Accounting
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Department Information
Accounting
W. Darrell Walden, Chair
Professors Bagranoff, Geiger
Associate Professors Clikeman, Hoyle, Kumas, Paik, van der Laan Smith, Vendrzyk, Walden
Assistant Professors Austin, Sadler
Mission-Accounting Department
The mission of the undergraduate accounting program within the Robins School of Business is to prepare students to be responsible accounting and business leaders in a global economy through the integration of superior instruction and intellectual inquiry in a liberal arts environment.
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Major
The Accounting Major
In addition to the requirements for the B.S.B.A. degree outlined below, all accounting majors must complete seven additional courses in accounting.
Candidates for a B.S.B.A. must:
Satisfy the general degree requirements for graduation
Complete the following pre-business courses:
Fundamentals of Financial Accounting
Statistics for Business and Economics
Business Communication
Principles of Microeconomics
Principles of Macroeconomics
Calculus I
Complete the following core courses except as noted:
Business Law
Business Ethics
Strategic Management *
Principles of Financial Management
IT and Data Analytics
Organizational Behavior
Operations Management
Principles of Marketing
*The International Business concentration requires
in lieu of .Participate in a full semester University of Richmond approved study abroad program or complete a course with an international business or international business economics focus. This international focus course also may satisfy a concentration or major requirement.
Required accounting core courses:
Intermediate Financial Accounting I
Intermediate Financial Accounting II
Cost and Managerial Accounting
Accounting Information Systems
Federal Tax 1
Auditing
Advanced Financial Accounting
Substitutions in the accounting major are permitted if approved by the chair of the accounting department.
Note: A grade point average of no less than 2.0 in the accounting coursework comprising the major is required.
All students declaring a major or minor in the Robins School of Business must first pass an online Excel competency exam. Students will have three attempts to demonstrate competency with a grade of 80% or higher. This is not for a grade or academic credit.
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Concentration
The Accounting Concentration
The accounting concentration is available only to students enrolled full time in the Robins School of Business with another concentration in economics, finance, international business, management, or marketing.
In addition to satisfying the B.S.B.A. degree requirements for a Robins School major, the accounting concentration requires a minimum of four courses and a maximum of six chosen from:
Intermediate Financial Accounting 1 (required)
Intermediate Financial Accounting 2 (required)
Two to four courses additional, chosen from:
Cost and Managerial AccountingAccounting Information Systems
Federal Tax 1
Federal Tax 2
Auditing
Advanced Financial Accounting
Notes: Both
and are required in the concentration. Some of the accounting courses are not offered every semester or every year. Many of the upper-level accounting courses have prerequisites that should be taken into account when planning your curriculum.
Courses
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ACCT 201 Fundamentals of Financial Accounting
Units: 1
DescriptionIntroductory financial accounting course focusing on the financial statements that businesses produce to tell their financial story, including profitability, the flow of cash, and the balances these companies have in their various accounts. Discussion of how these financial statements are developed and how investors, creditors, and others use the information in these financial reports to make economic decisions.
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ACCT 202 Fundamentals of Managerial Accounting
Units: 1
DescriptionIntroduction to fundamental managerial accounting concepts and the interrelationships among them. Managerial accounting improves the quality of managers' decisions regarding the internal operation of their organizations. Examines how managerial accounting relates to financial accounting and how different interpretations of the term "cost", such as direct vs. indirect, variable vs. fixed, controllable vs. uncontrollable, and irrelevant vs. relevant affects managers¿ decisions making. Also addresses operational budgeting and performance evaluation.
PrerequisitesAccounting 201.
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ACCT 215 Volunteer Income Tax Assistance 1
Units: .5
DescriptionParticipation in the national Internal Revenue Service (IRS)-sponsored program that assists individuals with preparing and filing their tax returns. Interact with members of the Richmond community and make a significance difference in their lives by helping them complete their tax returns. Note: Does not count toward the accounting major or concentration.
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ACCT 301 Intermediate Financial Accounting 1
Units: 1
DescriptionClose examination of the creation of financial statements and the theory and process behind the numbers and formats used on those financial reports. Provides the theoretical and practical foundation needed to address all financial reporting topics with particular emphasis on financial statement formats, revenue recognition, cash and receivables, inventory, property, plant and equipment, intangibles, and investments. Discussion centers around U.S. GAAP requirements, although International Financial Reporting Standards will also be discussed.
