THE
FACULTY
SENATE
Senate
Document Number 4208S
Date
of Senate Approval 04/10/08
-
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - -
Statement
of Faculty Senate Action:
APC Document 33: Delete ACCT 303; Change course descriptions
and
credit hours for ACCT 301, 302, and 317;
1. Delete: On pg.
180, the entire entry for ACCT 303.
303 Intermediate
Accounting III (3)
Theoretical and logical basis of accounting methods
emphasizing critical thinking and problem identification for external financial
reporting. Emphasis on coverage of deferred tax, pensions, leases and statement
of cash flows. Prerequisite: ACCT 302. No credit given for students who have
credit for ACCT 316. Fall and Spring.
2. Delete: On pg. 180, the entire
entry for ACCT 301:
301 Intermediate
Accounting I (3)
A study of the understanding and application of generally
accepted accounting principles and the theory underlying those principles as
they relate to the preparation and understanding of financial statements. The
course requires critical thinking and problem identification to apply generally
accepted accounting principles to business situations. Prerequisite: ACCT 215. Fall and Spring.
Add: On pg. 180, in
place of deleted entry:
301 Intermediate Accounting I (4)
A study of the understanding and application of
generally accepted accounting principles and the theory underlying those
principles as they relate to the preparation of the income statement, statement
of retained earnings, and balance sheet.
Topics include the time value of money and accounting for current and
non-current assets. Both critical
thinking and problem solving skills are emphasized in this course.
Prerequisite: ACCT 215. Fall and Spring.
3. Delete: On pg. 180, the entire entry for ACCT 302.
302 Intermediate
Accounting II (3)
ACCT 302 is a continuation of ACCT 301. A study of the understanding and application
of generally accepted accounting principles and the theory underlying those
principles as they relate to the preparation and understanding of financial
statements. The course requires critical
thinking and problem identification to apply generally accepted accounting
principles to business situations.
Prerequisite: ACCT 301. Fall and Spring.
Add: On pg. 180, in
place of deleted entry:
302 Intermediate
Accounting II (4)
A continuation of ACCT 301, this course is an
in-depth study of generally accepted accounting principles in relationship to
current and non-current liabilities, stockholders’ equity, and dilutive
securities. Additional topics include revenue recognition, investments,
accounting for income taxes, lease accounting, and the statement of cash flows.
Both critical thinking and problem-solving skills are emphasized in this
course. Prerequisite: ACCT 301. Fall and
Spring.
Impact:
With the removal of ACCT 303, one of the core
courses, the addition of hours will have no impact on students’ progress toward
graduation. The number of required hours for the major will not increase. It will not require additional faculty and
should not affect any majors outside the department.
Rationale:
Until recently, the Intermediate Accounting sequence
was covered in three courses. The accounting faculty decided to eliminate some
course material and adjust other material to fit into a two-course
sequence. While we believe the
two-course sequence is a better approach, the reduction in contact hours has
resulted in considerable stress to students and faculty. Increasing the contact hours in the
two-course sequence will enable students to have greater opportunity to explore
the material in a classroom setting. The
new course descriptions add detail to the topics covered in the courses. ACCT 303 will no longer be offered; the
course material will be covered in ACCT 301 and ACCT 302.
4. Delete: On pg. 180, the entire
entry for ACCT 317:
317 Cost
Accounting (3)
Basic procedures of cost accounting for planning and control.
Course concentrates on costing, responsibility accounting and motivation. Prerequisites: ACCT 215. Fall and Spring.
Add: On
pg. 180, in place of deleted entry:
317 Cost Accounting (4)
Basic procedures of cost accounting for planning and control.
Course concentrates on costing, responsibility accounting and motivation.
Emphasis is on the ability to generate effective internal information and
present it to management clearly in both oral and written formats.
Prerequisite: ACCT 215. Fall and Spring.
Impact:
With the removal of ACCT 303, one of the core
courses, the additional hour will not increase the number of hours required for
the major and will have no impact on students’ progress toward graduation. It will not require additional faculty and
should not affect any majors outside the department.
Rationale:
Before recent changes in the curriculum, Cost
Accounting (ACCT 317) was preceded by Principles of Accounting II (ACCT 216)
that provided a solid background on which to build the more advanced concepts
in cost accounting. Accounting majors
are no longer required to take the second principles class, and our assessment
of the accounting curriculum indicates that this change has had a negative impact
on the students’ understanding of the Cost Accounting course content. This
change in hours is preferable to requiring ACCT 216 because topics can be
introduced and pursued in more detail and immediately applied to other
principles; there is less fragmentation in the coverage of the concepts. However, additional contact time is needed to
allow the students to absorb the complex material. The new course description
more accurately describes the course.