THE UNIVERSITY OF NORTH CAROLINA AT ASHEVILLE FACULTY SENATE Senate Document Number 1195S Date of Senate Approval 2/9/95 ------------------------------------------------------------------ Statement of Faculty Senate Action: APC Document #11: Changes in the Accounting Program and the Management Minor Effective Date: Fall 1995 (1995-96 Catalog) Delete: On page 147 of the 1994-95 Catalog beginning at the top of the page. "Bachelor of Science in Accounting The program leading to the B.S. degree in Accounting is designed to provide students with the appropriate background, skills and interest to enter an area of accounting. The courses give a basic understanding of the business world and a background in the general areas of accounting. The Financial Accounting Track provides a thorough background for the certified Public Accountant (CPA) Examination. The Managerial Accounting Track is appropriate for individuals who are interested in the Certificate in Management Accounting (CMA). Declaration of Major A student must apply for entrance to the Accounting major by submitting an application form to the Management Department chair. The following criteria must be met for acceptance into the major: I. The student must have completed the following courses with a grade of C or better in each course: ACCT 215; ECON 201*; MGMT 200; and STAT 185*. II. The student's overall GPA must be a 2.0 or higher. III. The department chair may make exceptions where extenuating circumstances exist. IV. Before declaring a major, a student must satisfy the LANG 102 and Library Research requirements. *Students anticipating a major in Accounting may choose ECON 201 as one of their social science general education requirements and, if qualified, choose STAT 185 as their mathematics general education requirement. General Requirements for Accounting A core of 36 semester hours is required, as specified below: I. Required courses in the major - 17 hours: ACCT 215, 216, 315, 316, 317. II. Required courses outside the major - 19 hours: ECON 201; STAT 185; CSCI 126 or ACCT 330; MGMT 200, 340, 380. III. Other departmental requirements - The selection of a tract comprising 24 semester hours of coordinated work (see below); written senior demonstration of competency. Accounting Tracks In addition to the Accounting core, each Accounting major must complete one of the tracks shown below. Any substitutions for specific courses must be approved by the department chair. Financial Accounting Track: This track is for those students whose interests are in public accounting. Required courses: ACCT 415, 416, 417, 418, 419, 440; ECON 210; MCOM 269 or ECON 306. Managerial Accounting Track: This track prepares students who are interested in private accounting for business, industry, or other organizations. Required courses: ACCT 318, 415, 417, 440, MGMT 313; ECON 306; and two other courses selected from the following: ACCT 416, 447; MGMT 350 and 460. " Effective Date: Fall 1995 (1995-96 Catalog) Delete: On page 148 of the 1994-95 Catalog. "215 Principles of Accounting I (3) An introduction to financial accounting. Emphasis on the principles and most common practices used to generate the balance sheet and the income statement. Course offered every semester. " Effective Date: Fall 1996 (1996-97 Catalog)(delayed delete) Delete: On page 148 of the 1994-95 Catalog. "216 Principles of Accounting II (3) An introduction to management accounting; internal control, planning, and special decisions; time value of money; the statement of cash flow. Prerequisite: ACCT 215. Course offered every semester." 315 Intermediate Accounting I (4) Accounting theory focusing on asset and liability valuation, and income identification and measurement for external financial reporting. Prerequisite: ACCT 216. Course offered every semester." 316 Intermediate Accounting II (4) Accounting theory focusing on long-range investments, owner's equity, tax allocations and cash flow for external financial reporting. Prerequisite: ACCT 315. Course offered every semester." Add: On page 147 of the 1994-95 Catalog beginning at the top of the page. "Bachelor of Science in Accounting The program leading to the B.S. degree in Accounting is designed to provide students with the appropriate background, skills and interest to enter an area of accounting. The courses give a basic understanding of the business world and a background in the general areas of accounting. The Financial Accounting Track provides a thorough background for the Certified Public Accountant (CPA) Examination. The Managerial Accounting Track is appropriate for individuals who are interested in the Certificate in Management Accounting (CMA). Declaration of Major A student must apply for entrance to the Accounting major by submitting an application form to the Management Department chair. The following criteria must be met for acceptance into the major: I. The student must have completed the following courses with a grade of C or better in each course: ACCT 218; ECON 201*; MGMT 220; and STAT 185*. II. The student's overall GPA must be a 2.0 or higher. III. The student must have demonstrated satisfactory computer skills. This requirement may be fulfilled by either successfully completing a computer skills diagnostic test or a college level computer class. IV. The department chair may make exceptions to the above requirements where extenuating circumstances exist. V. Before declaring a major, a student must satisfy the LANG 102 and Library Research requirements. *Students anticipating a major in Accounting may choose ECON 201 as one of their social science general education requirements and, if qualified, choose STAT 185 as their mathematics general education requirement. General Requirements for Accounting A core of 38 semester hours is required, as specified below: I. Required courses in the major - 22 hours: ACCT 218, 301, 302, 303, 317, 340, 415. II. Required courses outside the major - 16 hours: ECON 201; MGMT 220, 341, 380; STAT 185. III. The selection of a track comprising 21 semester hours of coordinated work (see below). IV. Written senior demonstration of competency. Accounting Tracks In addition to the Accounting core, each Accounting major must complete one of the tracks shown below. Any substitutions for specific courses must be approved by the department chair. Financial Accounting Track: This track is for those students whose interests are in public accounting. Required courses: ACCT 416, 417, 418, 447, and three courses to be selected from ACCT 319; ACCT 330; ECON 210; ECON 306; LANG 351 or MCOM 269; MGMT 460. Managerial Accounting Track: This track prepares students who are interested in private accounting for business, industry, or other organizations. Required courses: ACCT 412, 417, 447; MGMT 413; ECON 306; and two other courses selected from the following: ACCT 319; ACCT 416; ACCT 418; MGMT 350; MGMT 460; MGMT 487. Effective Date: Fall 1995 (1995-96 Catalog) Add: On page 148 of the 1994-95 Catalog. "218 Principles of Accounting (4) Introduction to financial and managerial accounting. Emphasis on the principles and most common practices used to generate the balance sheet and the income statement; management accounting; internal control, planning, and special decisions; the statement of cash flow. Course offered every semester. No credit given to students who have credit for the ACCT 215-216 sequence or have credit for ACCT 216. 301 Intermediate Accounting I (3) Theoretical and logical basis of accounting methods emphasizing critical thinking and problem identification for external financial reporting. Emphasis on general balance sheet and income statement concepts as well as in-depth coverage of cash, receivables, inventories, and property, plant, and equipment. Prerequisite: ACCT 218. Course offered every semester. No credit given to students who have credit for ACCT 315. 302 Intermediate Accounting II (3) Theoretical and logical basis of accounting methods emphasizing critical thinking and problem identification for external financial reporting. Emphasis on coverage of liabilities, owner's equity, dilutive securities, investments, and revenue recognition. Prerequisite: ACCT 301. Course offered every semester. No credit given to students who have credit for ACCT 315 and ACCT 316. 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. Course offered every semester. No credit given for students who have credit for ACCT 316." Effective Date: Fall 1995 (1995-96 Catalog) Change Text: On page 149 of the 1994-95 Catalog. "418 Accounting Theory (3) A study of the principles and standards generally accepted in the practice of accounting and their relationship to current procedures. Prerequisite: ACCT 416. Course offered every spring semester. To Read: On page 149 of the 1994-95 Catalog. "418 Accounting Theory (3) A study of the "comprehensive systems of assumptions, definitions, recognition and measurement principles and procedures which form the bounds for judgement in preparing financial statements. Prerequisites: ACCT 317 and 416." Course offered every spring semester. Effective Date: Fall 1995 (1995-96 Catalog) Change Prerequisites: On page 148-149 of the 1994-95 Catalog. "317 Cost Accounting (3) From: "Prerequisite: ACCT 216." To: "Prerequisites: ACCT 218 and demonstration of computer literacy." 