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B.Ac. Description
Rodger L. Brannan, Associate Professor of Accounting; Ehsan H. Feroz, Professor of
Accounting; June F. Li, Associate Professor of Accounting; Jerry W. Lin, Assistant
Professor of Accounting; Alan C. Roline, Associate Professor of Business Law (department
head); Karen E. Salmela, Instructor of Accounting
The work of the accountant is firmly established as an indispensable service in the
world of business, government, and nonprofit organizations. Professionally trained
accountants no longer don green eyeshades and merely "keep the books" of a business.
Today's accountant more often serves as a strategic business partner whose job is to
develop key business intelligence that allows clients to analyze their processes, business
issues, and business risks. Public accountants provide their clients with auditing as well
as other "assurance" services; "forensic" accounting to help uncover fraud; information
technology design, implementation, and auditing; business consulting; and tax advisory
services. Accountants in private industry provide financial management and reporting
services, internal auditing, management accounting and analysis, and tax planning. Many
accountants serve as a company's controller, treasurer, chief financial officer, or other
executive officer. Accountants in government often are involved in performance auditing,
financial reporting or auditing, compliance audits and/or investigative audits. Accountants
in the nonprofit sector provide similar advisory services including financial budgeting and
reporting, development of internal control systems, and tax services.
The growing globalization and complexity of modern business firms have increased the
demand for accountants. At the same time, the supply of accounting graduates has declined.
Today's accountant must have a high level of technical competence, but must also have good
communication and analytical skills, as well as the ability to work with people. Employers
are looking for individuals who have the ability to analyze and evaluate complex business
problems and the interpersonal skills and maturity to make decisions in an increasingly
client-focused environment. Success as an accountant requires motivation, a commitment to
service, and skills in communication and analysis. Also important are abilities to work
well with others, to think abstractly, and to solve problems systematically. The expanding
use of computers in business requires that the accountant be trained to use computer-based
accounting and management information systems, to design and implement new systems, and to
provide the expertise in internal control and auditing to review and audit both new and
existing systems.
The primary professional certification in public accounting is the Certified Public
Accountant (CPA). To obtain the required body of knowledge and to develop the skills and
abilities needed to be successful CPAs, the American Institute of Certified Public
Accountants has proposed standards that require students to complete 150 semester hours of
education. All 150 hours may be taken at the undergraduate level or a combination of
undergraduate and graduate level courses may be used. At UMD, students can choose to:
- combine their B.Ac. degree with an M.B.A.;
- combine their B.Ac. degree with another major within the School;
- combine their B.Ac. degree with a minor from the School or another college, such as
computer science, communications, or criminal justice, etc.;
- combine their B.Ac. degree with the additional undergraduate coursework in
accounting, business, or other discipline such that the total equals or exceeds 150
hours.
- Other types of professional certifications for accountants in private industry do
not require 150 hours of education. The Certified Management Accountant (CMA)
certificate is issued by the Institute of Management Accounting. The Certified Internal
Auditor (CIA) certificate is issued by the Institute of Internal Auditors. The B.Ac.
degree program also serves as basic preparation for both the CMA and CIA
examinations.
A number of active learning opportunities are available to students in UMD's accounting
program. Acct 3196—Internship in Accounting allows students to apply knowledge and skills
gained in the classroom to real world accounting problems through work experience in
sponsoring businesses. Most internships offer a salary as well as the opportunity to earn
credits through a supervised work experience. Another opportunity, Acct 3096—Volunteer
Income Tax Assistance, gives students a general understanding of our tax system, while
providing an invaluable service learning experience in dealing with a diverse clientele in
a volunteer situation.
Bachelor of Accounting (B.Ac.)
The bachelor of accounting (B.Ac.) program provides the core competencies in both accounting and general business that are necessary for a successful accounting career. The program includes study in the following: financial accounting and accounting theory; management accounting; accounting information and computer systems; financial, operational, and information systems audit; and taxation. This accounting curriculum is combined with a foundation in the functional areas of business law, finance, information systems, marketing, operations, and management as well as a broad general education, including the areas of the behavioral sciences, the humanities, English, communication, the arts, mathematics, and statistics.
Admission Requirements
During the second semester of the freshman year (12-20 credits completed), LSBE
baccalaureate students must apply for candidacy for their degrees. To be eligible for
candidacy, a student must be in good academic standing (overall, transcript, and internal
GPAs must be 2.00 or higher), and have completed all pre-major requirements for the
bachelor of accounting or bachelor of business administration degree. Students who do not
qualify for admission to candidacy may not take LSBE upper division courses without the
permission of the assistant to the dean for student affairs. Students who complete upper
division work in accounting, business law, economics, finance and management information
sciences, or management studies before being admitted to candidacy may be required to
complete additional upper division work.
Degree Requirements
Requirements for the B.Ac. degree (120 credits) include:
- Liberal education requirements
- At least one course each for the international perspective requirement and the
cultural diversity requirement must be taken within the liberal education
requirements.
- Completion of at least 30 degree credits at UMD. At least 20 of the last 30 degree
credits immediately before graduation must have been taken at UMD. At least 50 percent
of required business, accounting and upper division economics credits must be taken at
UMD.
- Compliance with the general regulations governing granting of degrees.
- There will be strict limitations on use of correspondence courses.
See LSBE Student Affairs.
