Accountancy

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Courses

Course Catalogue

Course Descriptions

Program advisers will work with students in selecting appropriate courses for the individual programs.
 

Note: Accountancy course prerequisites are strictly enforced.  The Accounting Department will not allow students to advance in the accounting curriculum if they have not met the required prerequisite for previous accountancy courses taken.

ACCY 199 Undergraduate Open Seminar credit: 1 to 5 hours.
 May be repeated.

ACCY 200 Fundamentals of Accounting credit: 3 hours.
 Survey course in the principles of accounting for students registered in schools and colleges other than the College of Business. Credit is not given for both ACCY 200 and either ACCY 201 or ACCY 202. Prerequisite: Sophomore standing.

Note: The Accountancy 201 and Accountancy 202 course sequence must either be completed at the University of Illinois at Urbana-Champaign campus or from off campus. Business students will not be permitted to take ACCY 201 on campus and the ACCY 202 course equivalent from an off campus college/university. The Accountancy 201 and Accountancy 202 courses must be completed together at the University of Illinois at Urbana-Champaign or from off campus colleges/universities.

ACCY 201 Accounting and Accountancy I credit: 3 hours.
Introduction to the role of accounting information in establishing organization objectives and goals and identification of strategies to best achieve such objectives and goals. Topics focus on the utility of information necessary for the formation, execution and monitoring of the variety of contracts embedded in organization strategies. Projects facilitate self-discovery of knowledge and development of a variety of professional skills and attitudes.  Credit is not given for both ACCY 201 and ACCY 200. Prerequisite: ECON 102, and credit or concurrent enrollment in ECON 103.

ACCY 202 Accounting and Accountancy II credit: 3 hours.

Continuation of ACCY 201 with focus on strategic management of economic resources, together with acquisition of such resources, and financial and non-financial measures of organizational performance. Credit is not given for both ACCY 202 and ACCY 200. Prerequisite: ACCY 201 or equivalent. Students must register for one discussion and one lecture section.

ACCY 290 Professional Internship in Accountancy credit: 0 to 3 hours.

Formalized learning experience in combination with practice of accounting while engaged in an internship with a public accounting firm, business, or other off-campus organization; prior approval of learning plan and a summary report of learning experience are required. Approved for both letter and S/U grading. May be repeated in the same or subsequent terms to a maximum of 3 hours. Prerequisite: Open only to undergraduate accountancy majors with junior or senior standing; completion of 300-level accountancy courses appropriate to internship learning plan; and consent of department.

ACCY 301 Accounting Measurement & Disclosure   Credit: 3 hours.
Introduction to measurement and reporting of organizational performance for strategic and operational purposes with a focus on a variety of financial and non-financial performance measures suitable for both internal and external decision-making. Projects, together with a series of practical workshops, facilitate self-discovery of knowledge and development of a variety of professional skills and attitudes. Prerequisite: ACCY 202 or equivalent and concurrent enrollment in ACCY 302 by students majoring in accountancy (recommended for non-accountancy majors); or consent of department.

ACCY 302 Decision Making for Accounting   Credit: 3 hours.
Decision making implications of information provided to organization managers and to external stakeholders such as investors, creditors, customers, and regulators. Concepts from economics, statistics, and psychology emphasize the use of quantitative techniques to comprehend uncertainty and risk. Projects, together with a series of practical workshops, facilitate self-discovery of knowledge and development of a variety of professional skills and attitudes. Prerequisite: ACCY 202 or equivalent; ECON 203 or equivalent or concurrent enrollment; and concurrent enrollment in ACCY 301 by students majoring in Accountancy (recommended for non-Accountancy majors); or consent of department.

ACCY 303 Accounting Institutions and Regulation   Credit: 3 hours.
Regulation theory and practice as applied to accounting information. A general framework for regulation of accounting procedures is developed. This framework is applied to reporting, taxation, and regulated business activities. Projects facilitate self-discovery of knowledge and the development of professional attitudes and skills with emphasis on professional research. Prerequisite: ACCY 301 and ECON 302 and FIN 221; or consent of department.

ACCY 304 Accounting Control Systems   Credit: 3 hours.
Broad perspective on accounting and control that considers attainment of all goals of an organization, including those concerned with financial objectives. Topics include the conceptual foundations of control and application of practical, analytical tools to the evaluation of an organization's control environment. Cases, class discussion and field research projects emphasize independent thinking, group processes, and communication.  Prerequisite: ACCY 301 and ACCY 302 and BADM 310; or consent of department.

