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Accounting (ACCT)

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Vernon Richardson
Department Chair
401 WCOB
479-575-4051

  • Walter B. Cole Chair in Accounting and Professor Bouwman  
  • Ralph McQueen Chair in Accounting and Professor Myers (J.)
  • Garrison/Wilson Chair in Accounting and Professor Myers (L.)
  • Nolan E. Williams Lecturer and Associate Professor Norwood
  • Doris M. Cook Chair in Accounting and Professor Peters
  • Doyle Z. and Maynette Derr Williams Chair in Professional Accounting and Professor Pincus
  • S. Robson Walton Chair in Accounting and Professor Richardson
  • Associate Professor Sanchez (J.M.)
  • BKD Lectureship in Accounting and Clinical Professor Leflar
  • Assistant Professors Cassell, Chi, Cooper, Huang, Henderson, Keskek
  • Instructors Greenhaw, Reid

The mission of the department of accounting is to cultivate an environment of educational excellence. We do so by pursuing the following endeavors:

  • Providing a learning environment in which students interact with others to identify and solve accounting and business problems.
  • Developing and disseminating knowledge that has the potential for significant impact on accounting, business, and education.
  • Interacting with the accounting profession, the business and academic communities, and the community at large.

The department of accounting offers an undergraduate degree program in accounting and graduate programs at both the master’s and doctoral levels. The department’s programs are accredited by the AACSB – The International Association for Management Education, which ensures quality and promotes excellence and continuous improvement in undergraduate and graduate education. In addition, the accounting department offers courses in Business Law.

The objective of the B.S.B.A. accounting curriculum is to provide students with a broad overall education, solid grounding in the common body of knowledge of business administration, and exposure to accounting in sufficient depth to help them achieve entry-level competence for pursuit of a career in industry. The department also offers a five-year integrated program approach to receive the Master of Accountancy degree, which leads to the simultaneous award of the B.S.B.A. and the Master of Accountancy degrees. The integrated program is designed for students who wish to concentrate in accounting and obtain education in an accounting specialization. The objective of the integrated program is to provide students with advanced knowledge of accounting and business topics in order to obtain an accelerated position in accounting or help them launch a career in public accounting. Those students who are not accepted into the integrated program or choose not to enroll in the integrated program will be allowed to graduate with a B.S.B.A. upon successful completion of the B.S.B.A. degree requirements and Accounting Major Requirements detailed below.

Accounting Major Requirements Hours
Complete the requirements for a B.S.B.A. degree as listed under Degree Requirements.
Total General Education 60
Walton College Core Requirements (See Degree Requirements) 33
Course Requirements in the Major 27
ACCT 2013 Accounting Principles 3
ACCT 3533 Accounting Technology 3
ACCT 3613 Managerial Uses of Accounting Information 3
ACCT 3723 Intermediate Accounting I 3
ACCT 3753 Intermediate Accounting II 3
ACCT 3843 Fundamentals of Taxation 3
ACCT 4673 Product, Project and Service Costing 3
ACCT 4963 Audit and Assurance Services
3
Choose a total of three hours from any of the following courses:
  ACCT 310V Accounting Internship 3
  ACCT 410V Special Topics in Accounting 3
  ACCT 4003H Honors Accounting Colloquium 3
  ISYS 2263 Introduction to Information Systems 3
  WCOB 4213 ERP Fundamentals 3
  Walton College Study Abroad Course 3
Junior- senior-level electives within Walton College 12
Maximum of 30 hours of ACCT courses in department (core, major, elective). More than 30 hours allowed if the extra courses are part of interdisciplinary minor or collateral track.
Total Walton College Requirements 60
Total Degree Requirements 126

 

NOTE: Selection of electives should be made in consultation with academic advisers. Students planning on taking professional examinations should ascertain course requirements by examining authorities. Successful completion of a Master of Accountancy Degree from the University of Arkansas will qualify a student to take the CPA examination in Arkansas. B.S.B.A. graduates would need additional accounting hours and other courses amounting to a total of 150 semester hours to sit for the CPA exam in Arkansas.

Accounting B.S.B.A

Students wishing to follow the eight-semester degree plan should see the Eight-Semester Degree Completion Policy in the Academic Regulations chapter for university requirements of the program.

