Department of Accountancy and Business Law

Dr. Lori Buza, Chairperson

The Department of Accountancy offers a major in Accountancy and minors in Accountancy and Business Law.

Requirements for Accountancy Major

Degree of Bachelor of Science

AC-151Principles of Accounting I3
AC-152Principles of Accounting II3
AC-331Intermediate Accounting Theory I3
AC-332Intermediate Accounting Theory II3
AC-341Advanced Accounting Theory3
AC-443Cost Accounting3
AC-444Auditing Principles3
AC-455Taxation3
BL-161Introduction to Law and Contracts3
BL-162Agency and Business Organization3
EC-101Macroeconomic Principles3
EC-102Microeconomic Principles3
FN-410Business Finance3
FN-411Financial Management3
BA-151Principles of Management3
BA-155Principles of Marketing3
Choose 2 AC electives6
Choose 2 Electives with prefixes: BL,IS,BA,FN6
Total Credits60

Special Notes on Core Curriculum Requirements

1

CS-150 Introduction to Computers and Information Processing is highly recommended as part of their Natural Science Core Requirement.

2

MA-123 Elementary Calculus I-MA-124 Elementary Calculus II are suggested for the Mathematics Core Requirement; however, MA-105 Elementary Applied Mathematics-MA-106 Introduction to Probability and Statistics are accepted. Neither sequence of math courses may be taken on a Pass/Fail basis. Students desiring to take MA-123-MA-124, but not sufficiently prepared, must take MA-101 Precalculus.

3

In order to sit for the CPA Examination in New York State students need to take MA-105 Elementary Applied Mathematics and MA-106 Introduction to Probability and Statistics for the Mathematics Core Requirement.

Special Notes on Major Requirements

1

Students desiring to major in accountancy must take the entire program prescribed. At the end of freshman year, students will be approved for the concentration in accountancy provided they have a 2.5 average in AC-151 and AC-152. Students should consult with their professor in AC-152, or with their department mentor, concerning their qualifications for this concentration.

2

In order to satisfy some of the requirements needed to sit for the CPA Examina­tion in the State of New Jersey, a total of 30 accounting credits and 12 business elective credits must be completed. Business electives may be selected from courses in accountancy, business law, economics, information science, and business administration.  In addition, New York State requires Statistics (3 credits) which must be taken as part of the Core Mathematics Requirement. (Note that EC-300 Statistics for Business, Finance and Economics does not satisfy this requirement.) Students who expect to sit for the CPA Examination in another state should verify the specific academic requirements of that state.

3

All Accountancy majors are required to maintain a 2.5 average in major courses.

Requirements for a Minor in Accountancy

AC-151Principles of Accounting I3
AC-152Principles of Accounting II3
AC-331Intermediate Accounting Theory I3
AC-332Intermediate Accounting Theory II3
AC- or BL- Accountancy or Business Law Electives6
Total Credits18

Requirements for a Minor in Business Law

BL-161Introduction to Law and Contracts3
BL-162Agency and Business Organization3
BL-241Real and Personal Property3
BL-251Uniform Commercial Code3
LW-155Seminar in Contemporary Legal Issues3
One Business Law Elective3
Total Credits18

AC Courses

AC-151. Principles of Accounting I. 3 Credits.

Fundamental principles of accounting for business entities; the reporting of financial information to users; basic considerations underlying financial and cost accounting data from a management point of view.

AC-152. Principles of Accounting II. 3 Credits.

Fundamental principles of accounting for business entities the reporting of financial information to users basic considerations underlying financial and cost accounting data from a management point of view. Prerequisites: AC-151.

AC-295. Co-Op. 3 Credits.

AC-325. Forensic Accounting. 3 Credits.

A basic practical understanding of Forensic Accounting as a management tool. Prerequisites: AC-152.

AC-331. Intermediate Accounting Theory I. 3 Credits.

Traditional financial accounting topics, including recent developments by the leading professional accounting organizations. Prerequisites: AC-152.

AC-332. Intermediate Accounting Theory II. 3 Credits.

Traditional financial accounting topics, including recent developments by the leading professional accounting organizations. Prerequisites: AC-331.

AC-341. Advanced Accounting Theory. 3 Credits.

Study of specialized subject areas rounding out the accounting knowledge required by the beginning career accountant. Prerequisites: AC-332.

AC-420. Principles of IT Auditing. 3 Credits.

Principles of IT Auditing examined from the point of view of information systems and management. IT operations will be examined from both standalone and global environments. The Cobit framework will be introduced for auditing IT operations. Prerequisites: AC-151 OR IS-380 OR PERMISSION OF INSTRUCTOR.

AC-443. Cost Accounting. 3 Credits.

Study of cost accounting information systems and their importance as an essential management tool. Prerequisites: AC-332.

AC-444. Auditing Principles. 3 Credits.

Study of auditing standards associated with the examination of corporate accounts. Emphasis on audit objectives. Prerequisites: AC-332.

AC-455. Taxation. 3 Credits.

Practical understanding of the Federal Income Tax Law including the basic principles of the Law and their practical application. Prerequisites: AC-152.

AC-460. Accounting Information Systems. 3 Credits.

Study of managerial accounting systems covering the monitoring of the accumulation, summarizing and reporting of accounting within the organization. Prerequisites: AC-332.

AC-474. Accounting for Intercorporate Investment. 3 Credits.

Study of accounting for intercorporate investment parent-subsidiary relationships purchase vs pooling of interests indirect and reciprocal holdings. Prerequisites: AC-332.

AC-490. Accounting Internship. 3 Credits.

Eligible students are given the opportunity to work with a CPA firm or do other accounting work prior to graduation. Only Students in the Accounting Honors Program are eligible. Prerequisites: AC-341.

BL Courses

BL-161. Introduction to Law and Contracts. 3 Credits.

Introduction to the legal system; the nature of contracts; the statute of frauds; assignment of contracts; methods of discharging obligations in contract; remedies upon breach of contract.

BL-162. Agency and Business Organization. 3 Credits.

The nature and creation of an agency relationship, a partnership, a corporation the rights and duties of the various parties the law of trade regulation and unfair competition. Prerequisites: BL-161.

BL-165. International Law and Property Rights. 3 Credits.

The key to international business success is minimizing risk. The course emphasizes the management of risk when doing business over great distances. Examines legal aspects of trade, intellectual property and foreign direct investment.

BL-241. Real and Personal Property. 3 Credits.

The nature of real and personal property methods of transferring title bailment duties and liabilities of common carriers rights of society trusts insurance security interest. Prerequisites: BL-161.

BL-250. Law and Ethics. 3 Credits.

BL-251. Uniform Commercial Code. 3 Credits.

Study of articles 1, 2, 3, 4 and 9 of the Uniform Commercial Code. Form and content of commercial paper bank deposits and collections security interest in personal property product liability. Prerequisites: BL-161.

BL-295. Co-Op. 1 Credit.

BL-333. Environmental Law. 3 Credits.

This course is designed to expose students to several environmental statutes including the Clean Air Act and the Pollution Control Law, as well as environmental sustainability. Prerequisites: BL-161.

BL-399. Tutorial. 1 Credit.

BL-421. Doing Business Overseas. 3 Credits.

This course is designed to expose students to the global business and legal environment through short-term study visits to selected overseas countries. The aim is to help participants develop a better and more practical understanding of the political, economic, legal and cultural environments of the countries visited. Prerequisites: BL-161 OR LW-155.