ACCY 312 Principles of Taxation   Credit: 3 hours.
Introduction to the tax system faced by businesses operating in the United States with a focus on the impact that the tax system has on business decisions. Topics include the tax environment, tax provisions relevant to businesses and their owners, taxation of individuals and of corporations, and multi-jurisdictional issues. Projects facilitate self-discovery of knowledge and development of a variety of professional skills and attitudes. Prerequisite: ACCY 202 or equivalent.

ACCY 321 Principles of Public Policy credit: 3 hours.
Same as BADM 303 and PS 321. See PS 321.

ACCY 352 Database Design and Management credit: 3 hours.
Same as BADM 352. See BADM 352.

ACCY 353 Information System Analysis and Design credit: 3 hours.
Same as BADM 353. See BADM 353.

ACCY 398 Practical Problems in Accounting credit: 0 to 10 hours.

Course covers the professional standards relating to corporate financial reporting, taxation, auditing and public sector reporting. Credit not granted toward degree requirements. Prerequisite: Concurrent registration in the University's CPA Review course. Additional Class Materials Fee Required.

ACCY 405 Assurance and Attestation   Credit: 3 hours.
Conceptual introduction to diverse means by which assurers improve the quality of information used by third parties for contracting purposes, with emphases on the credibility- and relevance-enhancement properties of assurers' services. Topics include the economics of assurance and attestation, and concepts including independence, risk, evidence, and control. Projects facilitate self-discovery of knowledge and development of professional skills and attitudes.  Prerequisite: ACCY 304 or consent of department.

ACCY 410 Advanced Financial Reporting   Credit: 3 OR 4 hours.
Current authoritative accounting standards and applications to accounting practice. Topics do not represent the full range of financial reporting issues, but are selected based on relevance of the underlying business transaction, complexity of the topic, consistency of applicable standard with underlying reporting concepts, and transferability of the standard to other accounting issues. 3 undergraduate hours. 3 or 4 graduate hours. Prerequisite: ACCY 303 or consent of department.

ACCY 432 Introduction to Management Information Systems credit: 2 to 4 hours.

Analyzes information systems from a management control perspective, emphasizing organization environment, technology, decision models and performance evaluation as determinants of information processing requirements; cases and design projects explore the management of information processing systems, major functional applications and impacts of information technology on individuals and society. Same as BADM 432. 3 undergraduate hours. 2 to 4 graduate hours. Prerequisite: CS 105 or equivalent, or consent of department. ACCY 451 Advanced Income Tax Problems credit: 3 or 4 hours.
Practical and theoretical training in the more common and important provisions of the federal income tax, advanced problems, and tax case research and preparation. 3 undergraduate hours. 3 or 4 graduate hours. Prerequisite: Senior standing and ACCY 312.

ACCY 451 Advanced Income Tax Problems   Credit: 3 OR 4 hours.
Practical and theoretical training in the more common and important provisions of the federal income tax, advanced problems, and tax case research and preparation. 3 undergraduate hours. 3 or 4 graduate hours. Prerequisite: Senior standing and ACCY 312.

ACCY 499 Senior Research credit: 2 to 4 hours.

Research and readings course for students majoring in accountancy. May be taken by students in the college honors program in partial fulfillment of the honors requirements. No graduate credit. May be repeated to a maximum of 6 hours. Prerequisite: Cumulative grade point average of 3.0., honors in the junior year, or consent of department; senior standing. ACCY 500 Accounting Measurement, Reporting & Control credit: 1 or 4 hours.
A managerial perspective of the nature and role of accounting in organization measurement, reporting and control processes. Prerequisite: Enrollment in a non-accountancy masters program in business or consent of department.

ACCY 500 Accounting Measurement, Reporting & Control   Credit: 1 OR 4 hours.
A managerial perspective of the nature and role of accounting in organization measurement, reporting and control processes. Prerequisite: Enrollment in a non-accountancy masters program in business or consent of department.

ACCY 501 Accounting Analysis I credit: 4 hours.

Uses of accounting information; collection, processing, and communication of accounting information; measurement of assets, liabilities, equities, and income; and accounting system design. Prerequisite: Enrollment in graduate degree program or consent of department.

ACCY 502 Accounting Analysis II credit: 4 hours.

In-depth study of accounting valuation processes, accounting income measurement, and special reporting problems of multiple-entity organizations. Prerequisite: ACCY 501 or equivalent; enrollment in graduate degree program or consent of department.

ACCY 503 Managerial Accounting credit: 4 hours.