In addition to the coursework below, students must complete the Advanced Composition Requirement or gain exemption. Courses in BOLD must be taken in the designated semester. Courses in ITALIC may be taken in varied sequences as long as other designated requirements for these courses are met. Although other courses listed are not required to be completed in the designated sequence, the recommendations below are preferred.

Fall Semester Year 1

3 ENGL 1013 Composition I * – University Core

3 MATH 2053 Finite Math – University Core

3 COMM 1313 Public Speaking

1 WCOB 1111 Freshman Business Connection

2 WCOB 1012 Legal Environment of Business *

0 WCOB 1120 Computer Competency Requirement

3 U.S. History or Political Science – University Core

15 Semester Hours

 

Spring Semester Year 1

3 ENGL 1023 Composition II * - University Core

3 WCOB 1023 Business Foundations

3 WCOB 1033 Data Analysis and Interpretation

3 ECON 2023 Microeconomics – University Core

4 Natural Science – University Core

16 Semester Hours

Fall Semester Year 2

3 MATH 2043 Survey of Calculus **

3 ECON 2013 Macroeconomics ** – University Core

3 WCOB 2043 Acquiring and Managing Financial Resources

3 Select ONE of the following:

WCOB 2013 Markets and Consumers

WCOB 2023 Production and Delivery of Goods and Services

WCOB 2033 Acquiring and Managing Human Capital

3 Social Science – University Core

3 Fine Art/Humanities – University Core

18 Semester Hours

Spring Semester Year 2

3 Fine Art/Humanities – University Core

4 Natural Science – University Core

3 ACCT 2013 Accounting Principles

6 Select TWO of the following not completed in previous semester:

WCOB 2013 Markets and Consumers

WCOB 2023 Production and Delivery of Goods and Services

WCOB 2033 Acquiring and Managing Human Capital

16 Semester Hours

ALL pre-business requirements should be met by end of term.

Fall Semester Year 3

3 ACCT 3723 Intermediate Accounting I

3 ACCT 3613 Managerial Uses of Accounting Information

6 WCOB 3016 Business Strategy and Planning

3 General Education Elective

15 Semester hours

Spring Semester Year 3

3 ACCT 3533 Accounting Technology

3 ACCT 3753 Intermediate Accounting II

3 ACCT 3843 Fundamentals of Taxation

3 Junior/Senior Business Elective

4 General Education Elective

16 Semester hours

Fall Semester Year 4

3 ACCT 4673 Product, Project, and Service Costing

3 ACCT 4963 Audit and Assurance Services

3 Junior/Senior Business Electives

3 General Education Electives

3 Business Social Science

15 Semester hours

Spring Semester Year 4

Choose a total of three credit hours from any of the courses below:
 ACCT 310V Accounting Internship
 ACCT 410V Special Topics
 ACCT 4003H Honors Accounting Colloquium
 WCOB 4213 ERP Fundamentals
 ISYS 2263 Introduction to Information Systems
 3 credit hours of WCOB Study Abroad

6 Junior Senior Business Electives

6 General Education Electives

15 Semester hours

126 Total hours

* Must be taken prior to fall semester of sophomore year

** Must be taken prior to fall semester of junior year

*** Must be taken prior to fall semester of senior year

Accounting Minor for Business Students

The Department of Accounting offers a minor for Walton College students desiring more knowledge of accounting to assist them in their business careers. The minor requires the completion of 15 specific hours of study with all of the courses applied toward the minor taken in residence. The 15 hours include the following courses:

ACCT 3533 Accounting Technology
ACCT 3613 Managerial Uses of Accounting Information
ACCT 3723 Intermediate Accounting I
ACCT 3753 Intermediate Accounting II
ACCT 3843 Fundamentals of Taxation

Students who desire to earn an Accounting minor must notify the Walton College Undergraduate Programs Office of intent to pursue a minor. All requirements for the minor must be completed prior to the awarding of the student’s undergraduate degree. All specific course prerequisites must be met. Each student must have a 2.00 cumulative grade-point average in the courses offered for the minor.  All upper level minor requirements must be taken in residence.

