Accounting 

The Faculty
Renée Hall
Carl Kinnoin
Ning Ren

The Major
The accounting major combines the strengths of a liberal arts education with preparation for a professional career. Accounting coursework emphasizes critical analysis, problem solving, and communication. Completion of the major will, in most cases, prepare graduates for licensure as a Certified Public Accountant (CPA) in the States of California. CPA licensure requirements very somewhat across states.) Graduates who choose career paths other than public accounting have a strong background for entering careers in finance, management, and law.

A 2.0 in ECON 101 is a required pre-requisite for ACCT 210, the first accounting course. Students entering the major are required to have a minimum 2.7 cumulative GPA on a 4.0 scale. Transfer students are also required to have a 2.7 average from their previous school(s).

Accounting majors can pursue a double major. Popular combinations with Accounting are Financial Economics, Global Business, or Business Administration, though other combinations are possible with careful planning. Accounting students are encouraged to study abroad and to complete an internship.

Learning outcomes for this program may be found at www.redlands.edu/BS-ACCT/learning-outcomes.

Bachelor of Science Requirements (24 credits)

Related Field Courses consist of 6 courses/ 24 Credits
Students may choose any of the courses listed here.
—ECON 101
Please note: ECON 101 satisfies the LAI (Social Scientific Practice and Quantitative Reasoning Embedded) and the LAF (State and Economy).
—MATH 111
—REL 120 or REL 125 or PHIL 100 or PHIL 102 or PHIL 170
For the Philosophy and Religion courses, any other Philosophy or Religion courses containing “Survey” or “Introduction” in the title can be taken.
—BUS 240 or GLB 240
—GLB 421 or GLB 422 or ECON 230
—Take 1 course/4 credits from Economics (ECON) at the 200 or 300-level or Business Administration and Management (BUS) at the 300 or 400-level

ECON 101 Principles of Economics (4 Credits)

Introduction to the study of economic systems from a micro and macro perspective. The course includes economic principles underlying the process of consumption, production, and distribution in a market-oriented economy (microeconomics), and the structure, operation, measures, and major theoretical models of the whole economy (macroeconomics).

MATH 111 Elementary Statistics with Applications (4 Credits)

Descriptive and inferential statistics for students from diverse fields. Distribution, correlation, probability, hypothesis testing, use of tables, and examination of the misuse of statistics and relation of statistics to vital aspects of life. Computer packages used as tools throughout the course.
Prerequisite: Mathematics placement at MATH 100 / 101 level or by permission.

REL 120 Religion and Ethics (4 Credits)

Exploration of religious ethics in relation to contemporary issues in politics, medicine, biology, and law.

REL 125 Introduction to World Religions (4 Credits)

By studying major religious traditions of the world, students will consider how religious traditions guide the way people live their lives in an ever -increasingly diverse and religiously pluralistic world. Investigations will include both historical studies and the writings of religious traditions.

PHIL 100 Introduction to Philosophy (4 Credits)

Introduction to substantive issues in philosophy through examination of historical and contemporary sources. Designed to provide a survey of topics in various areas, including ethics, metaphysics, and epistemology.

PHIL 102 Introduction to Chinese Philosophy (4 Credits)

An introduction to Chinese philosophy. Readings selected mainly from Confucian, Taoist, and Buddhist traditions. No prior acquaintance with Chinese literature or philosophy will be presupposed.

BUS 240 Business Law (4 Credits)

An introduction to the American legal system, our constitutional framework, the role of judicial decisions, and statutory law. Special emphasis is placed on business torts and contract law, along with other concepts important in the business world.
Prerequisite: BUS 226, or BUS 228, or GLB 228, or ACCT 210, or by permission of the Chair.

GLB 240 U.S. Business Law (4 Credits)

An introduction to the American legal system, our constitutional framework, the role of judicial decisions, and statutory law. Special emphasis is placed on business torts and contract law, along with other concepts important in the business world. 
Prerequisite: BUS 226 or GLB 228 or by permission.
Not open to students who have completed BUS 240.

GLB 421 Corporate Finance (4 Credits)

This course studies financial management in the corporate setting at an advanced level. Topics include the firm’s investment and financing decisions, capital budgeting analysis, investment analysis under uncertainty, the cost of capital, capital structure theory, dividend policy, and other current topics in finance.
Prerequisite: GLB 353 or ACCT 310 or by permission. Not open to students who have received credit for BUS 421.

GLB 422 Investments (4 Credits)

The course examines investment analysis and portfolio management through the study of the nature and functioning of securities markets, alternative investment opportunities, valuation of stock, fixed income securities, derivative securities.

ECON 230 Does Money Make the World Go Round? A Look at Money in Capitalism (4 Credits)

The role of the financial sector in producing strong stable economic activity or as a source of instability is analyzed. Emphasis is on financial structure, institutions, regulation, and the role of monetary policy. 
Prerequisites: ECON 100 or ECON 101 or by permission.
Offered in alternate years.



Accounting Courses (44 credits)

Courses for this section consist of the following 12.
Please note: Students may complete CS 301 Business Analysis with Excel in lieu of ACCT 411.