Introduction to management accounting as part of the firm's information system, in terms of modern cost accounting and budgetary systems for planning and controlling business operations. Prerequisite: Credit or concurrent registration in ACCY 501 or equivalent; enrollment in graduate degree program or consent of department.

ACCY 504 Auditing credit: 4 hours.

Introduction to conceptual and applied material in the field of auditing. Emphasizes the audit process, reporting, and professional responsibilities. Prerequisite: Credit or concurrent registration in ACCY 502, or equivalent; enrollment in graduate degree program or consent of department.

ACCY 505 Federal Taxation credit: 4 hours.

Introduction to historical and conceptual as well as applied material in the accounting area of federal taxation; emphasizes the provisions of the tax law relevant to accounting measurement methods. Credit is not given for both ACCY 505 and ACCY 312. Prerequisite: ACCY 501; enrollment in graduate degree program or consent of department.

ACCY 510 Financial Reporting Standards credit: 4 hours.

Stakeholders' needs for reliable and relevant information about the performance of firms, as well as managers; economic self-interests, influence managers' selection of accounting policies and financial reporting methods. This course selectively surveys both academic research and professional standards to focus on the measurement, classification and disclosure of financial transactions. Cases, class discussion and research projects emphasize independent thinking, group processes, and communication. Prerequisite: ACCY 303, FIN 300 and enrollment in the BS/MS in Accountancy program or consent of department.

ACCY 511 Risk Measurement/Reporting I credit: 4 hours.

Application of the concepts of risk and uncertainty to the financial management of organizations in achieving business objectives and strategies, with an emphasis on the role of accounting measurement and reporting in the management of such risks. Focuses on integrating knowledge acquired from behavioral, economic, finance, and accounting perspectives. Prerequisite: ACCY 510 and enrollment in graduate accounting degree program or consent of department.

ACCY 512 Risk Measurement/Reporting II credit: 4 hours.

Application of the concepts of risk and uncertainty to the operational management of organizations in achieving business objectives and strategies, with an emphasis on the role of accounting measurement and reporting in the management of such risks. Focuses on integrating knowledge acquired from behavioral, economic, organizational, and accounting perspectives. Prerequisite: Enrollment in graduate accounting degree program or consent of department.

ACCY 515 Auditing & Assurance Standards credit: 4 hours.

Role of professional and ethical standards in the conduct of auditing and assurance services and the role of auditing and assurance services in corporate governance. This course selectively surveys both academic and professional literature to focus on the conduct of auditing and assurance services. Cases, class discussion and research projects emphasize the importance of independent thinking, group processes, and communication for professional accounting practice. Prerequisite: ACCY 405 and enrollment in the BS/MS in Accountancy program or consent of department.

ACCY 517 Financial Statement Analysis   Credit: 4 hours.
Examines tools and techniques of financial statement analysis from the perspective of investors and creditors; emphasizes theoretical and empirical properties of financial ratios. Prerequisite: ACCY 501, ACCY 502, ACCY 510 or concurrent enrollment, FIN 520, BADM 572; or equivalent; and enrollment in graduate degree program or consent of department.

ACCY 551 Corporate Income Taxation credit: 4 hours.

Analyzes the tax treatment, problems, planning techniques, and underlying governmental policies involving corporations and their shareholders; coverage includes formations, operations, distributions, liquidations, reorganizations, and affiliations. Prerequisite: ACCY 451 or equivalent or consent of department.

ACCY 552 Partnership Income Taxation credit: 4 hours.

Analyzes the tax treatment, problems, planning techniques, and underlying governmental policies involving partnerships and their partners, including Subchapter S corporations and their shareholders. Prerequisite: ACCY 312 or equivalent.

ACCY 553 Selected Topics in Federal Taxation credit: 2 to 4 hours.

Seminar on federal tax topics of current interest in specialized areas; topics include international taxation, deferred compensation, problems of closely-held businesses, estate planning, taxation of trusts, and new developments. May be repeated with the consent of the department. Prerequisite: ACCY 451 or consent of department.

ACCY 554 International Taxation   Credit: 4 hours.
This course analyzes the tax treatment, issues, planning techniques and underlying government policies involved in doing business internationally. The course incorporates concepts learned in all of the tax courses as they relate to the impact on cross border transactions, including source of income, inbound and outbound transfers, foreign tax credits, foreign currency transactions, controlled foreign corporations, Subpart F income, foreign taxpayers with US activities, treaties, and transfer pricing.