B.S.B.A./M.Acc. Integrated Program

The integrated program to the Master of Accountancy is a five-year program of undergraduate and graduate coursework that allows outstanding students to earn the B.S.B.A. and the Master of Accountancy (M.Acc.) degrees at the same time. The professional curriculum, which usually begins in the student's junior year, includes specially designed accounting courses taught in relatively small classes by full-time faculty members. Students accepted into the integrated degree program may concurrently enroll in undergraduate and graduate level courses.

Because M.Acc. graduates are expected to become leaders in the accounting profession, highly motivated students with the personal qualities and intellectual capacity to establish successful careers in public accounting, industry, not-for-profit organizations, and higher education are encouraged to apply.

Admission

Students are admitted to the integrated program according to the following requirements. Admission is granted only for the fall semester; July 1 is the application deadline for those who wish to begin the integrated program the following fall. Students interested in this program must have completed 90 credit hours of study towards the baccalaureate degree (including ACCT 2013, ACCT 3533, ACCT 3613, ACCT 3723) by the July 1 deadline.

Acceptance into the integrated program is based upon the discretion of the admissions committee. The committee considers the overall quality of the applications including the overall grade point average, the grades in ACCT 2013, ACCT 3533, ACCT 3613, ACCT 3723 and the Graduate Management Admission Test (GMAT), as well as other relevant examples of academic ability and leadership. To receive serious consideration by the admissions committee, a student should have a minimum GPA of 3.0 within the applicant’s overall university and accounting coursework. Due to the demand for seats in the program, the admissions committee selectively restricts admission into the program based upon the availability of instructional resources. Students must complete at least two long-session semesters in residence in the M.Acc. program.

Transfer students will be handled on a case-by-case basis.

Satisfactory Progress

Students are expected to make continuous progress toward the degree by completing required accounting coursework each semester. Students who fail to meet the requirements for the M.Acc. program must choose another major of study or finalize their B.S.B.A. in Accounting. Students will be notified before this action is taken and should meet with an academic advisor in the Undergraduate Programs Office upon notification.

Probation

A student is placed on probation if his or her grade point average in core undergraduate accounting courses falls below 3.00. Except with the consent of the M.Acc. Program Director a student on probation may not take graduate accounting courses.

Graduation

To receive an integrated B.S.B.A/M.Acc. degree, a student must have a grade point average of at least 3.00 in all coursework taken as part of the minimum thirty hour M.Acc. degree. He or she must also have a grade point average in graduate accounting coursework of at least 3.00.

Degree Requirements

The requirements of B.S.B.A./M.Acc. Integrated program are:

1. Undergraduate coursework

   a. Complete the requirements for the B.S.B.A. degree requirements and Accounting Major Requirements detailed above.

   b. Students are strongly encouraged, but not required, to participate in an accounting internship, ACCT 310V.

2. Graduate coursework

Students with appropriate backgrounds in business administration and economics and with an undergraduate concentration in accounting will be required to complete 30 semester hours of course work beyond the baccalaureate degree, at least 21 semester hours of which must be in courses reserved exclusively for graduate students.

All students must be enrolled for a minimum of 12 hours during consecutive fall/spring semesters. The student must be in residence a minimum of 24 weeks (see residency requirements of the Master of Arts/Master of Science).

A minimum of 18 semester hours of accounting are required, 12 hours of which are specified:

  • ACCT 5413 Advanced Financial Accounting
  • ACCT 5433 Fraud Prevention and Detection
  • ACCT 5953 Auditing Standards
  • ACCT 5873 Advanced Taxation

A minimum of six semester hours of the student’s graduate program must be non-accounting electives.

The M.Acc. degree program does not require a thesis. Successful completion of integrated B.S.B.A/M.Acc program from the University of Arkansas will qualify a student to take relevant professional examinations.

For further information, write to the M.Acc. Adviser, Department of Accounting, Walton College of Business, University of Arkansas, Fayetteville, AR 72701 or contact the Graduate School of Business at gsb@walton.uark.edu.

Courses

(ACCT) Accounting

ACCT2013 Accounting Principles (Sp, Fa) Introduction of accounting as an information system with emphasis on processing and presenting information in the form of financial statements for use in decision making. The course emphasizes business processes and double entry accounting. Corequisite: WCOB 2043.

