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Department of Accounting and Law

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Program Degree:  Bachelor of Science in Accounting Professors:   Robert Bing Lianzan Xu  Muroki Mwaura   Associate Professors:   Elizabeth Ekmekjian Andrew Nyaboga Frank Grippo Martin Rudnick Ann Medinets James Wilkerson Sia Nassiripour (Chairperson) Assistant Professors:

PROGRAM FEATURES:
The Christos M. Cotsakos College of Business academic program leading to the Bachelor of Science in Accounting features a curriculum that is balanced between general education, accounting, and other related business courses.  The program 

(a) requires the completion of core courses in the area of accounting, thus preparing students to pursue careers in either public or private accounting, 
(b) mandates the successful completion of related coursework that provides coverage in all areas that form the basis of fundamental business core competency, and 
(c) stresses a well diversified general education core, including specific courses that enhance public speaking skills, introduce behavioral sciences, increase competency in analytical and mathematical sciences, and address issues of ethics and diversity in organizations. 

Consistent with the College of Business undergraduate program objectives, the accounting program

(1) strives for academic excellence in helping students understand the skill sets requisite to either meeting the complex demands of the accounting profession or continuing with an advanced degree in the area of study, 
(2) familiarizes students with issues related to dynamic and contemporary financial institutions and government regulations through coursework and professional enrichment, 
(3) increases students’ problem recognition and analysis, as well as technological proficiency, and 
(4) encourages the enhancement of presentation and communication skills.

The accounting program offers students the opportunity to work with technology both in laboratories and the E*TRADE Financial Learning Center, where datafeeds, databases and software commonly utilized by the business professional are leveraged to the benefit of the student’s academic learning objectives. Finally, the department guides students who may wish to pursue professional certification as a Certified Public Accountant (CPA), Certified Management Accountant (CMA) and Certified Internal Auditor (CIA).  Students should note that even though CPA requirements to qualify for the examination vary from state to state, the American Institute of Certified Public Accountants (AICPA) has mandated that an individual who wishes to become a CPA must complete 150 credit hours.  This credit hour requirement can be satisfied at William Paterson University either through enrollment in an advanced degree program (MBA) or the completion of additional undergraduate level courses.  If planned properly, the 150 credit undergraduate program may still be completed in four years by attending summer sessions.

DEGREE REQUIREMENTS:
1. Curriculum Requirements:

All students enrolled in the Bachelor of Science program in Accounting must satisfy:

A. General Education (GE) Core and Upper Level Elective requirement (68 credit hours):

   (1) GE Art & Comm-Common (2 courses - 6 credits): Complete 2 courses from the following list: ARTH 101;
       COMM 101, 110; MUS 120.

• COMM 110 is required for accounting majors with Catalog Year fall 2002 or later.

   (2) GE Humanities-Common (21 credits): Complete the following: Eng 110,150, Hist 101,102, Phil 110.
       FOREIGN LANGUAGE: Complete six credits (two semesters) of the same Foreign Language (i.e. It 110
       and It 111).

   (3) GE Math & Sci-Business (3 courses - 11-12 credits): Complete: MATH 140 Complete two of the following
        SCIENCES: PHYS 110, 170, 255, 256, 260, 261, BIO 120, 130, CHEM 120, 131&031, 132 & 032, CSH 150, ENV
        110, 115.

• MATH 140 is required for accounting majors with Catalog Year fall 2002 or later.

   (4) GE Social Science-Business (3 courses - 9 credits): Complete: ECON 201 and POL 110 and PSY 110 or
       SOC 101.

• ECON 201, POL 110 and PSY 110 (or SOC 101) are required for accounting majors with Catalog Year fall 2002 or later.

   (5) GE Hlth & Mvment Sci-CMN (1 course - 3 credits): Complete one of the following: PEGE 150 or CMHL 120

   (6) GE Racism & Sexism-Common (1 course- 3 credits): Complete one of the following: WS 110, 150; AACS
       150, 155

   (7) GE Elect Upper Lvl-Accounting (4 courses - 9 credits): Complete ECON 355 & MGT 350 and two courses
        from 200 level or above outside the College of Business. Accounting internship credits, as an exception,
       may be utilized in partial fulfillment of this requirement.