ACCY 555 Income Tax Accounting & Multistate Taxation   Credit: 4 hours.
This course analyzes the underlying concepts for Accounting for Income Taxes and Multistate Taxation. The Accounting for Income Taxes portion of the course covers all aspects of financial statement income tax accounting including ASC 740, contingency reserves, purchase accounting; IFRS, footnote disclosures, and interim reporting. The Multistate portion of the course covers the state and local taxation of business entities including examining issues relating to jurisdiction, nexus, and mergers & acquisition.

ACCY 556 Tax Research credit: 4 hours.

Provides the student with a working knowledge of tax research methodology utilized by accountants in public practice. Aims to develop the student's capacity for either solving or defending his/her position with respect to a particular tax issue. Prerequisite: Graduate standing or consent of department.

ACCY 557 Advanced Topics in Taxation    Credit: 1 TO 4 hours.
Seminar on federal tax topics of current interest in specialized areas; topics include international taxation, deferred compensation, problems of closely-held businesses, estate planning, taxation of trusts, and new developments. May be repeated with the consent of the department. Prerequisite: ACCY 451 or consent of department.

ACCY 558 Taxation of Closely-Held Business Entities   Credit: 4 hours.
The course analyzes the taxation and planning opportunities associated with all types of closely-held business entities and their stakeholders, including the tax impact of operating as an S corporation, converting from a C corporation to an S corporation, distributions, redemptions, liquidations, and termination of entities, at risk limitations, compensation vs. dividends, and fringe benefits. It also covers tax-exempt organizations.

ACCY 559 Tax Policy & Procedures    Credit: 1 TO 4 hours.
A normative analysis of the structure and design of the tax system including the tenets of good tax policy; and the theoretical and empirical analysis of the impact of taxation on the economic system. An in-depth analysis of IRS Procedures including the processes through which tax laws are enacted, interpreted, administered and applied, along with the remedies available to taxpayers within the tax controversy framework of the IRS, Federal government and the court system. May be repeated in the same or separate terms to a maximum of 4 hours if topics vary.

ACCY 560 Information in Value Creation credit: 1 to 4 hours.

Introduction to the role of information in processes employed by organizations to create value in market settings, including concepts and theories from strategic management, economics of organization, and systems theory and the relevance of such theories to the concepts and practices of accounting and auditing. This course is for graduate accountancy students who did not earn a BSA at University of Illinois at Urbana-Champaign. May be repeated in the same or separate terms to a maximum of 4 hours with consent of the department. Prerequisite: Enrollment in graduate accounting degree program and consent of department.

ACCY 585 Constructs in Atg Research credit: 4 hours.

Examines the role of information in economic and behavioral models of decision making under uncertainty; presents major paradigms underlying contemporary accounting research. Interdisciplinary approach; readings drawn from the accounting, behavioral, economics, and finance literature. Prerequisite: MATH 463, ACCY 591, and ECON 502.

ACCY 590 Advanced Professional Internship in Accountancy credit: 0 to 4 hours.

A formalized learning experience in combination with practice of accounting while engaged in an internship with a public accounting firm, business, or other off-campus organization; prior approval of learning plan and a summary report of learning experience required. Approved for both letter and S/U grading. May be repeated to a maximum of 4 hours. Prerequisite: Open only to accountancy majors enrolled in the department's integrated bachelor/master program or students with graduate standing in accountancy; completion of 300-level accountancy courses appropriate to internship learning plan; and consent of department.

ACCY 592 Introduction to Accountancy Research credit: 4 hours.

Comparative study of alternative methodologies and conceptual frameworks and their application to selected current research issues central to the development of accounting thought, both theoretical and empirical. Prerequisite: ACCY 511 and ACCY 512 and courses in behavioral science, mathematics, and economics; or equivalent background and admission to the accountancy Ph.D. program; or consent of department.

ACCY 593 Special Research Problems credit: 1 to 8 hours.

Individual investigations or research projects selected by the students, subject to approval by the graduate adviser and the executive officer of the Department. May be repeated in the same or separate terms. Prerequisite: Enrollment in graduate accounting degree program or consent of department.

ACCY 594 Doctoral Research Seminar credit: 4 hours.

Seminars in various accounting areas designed to enhance the research abilities of doctoral students and to assist them in preparing research proposals; these include Behavioral Dimensions, Public Sector, Tax, Auditing, Managerial, and others announced in the Class Schedule. May be repeated. Prerequisite: Credit or concurrent registration in ACCY 592 or consent of department.

ACCY 595 Models of Decision and Choice credit: 4 hours.
 Same as PSYC 534. See PSYC 534.

ACCY 599 Thesis Research credit: 0 to 16 hours.

Individual direction and guidance in writing theses; seminar discussion of progress made. Approved for S/U grading only.