACCT 130. Principles of Managerial Accounting (3 hrs)
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.
ACCT 140. Intermediate Accounting I (3 hrs)
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.
ACCT 150. Intermediate Accounting II (3 hrs)
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: ACCT140 and MATH070 or MATH100.
ACCT 155. Intermediate Accounting III (3 hrs)
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 and MATH070 or MATH100.
ACCT 160. Cost Accounting (3 hrs)
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.
ACCT 165. Principles of Fraud Examination (3 hrs)
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. This course will include topics covered in the Certified Fraud Examiner and Certificate in Financial Fraud professional exams. Prerequisite: ACCT 120 or permission of the department chair.
ACCT 170. Financial Management for Not-for-Profit Organizations (3 hrs)
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 with NFPM 170.
ACCT 200. Independent Study in Accounting (1-4 hrs)
Independent study under 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, permission of the department chair.
ACCT 220. Special Topics in Accounting (1-4 hrs)
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.
ACCT 270. Internship in Accounting (1-4 hrs)
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.
ACCT 290. Honors Independent Study in Accounting (3-4 hrs)
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.
ACCT 301. Auditing (3 hrs)
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.
ACCT 303. Income Taxation (3 hrs)
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.
ACCT 304. Income Taxation II (4 hrs)
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. (SL)
ACCT 350. Accounting for Not-for-Profit Organizations (3 hrs)
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.
Marketing Assistant, Medical Quality Enhancement Corp
Accounting Practice, Farquahason, Pointon & Lepzets CPA
Program Development, Sara Lee Center for Women’s Health
Economics Internship, Metro Orlando Economic Development Commission
Brokering/Investments Intern, Smith Barney
Operations Intern, Provident Bank
Management Trainee, Himalayan Bank Ltd
Marketing Intern, Shukuminet Corporation, Tokyo, Japan
Market Research, Algean Corporation
Business Management Intern, Abercrombie and Fitch
Treasury Services Product Solutions, Wachovia
Programming Intern, International Visitors Council
Small Business Management, Erwin and Sons Direct Imports
World Development Intern, Krispy Kreme
Sports Marketing, Pensacola Pelicans
Recent Graduate Schools:
American University, MA in economics
University of Bristol, England, MA in economics
Wake Forest University, MA in accounting
Harvard University, John F. Kennedy School of Government, MA in public policy
University of North Carolina at Chapel Hill School of Law
Class Year:
2012
Major:
Accounting and economics, with Departmental Honors and College Honors
Career:
Internal auditor at BB&T in Winston-Salem, NC. Graduate of the BB&T Leadership Development Program, known as “the best training program among banks” in the country.
Your Program
The bachelor of science (BS) 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 the Enrolled Agent (Internal Revenue Service) examination.
Your Courses
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 Faculty
Your courses will be taught by faculty members Mike Cummings, Tina Flowers, Dick Johe, Alyson Francisco, and Eve Rapp. Faculty members will help you prepare for graduate study and/or sitting for professional examinations, beginning during the January Term of your senior year. The Accounting Program offers workshops and seminars that will help you determine which examination is right for you.
Your Results
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 (BS) (BSBA)
The accounting major is intended to educate the student in accounting principles and practices within the wider business and societal context. The degrees also offer 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.
The bachelor of science and the bachelor of science in business administration with a major in accounting requires the following courses in addition to the Salem Signature general education requirements:
Required core courses:
- ACCT 120. Principles of Financial Accounting (3 hrs)
- ACCT 140. Intermediate Accounting I (3 hrs)
- ACCT 150. Intermediate Accounting II (3 hrs)
- ACCT 155. Intermediate Accounting III (3 hrs)
- ACCT 160. Cost Accounting (3 hrs)
- ACCT 301. Auditing (3 hrs)
- ACCT 303. Income Taxation I (3 hrs)
- ACCT 304. Income Taxation II (4 hrs)
- ACCT 350. Accounting for Not-for-Profit Organizations (3 hrs)
- BUAD 111. Management Information Systems (3 hrs)
- BUAD 201. Principles of Management (3 hrs)
- BUAD 220. Business Law (3 hrs)
- BUAD 240. Business Statistics (4 hrs)
- BUAD 350. Senior Seminar in Strategic Management (4 hrs)
- ECON 260. International Trade and Business (3 hrs)
- FINC 302. Corporate Finance (4 hrs)
- MKTG 230. Principles of Marketing (3 hrs)
- MATH 070. Essential Calculus (4 hrs) or MATH 100. Calculus I (5 hrs)
Select one additional elective accounting course from the following:
- ACCT 165. Principles of Fraud Examination (3 hrs)
- ACCT 170. Financial Management for Not-for-Profit Organizations (3 hrs)
- ACCT 200. Independent Study in Accounting (3 hrs)
- ACCT 220. Special Topics in Accounting (3 hrs)
- ACCT 270. Internship in Accounting (3 hrs)
- ACCT 290. Honors Independent Study in Accounting (3 hrs)
No more than three courses, regardless of semester hours, may be counted toward both a student’s major and a minor.