• ECON 355 & MGT 350 (1.5 credits each) are required for accounting majors with Catalog Year fall 2002 or later.

   (8) GE Elective-Accounting (2 courses - 6 credits): Complete Math 145 and one course from the General
        Education Electives list in the Master Schedule.

• MATH 145* is required for accounting majors with Catalog Year fall 2002 or later.

    (*Accounting majors with Catalog Year prior to fall 2002 need only MATH 120 or MATH 140.)

   (9) Non Western Req-Common (1 course): Complete one course from the approved NON WESTERN list.
    (Note: A non-Western cultures course may count as part of general education, the major, upper level
    electives or free electives and fulfill this requirement. This is the only instance of counting the same
    course in two categories.)

B. Common Business Program Core (33 credit hours):

• ACCT 211 Financial Accounting
• ACCT 212 Managerial Accounting
• LAW  251 Business Law I
• ECON 202 Microeconomic Principles
• ECON 210 Business Statistics
• FIN    320 Corporate Finance
• MKT  210 Principles of Marketing
• MGT  200 Principles of Management
• MGT  305 Management Information Systems
• MGT  431 Production and Operations Management
• MGT  460 Business Strategy and Policy

    Notes -

• Accounting majors may substitute ACCT 320 (Accounting Information Systems) for MGT 305.
• Accounting majors are strongly encouraged to take LAW 251 (Business Law I) since LAW 251 is required for the Directed Elective LAW 252 (Business Law II). 

C. Major Requirement (21 credit hours):

• ACCT 311 Intermediate Accounting I
• ACCT 312 Intermediate Accounting II
• ACCT 340 Cost Accounting
• ACCT 370 Auditing
• ACCT 410 Taxation I
• ACCT 411 Taxation II
• ACCT 420 Advanced Accounting I

D. College of Business Directed Elective Course Curriculum Requirement* (6 credit hours):

These courses are directed elective courses, and are periodically updated to reflect current trends in business education. The designated courses are chosen by the appropriate department and may be either business courses or courses from related areas.

• LAW 252 Business Law II
• ACCT 430 Advanced Accounting II

(*Accounting majors with Catalog Year prior to fall 2003 need only three (3) credit hours with either LAW 252 or ACCT430.)

2. Professional Enrichment:
While attendance of Professional Enrichment activities is not required for graduation, all College of Business majors are strongly encouraged to attend Professional Enrichment events. Bonus points may be awarded for attendance at such events or it may be part of the final grade for certain courses.

COURSES:
Unless otherwise noted, all courses are 3 credit hours.

ACCOUNTING

ACCT 211 Financial Accounting
Introductory course in the fundamental principles of accounting, the theory of debit and credit, account classification, preparation of working papers, adjusting, closing, reversing entries, and preparation of basic financial statements.  Use of spreadsheet and word processing computer applications. 

ACCT 212 Managerial Accounting
Introduces basic concepts of cost accounting and the use of accounting as a decision-making tool for management.
Prerequisite: ACCT 211

ACCT 311 Intermediate Accounting I
Review of basic financial statements and in-depth study of accounting principles advanced by responsible professional organizations in the classification, presentation and disclosure of assets required for external users of financial information.
Prerequisites: ACCT 212, ACCT 211

ACCT 312 Intermediate Accounting II
An in-depth study of accounting principles advanced by responsible professional organizations in the classification, presentation and disclosure of liabilities and stockholders’ equity required for external users of financial information.
Prerequisites: ACCT 311, ACCT 212, ACCT 211

ACCT 320 Accounting Information Systems
This course takes a transition cycles approach to AIS that focuses conceptually on the primary sources of data, data flows, logical tasks, accounting records, and internal control and EDP auditing. It also teaches students how to use full-fledged commercial accounting software such as Peachtree or QuickBooks. Prerequisites: ACCT 311, ACCT 212, ACCT 211

ACCT 340 Cost Accounting
Planning of profits, costs and sales, budgeting and forecasting, standard cost systems, techniques of accumulating, reporting and evaluating costs and variances, breakeven and cost-volume profit analysis.
Prerequisites: ACCT 212, ACCT 211

