The Division of Accounting, Business, and Economics offers an Accounting program that is consistent with the mission statement of Central Methodist University by providing professional preparation in accounting and business and by promoting lifelong learning and social responsibility. Within the program, students develop technical, interpersonal, and communication skills.
A Business approach to Accounting is used at CMU to emphasize the way businesses operate. Students are better prepared to enter not only accounting but also related fields. Accounting information is useful in such diverse areas as financial planning, health care, communications, law, engineering, forensics, actuarial science, and the fine arts. The degree in Accounting will prepare the student for graduate school in a number of disciplines.
CMU has two student organizations in business: Delta Mu Delta is a national honor society in business administration (advisor: Prof. John Flanders). Enactus is an organization that develops and implements programs to inform the community about the free enterprise system (advisor: Prof. Julie Bennett).
Accounting Minor - 18 Hours
AC201 Principles of Accounting I (3)
AC202 Principles of Accounting II (3)
Electives: FOUR from the following (One must be an Accounting course):
AC301 Intermediate Accounting I (3)
AC313 Fraud Examination (3)
AC320 Cost Accounting (3)
AC340 Income Tax (3)
AC350 Governmental & NFP Accounting (3)
BU341 Business Law Contracts (3)
ET375 Small Business Management (3)
For Business majors, an Accounting minor requires 18 semester hours in Accounting from above. Nine (9) semester hours counted toward the major may be applied toward the minor.
AC201 Principles of Accounting I. 3 hours. Introduction to the business approach to accounting systems with emphasis on a) the role of accounting in starting, establishing, and operating a business, b) the accounting cycle, and c) merchandising operations. Practical applications of math, communication, and skills used in business will be integrated. Prerequisite: MA103, MA103I, or ACT Math subscore ≥ 22.
AC202 Principles of Accounting II. 3 hours. The continued study of business accounting systems with an emphasis on a) partnerships, b) corporations, c) financial statement analyses, and d) managerial accounting. Prerequisite: AC 201, and BU225 or CS121 as prerequisite or co-requisite, or instructor's permission.
AC260 Special Problems. 1-5 hours. Independent study or research on a subject of interest to an individual student. Prerequisite: Instructor's permission. TBA.
AC268 Internship. 1-3 hours. Internship under a cooperative arrangement between the division and an agency, institution, or firm. Prerequisite: Division chair's permission. TBA.
AC301 Intermediate Accounting I. 3 hours. Advanced study of accounting practices with emphasis on the conceptual framework and principles, the financial statements, their elements and supporting schedules, and the time value of money. Prerequisites: AC201 and AC202. Fall.
AC305 Intermediate Accounting II. 3 hours. A continuation of the study of accounting practices with emphasis on earnings per share, pensions, leases, income tax, accounting errors and changes, and additional aspects of financial reporting and financial analysis. Prerequisite: AC301. Spring.
AC313 Fraud Examination. 3 hours. The course will cover all the major methods that employees use to commit occupational fraud. Students will learn how and why occupational fraud is committed, how fraudulent conduct can be deterred, and how allegations of fraud should be investigated and resolved. Prerequisite: AC201, Junior or Senior standing, or permission of the instructor. Odd falls.
AC320 Cost Accounting. 3 hours. Considers commonly used cost accounting concepts and methods, along with special problem-solving techniques, to be used by management in controlling current operations, costing products, and services and planning for the future. Application of these procedures via spreadsheets includes manufacturing, merchandising and service organizations. Prerequisites: AC201 and AC202. Odd-numbered Falls.
AC340 Income Tax. 3 hours. Survey of individual federal income tax laws. Topics will include property transactions; business, farm, rent, royalty, and investment income; and employee expenses. Forms 1040EZ, 1040A, and 1040 and the accompanying schedules are considered. Prerequisite: AC201 or instructor's permission. Spring.
AC350 Accounting for Governmental and Not-For-Profit Organizations. 3 hours. Concepts and techniques of accounting for organizations which are not seeking profits. Topics include the concept of a fund; various types of funds; special problems of municipalities, public schools, universities, hospitals, churches and the federal government. Prerequisites: AC201 and AC202. Even-numbered Springs.
AC360 Special Problems. 1-5 hours. Independent study or research on a subject of interest to an individual student. Prerequisite: Instructor's permission. TBA.
AC368 Internship. 1-12 hours. Internship under a cooperative arrangement between the division and an agency, institution, or firm. Prerequisites: Division chair's permission; Junior or Senior standing.
AC370 Information Systems. 3 hours. Survey of the systems development process and the role of information systems in business with emphasis on accounting information systems. Students will become familiar with the general role, structure, and control of the accounting information system. A specific application software package for a small business is introduced and used. Cross-listed with MG370. Prerequisite: Junior standing, AC201, AC202, BU225, or instructor's permission. Even-numbered Falls.
AC430 Auditing. 3 hours. Investigative techniques with emphasis on the decision making process. Major areas include the audit environment, theory and concepts, auditing specific cycles and accounts, completing the audit, and reporting the results. Prerequisite: AC301. Odd-numbered Springs.
AC460 Special Problems. 1-5 hours. Independent study or research on a subject of interest to an individual student. Prerequisite: Instructor's permission. TBA.
AC468 Senior Internship. 1-15 hours. Internship under a cooperative arrangement between the division and an agency, institution, or firm. Prerequisites: Division chair's permission, Senior standing.
AC480 Senior Capstone in Accounting. 3 hours. Within this capstone course students will demonstrate their integrated knowledge, growth and broad mastery of the knowledge and skills gained throughout the program. Students will read significant works in Accounting and create reflections of those readings by using critical thinking and collaboration to explain, analyze and make recommendations regarding current problems within the industry. They will lead professional discussions and use multimodal communication in the examination of current industry topics such as, harassment, discrimination, diversity, and ethical dilemmas, in a professional engaged manner. Prerequisites: Junior Standing, Accounting Major & Completion of the Accounting Core. Fall/Spring
AC490 Special Topics in Accounting. 1-3 hours. Advanced course on a topic not included in the regular curriculum. Prerequisite: Instructor's permission. TBA.