Accounting Minor
A minor in accounting requires eighteen semester hours; a minimum of nine semester hours must be taken at Salem.
Required core courses:
- ACCT 120. Principles of Accounting (3 hrs)
- ACCT 140. Intermediate Accounting I (3 hrs)
- ACCT 150. Intermediate Accounting II (3 hrs)
- ACCT 160. Cost Accounting (3 hrs)
Select two additional elective accounting courses from the following:
- ACCT 155. Intermediate Accounting III (3 hrs)
- ACCT 165. Principles of Fraud Examination (3 hrs)
- ACCT 170. Financial Management for Not-for-Profit Organizations (3 hrs)
- ACCT 301. Auditing (3 hrs)
- ACCT 303. Income Taxation I (3 hrs)
- ACCT 304. Income Taxation II (4 hrs)
- ACCT 350. Accounting for Not-for-Profit Organizations (3 hrs)
ACCT 120. Principles of Financial Accounting (3 hrs)
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. (QI)
ACCT 130. Principles of Managerial Accounting (3 hrs)
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.
ACCT 140. Intermediate Accounting I (3 hrs)
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.
ACCT 150. Intermediate Accounting II (3 hrs)
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: ACCT140 and MATH070 or MATH100.
ACCT 155. Intermediate Accounting III (3 hrs)
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 and MATH070 or MATH100.
ACCT 160. Cost Accounting (3 hrs)
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.
ACCT 165. Principles of Fraud Examination (3 hrs)
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. This course will include topics covered in the Certified Fraud Examiner and Certificate in Financial Fraud professional exams. Prerequisite: ACCT 120 or permission of the department chair.
ACCT 170. Financial Management for Not-for-Profit Organizations (3 hrs)
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 with NFPM 170.
ACCT 200. Independent Study in Accounting (1-4 hrs)
Independent study under 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, permission of the department chair.
ACCT 220. Special Topics in Accounting (1-4 hrs)
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.
ACCT 270. Internship in Accounting (1-4 hrs)
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.
ACCT 290. Honors Independent Study in Accounting (3-4 hrs)
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.
ACCT 301. Auditing (3 hrs)
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.
ACCT 303. Income Taxation (3 hrs)
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.
ACCT 304. Income Taxation II (4 hrs)
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. (SL)
ACCT 350. Accounting for Not-for-Profit Organizations (3 hrs)
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.
Class Year:
2012
Major:
Accounting and economics, with Departmental Honors and College Honors
Career:
Internal auditor at BB&T in Winston-Salem, NC. Graduate of the BB&T Leadership Development Program, known as “the best training program among banks” in the country.
Marketing Assistant, Medical Quality Enhancement Corp
Accounting Practice, Farquahason, Pointon & Lepzets CPA
Program Development, Sara Lee Center for Women’s Health
Economics Internship, Metro Orlando Economic Development Commission
Brokering/Investments Intern, Smith Barney
Operations Intern, Provident Bank
Management Trainee, Himalayan Bank Ltd
Marketing Intern, Shukuminet Corporation, Tokyo, Japan
Market Research, Algean Corporation
Business Management Intern, Abercrombie and Fitch
Treasury Services Product Solutions, Wachovia
Programming Intern, International Visitors Council
Small Business Management, Erwin and Sons Direct Imports
World Development Intern, Krispy Kreme
Sports Marketing, Pensacola Pelicans
Recent Graduate Schools:
American University, MA in economics
University of Bristol, England, MA in economics
Wake Forest University, MA in accounting
Harvard University, John F. Kennedy School of Government, MA in public policy
University of North Carolina at Chapel Hill School of Law