ACCT 370 Auditing
Reviews the procedures and practices used in auditing the financial transactions and statements of an organization.  Internal control, test of transactions and audit standards employed are discussed and demonstrated by actually doing an audit of a practice company.
Prerequisites: ACCT 312, ACCT 311, ACCT 212, ACCT 211

ACCT 399 Selected Topics
A topic not covered by an existing course.
Prerequisite: Permission of the department Chairperson and the Christos M. Cotsakos College of Business Dean (1-6 credit hours)

ACCT 410 Taxation I (same as FIN 410)
A study of the U.S. Internal Revenue Code with emphasis on income taxation of individuals.  Provides practice in the preparation of tax returns and solution of case problems.  Concentrates on the problems of the U.S. individual income tax.  Also examines taxation of corporations and partnerships.
Prerequisites: ACCT 212, ACCT 211

ACCT 411 Taxation II (same as FIN 411)
A study of the U.S. Internal Revenue Code with emphasis on the taxation of corporations, partnerships, estates, and trusts. Federal payroll, gift and estate, and New Jersey taxes are also covered.
Prerequisites: ACCT 410/FIN 410, ACCT 212, ACCT 211.

ACCT 420 Advanced Accounting I
An in-depth study of principles used in accounting for parent and subsidiary companies, partnerships, and other specialized areas of accounting.
Prerequisites: ACCT 312, ACCT 311, ACCT 212, ACCT 211

ACCT 430 Advanced Accounting II
Intensive study of advanced concepts and principles, such as accounting for income taxes, pension, leases, international accounting, and accounting for governments and not-for-profit entities.  Imperative for students who intend to take certifying examinations.
Prerequisites: ACCT 312, ACCT 311, ACCT 212, ACCT 211

ACCT 485 Practicum in Accounting
A course of study designed especially for the supervised practical application of previously studied theory in a group setting. Done under the supervision of a faculty sponsor and coordinated with a business organization.
Prerequisites: (1) ACCT 312, (2) Junior status, (3) Minimum GPA of 3.0 overall and in the major, (4) permission of the department Chairperson and the Christos M. Cotsakos College of Business Dean.

ACCT 490 Internship in Accounting
This is a cooperative education/field work experience.  The mission of the internship program is to provide students with a valuable employment experience by working, uninterrupted for a significant amount of time, with a public, private, or governmental entity in the student’s geographical area.
Prerequisites: (1) ACCT 312, (2) Junior status, (3) Minimum GPA of 2.5 overall and in the major, (4) permission of the department Chairperson and the Christos M. Cotsakos College of Business Dean

ACCT 499 Independent Study
A special project, supervised by a faculty advisor. Prerequisites: Minimum GPA of 3.0 overall and in the major, with the approval of the department Chairperson and the Christos M. Cotsakos College of Business Dean (1-6 credit hours)

LAW

LAW 201 Legal Environment of Business
Designed to familiarize students with the legal system with particular emphasis on the court system and administrative agents.  Also includes examination of substantive areas such as antitrust, bankruptcy, corporate law, partnership, and securities regulations.

LAW 251 Business Law I: Contracts
Designed to acquaint students with the laws of contracts.  Examines concepts such as offer, acceptance, consideration, competent parties, legal subject matter, assignments, and third party beneficiaries.  Scrutinizes defenses such as statute of fraud, infancy, insanity, and parole evidence. 

LAW 252 Business Law II: Sales and Negotiable Instruments
Acquaints students with Articles II, III, IV, and IX of the U.C.C.  Critically examines concepts such as warranty, risky loss, bona fide purchases for value, products liability, negotiability, checks, notes, holder in due course, and secure transactions.
Prerequisite: LAW 251

LAW 399 Selected Topics 
A topic not covered by an existing course.
Prerequisite: Permission of the department Chairperson and the Christos M. Cotsakos College of Business Dean (1-6 credits)

LAW 499 Independent Study
A special project, supervised by a faculty advisor.
Prerequisites: Minimum GPA of 3.0 overall and in the major, with the approval of the department Chairperson and the College of Business Dean (1-6 credit hours)