ACCT310V Accounting Internship (Sp, Su, Fa) (1-3) This class is designed to give students an internship opportunity to combine their formal academic preparation with an exposure to the accounting profession. Prerequisite: ACCT 3723. May be repeated for up to 3 hours of degree credit.

ACCT3533 Accounting Technology (Sp, Fa) This course provides an overview of accounting information systems and illustrates the importance of technology to accountants. Students are exposed to a variety of information technologies including manual, file-oriented, and database systems. The relative advantages and disadvantages of each type of system are highlighted and discussed. Prerequisite: ACCT 2013 or ACCT 3013 or ACCT 3723 with a grade of C or better.

ACCT3613 Managerial Uses of Accounting Information (Sp, Fa) Use of accounting information for managerial decisions in a changing, global environment. Identifying the specific information needs of managerial decisions, focusing on the role of both financial and non-financial accounting information within the context of a continually changing information system technology. Covers business as well as non-profit and governmental organizations. This course includes spreadsheet analysis. Prerequisite: ACCT 2013 with a grade of "C" or better.

ACCT3723 Intermediate Accounting I (Sp, Fa) This course is designed to study the theoretical basis for financial accounting concepts and principles related to financial reporting. This course emphasizes researching technical accounting pronouncements for application to external financial reporting issues. Corequisite: WCOB 2043. Prerequisite: ACCT 2013 or ACCT 3013 with a grade of C or better.

ACCT3753 Intermediate Accounting II (Sp) This is the second financial accounting course designed to continue study of financial accounting concepts and principles. This course emphasizes research of technical accounting pronouncements for application to external financial reporting issues. Prerequisite: ACCT 3723 with a grade of "C" or better.

ACCT3843 Fundamentals of Taxation (Sp, Fa) Overview of basic income tax principles and tax planning techniques. Overview of the income tax treatment of business entities. Focus on the income tax treatment of individuals (with emphasis on the Federal Income Tax). Prerequisite: ACCT 2013 or ACCT 3013 or ACCT 3723, each with a grade of C or better.

ACCT4003H Honors Accounting Colloquium (Fa) Explores events, concepts and/or new developments in the field of accounting. Prerequisite: Senior standing.

ACCT410V Special Topics in Accounting (Irregular) (1-3) Explore current events, concepts and new developments relevant to Accounting not available in other courses. Prerequisite: ACCT 3723 with a grade of "C" or better. May be repeated for credit.

ACCT4203 Taxation of Business Entities (Irregular) Focus on the income tax treatment of corporations and pass-through business entities. Prerequisite: ACCT 3843 with a grade of C or better.

ACCT4673 Product, Project and Service Costing (Fa) Cost systems with emphasis on information generation for cost management of products, projects and services. The course includes spreadsheet and other computer program analysis. Prerequisite: ACCT 3613 and ACCT 3723 with grades of C or better.

ACCT4963 Audit and Assurance Services (Sp) Professional standards and procedures as applied to external and internal assurance engagements. Including coverage of the economic role of assurance providers, engagement planning, risk assessment, evidence gathering, and reporting. Prerequisite: ACCT 3723 with a grade of "C" or better.

ACCT5223 Accounting for Supply Chain & Retail Organizations (Fa) Highlights the role played by accounting information in managing supply chains and retail operations. Provides tools for managing cost flows, including activity-based costing, retail accounting, and operational budgeting. Focuses on improving decision making processes, and linking the impact of retail/supply chain decisions to financial statements and shareholder value.

ACCT5413 Advanced Financial Accounting (Fa) Integrated course which examines the financial reporting, tax, managerial, systems and auditing aspects of major corporate restructurings arising from events such as mergers, acquisitions, spinoffs, reorganizations and downsizing. Prerequisite: ACCT 3753 with a grade of "C" or better.

ACCT5433 Fraud Prevention and Detection (Fa) An examination of various aspects of fraud prevention and detection, including the sociology of fraud, elements of fraud, types of fraud involving accounting information, costs of fraud, use of controls to prevent fraud, and methods of fraud detection. Prerequisite: MBAD 512V with a grade of "C" or better.