PrerequisitesACCT 201.
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ACCT 302 Intermediate Financial Accounting 2
Units: 1
DescriptionContinues the coverage of some of the most complex accounting issues faced by entities in producing their financial statements such as the reporting of contingencies, leases, deferred taxes, defined benefit pension plans, and earnings per share in order to enable decision-makers to look beyond financial statement explanations and figures to an understanding of the accounting rules and how they are implemented in arriving at financial information that is presented fairly according to U.S. GAAP.
PrerequisitesACCT 301
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ACCT 305 Cost and Managerial Accounting
Units: 1
DescriptionExploration of the concepts and tools that assist managers in making complex operational decisions in a dynamic environment in order to determine the cost of goods sold and to value the inventories that manufacturing companies reported on their external financial statements and support the decision-making of cross-functional management teams within manufacturing, merchandising, and service organizations. Interpretation of relevant information in the context of developing, implementing, and evaluating operational plans and objectives.
PrerequisitesACCT 301 and junior or senior standing.
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ACCT 307 Accounting Information Systems
Units: 1
DescriptionIntroduction to accounting information systems with specific emphasis on business processes, risks, and internal controls. Development of an analytics mindset and use data analytics tools (e.g., Excel) to analyze information and make informed business decisions.
PrerequisitesACCT 301, MGMT 225, and a business school major.
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ACCT 312 Federal Tax 1
Units: 1
DescriptionFocuses on federal taxation in the United States. In-depth look at individual income taxation, including filling out a basic individual tax return and consideration of the tax consequences of personal investment decisions. Also examines entity taxation. Discusses differences between corporate and partnership taxation and the effects of the Tax Cuts and Jobs Act of 2017 (tax reform) as well as potential upcoming tax law changes.
PrerequisitesAccounting 301. Business School major.
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ACCT 313 Federal Tax 2
Units: 1
DescriptionIn-depth look at how business entities are taxed under the U.S. tax code. Focuses specifically on the tax rules for C corporations, partnerships, and S corporations. Also covers the Tax Cuts and Jobs Act of 2017 (tax reform) impacted entity taxation and how future tax law changes may impact entity taxation.
PrerequisitesAccounting 312. Business School major.
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ACCT 315 Volunteer Income Tax Assistance 2
Units: .5
DescriptionFollow-up course to ACCT 215 provides extended involvement with the national Internal Revenue Service (IRS)-sponsored program that assists individuals with preparing and filing their tax returns. As in ACCT 215, students will interact with members of the Richmond community and help them complete their tax returns. Gain supervisory skills though reviewing and approving the work of other volunteers prior to submitting completed tax returns to the IRS for processing. Note: Does not count toward the accounting major or concentration.
PrerequisitesACCT 215, Business School major.
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ACCT 328 Directed Independent Study
Units: .5-1
DescriptionIndependent research on an accounting topic conducted under the direct supervision of an instructor.
PrerequisitesPermission of instructor.
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ACCT 329 Selected Topics
Units: .5-1
DescriptionSignificant or current accounting topics not covered in other courses to enhance the accounting major.
PrerequisitesACCT 202 and permission of instructor. Accounting major.
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ACCT 417 Auditing
Units: 1
DescriptionProfessional standards for evaluating and reporting on financial statements, and the ethical, legal, and competitive environment of auditing.
PrerequisitesAccounting 302. Business School major.
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ACCT 418 Advanced Auditing
Units: 1
DescriptionSpecialized audit topics including operational and compliance audits, attestation engagements, statistical sampling, use of generalized audit software, audits of computer systems, and work paper preparation.
PrerequisitesACCT 417.
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ACCT 421 Accounting Research
Units: .5
DescriptionBasic theory, concepts, and procedures to effectively handle research in the accounting professional standards including the Accounting Standards Codification, the AICPA Professional Standards, the PCAOB Professional Standards and the Internal Revenue Code.
PrerequisitesACCT 302 and senior standing
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ACCT 431 Advanced Financial Accounting
Units: 1
DescriptionFocuses on business combinations and consolidated financial statements. Preparation of consolidated financial statements with outside ownership and with intra-entity transactions. Covers foreign currency transactions and hedging foreign exchange risk, and translation of foreign currency financial statements. Introduces government accounting and not-for-profit accounting.
PrerequisitesACCT 302.