330 Microcomputer Applications in Business (3) From: "Prerequisites: MGMT 200; ACCT 215." To: "Prerequisites: MGMT 220; ACCT 218." 415 Auditing (3) From: "Prerequisites: ACCT 316; CSCI 126 or ACCT 330; STAT 185." To: "Prerequisites: ACCT 303; STAT 185." 416 Advanced Accounting (3) From: "Prerequisite: ACCT 316." To: "Prerequisites: ACCT 303." Effective Date: Fall 1995 (1995-96 Catalog) Change From Course Number and Description: On page 148 of the 1994-95 Catalog. From: "318 Advanced Managerial Accounting (3) A detailed treatment of cost accounting for planning and control. The course concentrates on costing, responsibility accounting, and motivation. Techniques include standard costing and direct costing. Prerequisite: ACCT 317. Course offered every fall semester." To: "412 Advanced Managerial Accounting (3) A detailed treatment of the planning and control techniques used to generate information for managerial decision-making. Cost and profit analysis for manufacturing and non- manufacturing concerns. Prerequisite: ACCT 317. Course offered every odd year spring semester. No credit given to students who have credit for ACCT 318." Change Course Description, Prerequisites and Number: On page 149 of the 1994-95 Catalog. From: "419 Fund Accounting (3) Fundamentals of accounting for governmental departments, not-for-profit institutions, and all other groups using funding. Prerequisite: ACCT 216. Course offered every spring semester." To: "319 Fund Accounting (3) Fundamentals of accounting for governmental departments, not-for-profit institutions, and all other groups using funding. Prerequisites: ACCT 218 and demonstration of computer literacy. Course offered every spring semester." From: "440 Accounting Systems and Controls (3) Techniques of analyzing the information requirements of an organization and translating those needs into an integrated EDP system for decision-making and control. Prerequisites: ACCT 316; CSCI 126 or ACCT 330; or permission of instructor. Course offered every fall." To: "340 Accounting Systems and Controls (3) Techniques of analyzing the information requirements of an organization and translating those needs into an integrated EDP system for decision-making and control. Prerequisites: ACCT 303; computer literacy; or permission of instructor. Course offered every fall." Effective Date: Fall 1995 (1995-96 Catalog) Add: On page 150 of the 1994-95 Catalog. under Management course listings. "341 Commercial Law (3) An overview of the commercial legal environment in which business enterprises operate. Examines the law relating to contracts, sales, security interests, commercial paper, warranties, debtor rights, creditor rights, and fiduciary responsibilities. Prerequisites: ACCT 218; MGMT 220. Course offered every spring semester." Rationale: The changes in the declaration of major and degree requirements for the degree in Accounting reflect the recently approved management curriculum. The three new accounting courses ACCT 301, 302 & 303 are a direct result of the combination of ACCT 215 and 216. The material deleted from these courses was then rolled into Intermediate Accounting I & II. The addition of MGMT 341 Commercial Law is to fulfill a recognized shortfall in the UNCA Accounting program. This shortfall has identified by graduates, employers and professional organizations. Impact: All listed courses may be developed and taught by existing faculty. Since the management program was coordinated with all applicable departments there is no additional impacts on other degrees or other programs. The Accounting core is increased from 36 to 38 hours and a reduction in the tracks by 3 hours. Total savings to the student is 1 hour. Change Management Minor Course Work: On page 144 of the 1994-95 Catalog. From: The 3 sentence describing the minor "academic standing and departmental approval. The minor requires completion of 21 semester" To: "academic standing and departmental approval. The minor requires completion of 22 semester" From: "Minor Course Work: The 21 hours will be distributed as follows: ACCT 215, ECON 200 or 201; MGMT 200 and 340; and 9 additional hours. The 9 additional hours will provide program focus and must be approved prior to declaring a minor in management. Six of these 9 hours must be 300 level" To: "Minor Course Work: The "22" hours will be distributed as follows: "ACCT 218", ECON 200 or 201; "MGMT 220 and 300" and 340; and 9 additional hours. The 9 additional hours will provide program focus and must be approved prior to declaring a minor in management. Six of these 9 hours must be 300 level" Rationale: The changes in the minor requirements reflect the recently approved management curriculum. Impact: None.