ACCT5443 Asset Management (Irregular) Managing assets to achieve corporate strategy. Included are issues such as strategy formulation, acquisition processes, internal controls, system requirements, accounting measurements, inventory models, re-engineering, capital budgeting, tax issues, and discussion of current business events that have ethical implications. Prerequisite: MBAD 513V with a grade of "C" or better.

ACCT5463 Financial Statement Analysis (Sp) This course is designed to study financial statements and their related footnotes; tools and procedures common to financial statement analysis; the relationships among business transactions, environmental forces (political, economic, and social), and reported financial information; and how financial statement information can help solve certain business problems. Prerequisite: ACCT 3723 with a grade of "C" or better.

ACCT549V Special Topics in Accounting (Irregular) (1-3) Seminar in current topics not covered in other courses. Students may enroll in one or more units. May be repeated for up to 3 hours of degree credit.

ACCT5873 Advanced Taxation (Fa) In-depth coverage of the tax treatment of corporations including advanced tax issues. Introduction to tax research including the organization and authority of tax law; accessing and using the tax law; and, applying tax law to taxpayer scenarios. Prerequisite: ACCT 3843 or equivalent with a grade of "C" or better.

ACCT5883 Individual Tax Planning (Sp) In-depth coverage of the tax treatment of passthrough business entities including advanced tax issues. Overview of the income tax treatment of estates and trusts. Overview of the essentials of estate and gift taxation. Prerequisite: MBAD 512V or ACCT 3843 each with a grade of "C" or better.

ACCT5953 Auditing Standards (Fa) Professional aspects of financial statement auditing and registered auditors. Including ethics and legal responsibilities; internal control testing; critical evaluation of evidence; application of sampling; and reporting problems. Prerequisite: ACCT 4963 with a grade of "C" or better.

ACCT6013 Graduate Colloquium (Irregular) Presentation and critique of research papers and proposals. May be repeated for up to 9 hours of degree credit.

ACCT6033 Accounting Research Seminar I (Irregular) First course in the accounting research seminar sequence which explores and evaluates current accounting literature. Course content reflects recent developments in the literature and specific interests of participants. Examples of potential topics include research methods in accounting, managerial accounting, behavioral accounting,

ACCT6133 Accounting Research Seminar II (Irregular) Second course in the accounting research seminar sequence which explores and evaluates current accounting literature. Course content reflects recent developments in the literature and specific interests of participants. Examples of potential topics include research methods in accounting, financial accounting, managerial accounting, behavioral accounting, tax, audit, international accounting, and education. Prerequisite: ACCT 6033.

ACCT6233 Accounting Research Seminar III (Irregular) Third course in the accounting research seminar sequence which explores and evaluates current accounting literature. Course content reflects recent developments in the literature and specific interests of participants. Examples of potential topics include research methods in accounting, financial accounting, managerial accounting, behavioral accounting, tax, audit, international accounting, and education. Prerequisite: ACCT 6033.

ACCT636V Special Problems in Accounting (Sp, Fa) (1-6) Special research project under supervision of a graduate faculty member.

ACCT6433 Accounting Research Seminar IV (Irregular) Fourth course in the accounting research seminar sequence which explores and evaluates current accounting literature. Course content reflects recent developments in the literature and specific interests of participants. Examples of potential topics include research methods in accounting, financial accounting, managerial accounting, behavioral accounting, tax, audit, international accounting, and education. Prerequisite: ACCT 6033.

ACCT6633 Accounting Research Seminar V (Irregular) Fifth course in the accounting research seminar sequence which explores and evaluates current accounting literature. Course content reflects recent developments in the literature and specific interests of participants. Examples of potential topics include research methods in accounting, financial accounting, managerial accounting, behavioral accounting, tax, audit, international accounting, and education. Prerequisite: ACCT 6033.

ACCT700V Doctoral Dissertation (Sp, Fa) (1-18) Prerequisite: Candidacy.

(BLAW) Business Law

BLAW3033 Commercial Law (Sp) A study of the laws applicable to commercial transactions. Topics covered include the common law of contracts, Articles Two (Sales) and Three (Commercial Paper) of the Uniform Commercial Code, secured transactions, suretyship, and bankruptcy. Prerequisite: WCOB 1012.