Accounting

  • 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.

  • 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:

    ACCT 201 Fundamentals of Financial Accounting

    BUAD 202 Statistics for Business and Economics

    BUAD 205 Business Communication

    ECON 101 Principles of Microeconomics

    ECON 102 Principles of Macroeconomics

    MATH 211 Calculus I

    Complete the following core courses except as noted:

    BUAD 393 Business Law

    BUAD 394 Business Ethics

    BUAD 497 Strategic Management *

    FIN 360 Principles of Financial Management

    MGMT 225 IT and Data Analytics

    MGMT 330 Organizational Behavior

    MGMT 340 Operations Management

    MKT 320 Principles of Marketing

    *The International Business concentration requires IBUS 411 in lieu of BUAD 497.

    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:

    ACCT 301 Intermediate Financial Accounting I

    ACCT 302 Intermediate Financial Accounting II

    ACCT 305 Cost and Managerial Accounting

    ACCT 307 Accounting Information Systems

    ACCT 312 Federal Tax 1

    ACCT 417 Auditing

    ACCT 431 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.

  • 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:

    ACCT 301 Intermediate Financial Accounting 1 (required)

    ACCT 302 Intermediate Financial Accounting 2 (required)

    Two to four courses additional, chosen from:

    ACCT 305 Cost and Managerial Accounting

    ACCT 307 Accounting Information Systems

    ACCT 312 Federal Tax 1

    ACCT 313 Federal Tax 2

    ACCT 417 Auditing

    ACCT 431 Advanced Financial Accounting

    Notes: Both ACCT 301 and ACCT 302 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

    Description

    Introductory 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.

  • ACCT 202 Fundamentals of Managerial Accounting

    Units: 1

    Description

    Introduction 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.

    Prerequisites

    Accounting 201.

  • ACCT 215 Volunteer Income Tax Assistance 1

    Units: .5

    Description

    Participation 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.

  • ACCT 301 Intermediate Financial Accounting 1

    Units: 1

    Description

    Close 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.

    Prerequisites

    ACCT 201.

  • ACCT 302 Intermediate Financial Accounting 2

    Units: 1

    Description

    Continues 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.

    Prerequisites

    ACCT 301

  • ACCT 305 Cost and Managerial Accounting

    Units: 1

    Description

    Exploration 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.

    Prerequisites

    ACCT 301 and junior or senior standing.

  • ACCT 307 Accounting Information Systems

    Units: 1

    Description

    Introduction 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.

    Prerequisites

    ACCT 301, MGMT 225, and a business school major.

  • ACCT 312 Federal Tax 1

    Units: 1

    Description

    Focuses 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.

    Prerequisites

    Accounting 301. Business School major.

  • ACCT 313 Federal Tax 2

    Units: 1

    Description

    In-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.

    Prerequisites

    Accounting 312. Business School major.

  • ACCT 315 Volunteer Income Tax Assistance 2

    Units: .5

    Description

    Follow-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.

    Prerequisites

    ACCT 215, Business School major.

  • ACCT 328 Directed Independent Study

    Units: .5-1

    Description

    Independent research on an accounting topic conducted under the direct supervision of an instructor.

    Prerequisites

    Permission of instructor.

  • ACCT 329 Selected Topics

    Units: .5-1

    Description

    Significant or current accounting topics not covered in other courses to enhance the accounting major.

    Prerequisites

    ACCT 202 and permission of instructor. Accounting major.

  • ACCT 417 Auditing

    Units: 1

    Description

    Professional standards for evaluating and reporting on financial statements, and the ethical, legal, and competitive environment of auditing.

    Prerequisites

    Accounting 302. Business School major.

  • ACCT 418 Advanced Auditing

    Units: 1

    Description

    Specialized audit topics including operational and compliance audits, attestation engagements, statistical sampling, use of generalized audit software, audits of computer systems, and work paper preparation.

    Prerequisites

    ACCT 417.

  • ACCT 421 Accounting Research

    Units: .5

    Description

    Basic 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.

    Prerequisites

    ACCT 302 and senior standing

  • ACCT 431 Advanced Financial Accounting

    Units: 1

    Description

    Focuses 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.

    Prerequisites

    ACCT 302.