- No more than 50 percent of the minimum 120 credits required for the B.Ac. degree
may be in accounting, business, or economics courses.
- Students choosing to pursue a double major, or a major and a minor, within the
school will likely exceed 120 total degree credits.
- Students pursuing more than one degree must complete requirements for both
degrees.
Lower Division (60)
Liberal Education Program Requirements (35)
See Liberal Education Program in the Policies and Procedures section of this catalog for
each category's title, specific guidelines, and a complete list of approved courses,
including Comp 1120—College Writing. LSBE students are encouraged to take at least one year
of college-level foreign language.
Pre-major Requirements
Acct 2001—Principles of Financial Accounting (3)
Acct 2002—Principles of Managerial Accounting (3)
BLaw 2001*—The Legal Environment (3)
Comm 1112*—Public Speaking
or Comm 1222*—Interpersonal Communications (3)
or Foreign language courses (see Student Affairs staff for approved courses)
Econ 1022*—Principles of Economics: Macro (3)
Econ 1023*—Principles of Economics: Micro (3)
Econ 2020—Statistics: Methods and Analysis (5)
FMIS 1201—Introduction to Business Information Systems (3)
Math 1160*—Finite Mathematics and Introduction to Calculus (5)
or Math 1296—Calculus I (5)
Psy 1003*—General Psychology (4)
SSP 1000**—Introduction to College Learning (1)
* Courses that may be used to fulfill UMD liberal education program requirements.
**Not required for transfer students or for students who change colleges into LSBE.
Electives
Additional non-LSBE courses to bring total to 60 pre-candidacy credits. (Non-LSBE statistics
courses cannot be used to fulfill elective requirements.)
Upper Division (60)
Communication Skills Requirement (3)
Comp 3121—Advanced Writing: Business
Accounting-Business Law Core (27)
Acct 3101—Intermediate Accounting I (3)
Acct 3102—Intermediate Accounting II (3)
Acct 3110—Computer Applications in Accounting (3)
Acct 3151—Income Tax Accounting (3)
Acct 3201—Cost Accounting I (3)
Acct 4160—Auditing (3)
BLaw 3101—Business Law (3)
Accounting electives (two courses) (6)
LSBE Core (24)
FMIS 3141—Business Communications (3)
FMIS 3201—Management Information Systems
or MgtS 3801—Human Resource Management (3)
FMIS 3301—Production and Operations Management (3)
FMIS 3601—Corporation Finance (3)
MgtS 3401—Organizational Behavior and Management (3)
MgtS 3701—Principles of Marketing (3)
MgtS 4481—Strategic Management (3)
Economics Elective
Select one course:
Econ 3022—Macroeconomic Analysis (3)
Econ 3023—Microeconomic Analysis (3)
Econ 3512—Managerial Economics (3)
Supporting Courses (6)
- International Requirement—Any course from the list of upper division courses
approved for the major or minor in international studies for the B.A. degree (must be
outside of LSBE if International Accounting is not used as an accounting elective).
- Upper division non-LSBE electives to bring total to 60 credits.
Minor Requirements
The minor in accounting is valuable to students who want to understand the accounting
process and its applications in modern society. The minor offers training for entry into
positions in government, industry, and social service organizations that require an
understanding of accounting but not the depth provided by the B.Ac. degree program.
While completing this minor, no more than 25 percent (30 credits) of total credits
required for a degree may be drawn from the courses offered by the LSBE or recognized by the
school as equivalent transfer courses. Economics courses are excluded from these
calculations.
Students must apply for admission to the minor before completing Econ 2020—Statistics:
Methods and Analysis or equivalent non-LSBE statistics course and are admitted after
completing the pre-minor requirements and after earning a minimum of 50 credits. Admission
to the minor is based on the same GPA requirements as admission to candidacy for LSBE
baccalaureate degrees. Applications are available in 21 Labovitz School of Business and Economics
Building.
Accounting Minor for Non-LSBE Students
Pre-Minor Core (15-22)
Acct 2001—Principles of Financial Accounting (3)
Acct 2002—Principles of Managerial Accounting (3)
Econ 1003*—Economics and Society (3)
or Econ 1022*—Principles of Economics: Macro (3)
and Econ 1023*—Principles of Economics: Micro (3)
Econ 2020—Statistics: Methods and Analysis (5)
or equivalent statistics course (3)
FMIS 1201—Introduction to Business Information Systems (3)
or CS 1011*—Introduction to Computers and Software (3)
or CS 1511*—Computer Science I (5)
Required Courses (9)
Acct 3101—Intermediate Accounting I (3)
Acct 3110—Computer Applications in Accounting (3)
LSBE 1101*—The Business Environment (3)
Electives
Select two courses (6)
Acct 3102—Intermediate Accounting II (3)
Acct 3151—Income Tax Accounting (3)
Acct 3201—Cost Accounting I (3)
* Courses that may be used to fulfill UMD liberal education program requirements.
Accounting Minor for B.B.A. Candidates (12)
Required Courses (6)
Acct 3101—Intermediate Accounting I (3)
Acct 3110—Computer Applications in Accounting (3)
Electives
Select two courses (6)
Acct 3102—Intermediate Accounting II (3)
Acct 3151—Income Tax Accounting (3)
Acct 3201—Cost Accounting I (3)
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