Accounting

Assistant Professor Emily Wright
Instructor Jason Sexton
Part-time Instructor Mallory Fairless
Part-time Instructor Jafar Qutob

Students who enjoy problem solving and decision-making will find the accounting major a challenging but rewarding discipline of study. While learning content, students will improve their analysis and evaluation skills to be prepared for life beyond Illinois College.

Students seeking to complete more than one major in the Business Department must complete a minimum of 24 additional hours of new content beyond the first major.

Each minor in the Business Department requires a minimum of 16 additional hours of new content beyond the requirements of declared majors in the department.

Majors & Programs

Courses

AC 207: Volunteer Income Tax Assistance (VITA)

A study of basic income tax preparation and tax preparation software. Students will prepare tax returns for those with incomes of $60,000 or less in the local area. All work is supervised in person by a faculty member. May be repeated for a maximum of 4 hours.

AC 231: Principles of Accounting

Fundamental financial and managerial accounting concepts used in decision making. Emphasis is on operating, investing, and financing activities and planning, controlling, and evaluating performance.

AC 320: Accounting, Taxation, & Finance in Agriculture

The learning objectives of this course are to (1) understand source documents and the usefulness of recordkeeping. (2) Understand ag accounting using the Farm Financial Standards Council guidelines. (3) Understand taxation for both Federal and Illinois. (4) Understand accounting, taxation, and legal implications related to type of business entity. (5) Understand and analyze financial statements using benchmark ratios; horizontal, vertical, and per acre analysis. (6) Understand financial markets and institutions in agriculture. (7) Understand sources and costs of capital. (8) Understand risk management and insurance needs.

AC 321: Accounting Information Systems

Study of Accounting Information Systems (AIS) internal control, the system development cycle, relational data structure, and e-commerce solutions. Learning application of AIS in the business environment by using an integrated accounting package, building flowcharting skills, and choosing and implementing a computerized accounting system. Also, discussion of Enterprise Resource Planning (ERP) and the valuation of Information Technology (IT) resources.

AC 323: Intermediate Cost Accounting

Use of costs for planning, controlling and decision making with emphasis on standard costs, flexible budgets, cost behavior, direct costing, relevant costs, responsibility accounting and cost analysis for control and motivation.

AC 325: Intermediate Financial Accounting I

In depth study of the accounting process and financial statements preparation. Analysis of balance sheet elements relating to income determination through conceptual discussion and procedural presentation.

AC 326: Intermediate Financial Accounting II

Discusses in depth the traditional financial accounting topics as well as the recent developments in accounting valuation and reporting. Special topics are EPS, accounting for deferred income taxes, leases, pensions, changes/errors preparation of the statement of cash-flows, and financial analysis.

AC 329: Tax Accounting

The federal income tax principles and applications with primary emphasis upon personal income taxes.

AC 433: Auditing

A study of the external principles, procedures and techniques used by auditors in verification of the financial statements of the business enterprise.

AC 463: Internship in Accounting

A practical application of theoretical skills in actual job-related situations. Open to Junior and Senior majors. May be repeated for a maximum of 6 hours.

AC 485: Senior Seminar

As an interdisciplinary capstone course, students will analyze and evaluate financial information with respect to profitability, corporate risk management, and proper financial reporting.