ACCT 210 Principles of Financial Accounting and Reporting (4 Credits)

Financial accounting and reporting concepts and procedures that provide a history of economic activity, resources, obligations. Emphasis is on preparing and using financial information at an enterprise level. 
Prerequisites: ECON 101.

ACCT 220 Principles of Managerial Accounting (4 Credits)

Analysis of financial and relevant non-financial information used in planning, motivating, evaluating, and control. Economic and behavioral concepts and quantitative techniques are integrated throughout. Topics: cost behavior, budgeting, analysis of variance, performance measurement, and pricing. 
Prerequisites: ACCT 210.

ACCT 309 Accounting Ethics and Professional Responsibility (4 Credits)

Accounting Ethics introduces students to the professional responsibilities inherent in giving financial advice or verifying representations made by clients in financial reports. Students will explore potential dilemmas that can arise when services paid for by a client are designed to also promote the well-being of the public. Course format relies heavily on written cases, in-class discussion, debate, and a formal research project.  
Prerequisites: ACCT 210. 
By permission only. 

ACCT 310 Intermediate Financial Reporting for Operations (4 Credits)

Intermediate Accounting for Operations focuses on a firm’s basic revenue-generating activities. Students will learn how providing sales and service, granting customer credit, collecting cash, producing, innovating, incurring and paying expenses, acquiring and using long-term assets, are represented in each of the four financial statements and accompanying disclosures. 
Prerequisites: ACCT 210.

ACCT 320 Intermediate Financial Reporting for Financial Transactions (4 Credits)

Examines transactions in which a firm secures or re-balances its financing (debt and/or equity). Emphasis will be placed on how choice of financing affects firm value and risk, and how financial statements, with accompanying footnote disclosures, represent the implications of those choices. 
Prerequisite to ACCT 310. 

ACCT 330 Intermediate Financial Reporting for Investing Transactions (4 Credits)

Intermediate Accounting for Investing Transactions focuses on the acquisition and divestiture of long-term productive assets; investments in the debt, equity or operations of another company; risk management through the use of derivatives; foreign currency and tax effects on strategic decisions. Students will learn how these transactions are represented in each of the four financial statements and accompanying disclosures.  
Prerequisites: ACCT 310.
Recommended: ACCT 320. 

ACCT 400 Financial Reporting Theory I (4 Credits)

Capstone course requiring students to integrate knowledge of accounting, business, economics, and regulation, and apply this knowledge to emerging financial reporting issues. Study of accounting, corporate governance, and risk management issues will be from the perspectives of the enterprise, auditor, and financial statement users. 
Prerequisite for ACCT 400: ACCT 310 or ACCT 320 or by permission. 

ACCT 401 Financial Reporting Theory II (4 Credits)

Capstone course requiring students to integrate knowledge of accounting, business, economics, and regulation, and apply this knowledge to emerging financial reporting issues. Study of accounting, corporate governance, and risk management issues will be from the perspectives of the enterprise, auditor, and financial statement users.
Prerequisite for ACCT 401: ACCT 310 or by permission.

ACCT 410 Auditing (4 Credits)

Examination of the responsibilities of independent and internal auditors. Emphasis is on the decision process, including audit standards, internal controls, audit objectives and evidence, sampling theory, and reporting audit conclusions. 
Prerequisite: ACCT 310 or by permission.

 

ACCT 411 Accounting Information Systems (4 Credits)

Study of the design and application of accounting systems intended to provide financial and non-financial information, which informs decisions and influences behavior within business processes. Strong emphasis on conceptual modeling and database systems, and on documenting and evaluating internal controls. 
Prerequisite: ACCT 210 and ACCT 220 or by permission.

CS 301 Business Analysis and Excel (4 Credits)

Data analysis and decision making is an integral part of any successful business and the study of large data sets with the help of Microsoft Excel is the main focus of this course. The processes that enable data consolidation to make meaningful business decisions will be studied in depth. 
Prerequisite: ACCT 220 or CS 110.

ACCT 415 Tax Accounting (4 Credits)

Determination of federal and state income tax liability for individuals, corporations, and partnerships. Addresses filing returns, paying taxes, and introduces tax planning. Legislative and judicial development of tax law. Legal recourse available to taxpayers. 
Prerequisites: ACCT 210 and senior standing or by permission. 
Recommended: ACCT 360.

ACCT 440 Financial Statement Analysis (4 Credits)

Financial statements are used in the context of making investment and financial decisions. Emphasis on using business strategy and economic environment to forecast financial statements (income, cash flow, balance sheet), assess risk, evaluate effectiveness of financial and operating leverage, and estimate intrinsic value of a firm and its equity. 
Prerequisites: ACCT 310, senior standing, or by permission. 
Recommended: ACCT 320 and ACCT 330. 

Electives

Electives are not required but are useful to students who are both preparing for the CPA exam and ensuring that they meet licensure requirements.
Electives include:

ACCT 360 Volunteer Income Tax Assistance (3 Credits)

Topics in Federal and California income tax regulations for filing basic income tax returns. Introduction to issues of providing volunteer service. Experiential learning is required through a community service component. 
Credit/no credit only. 
This course is not eligible to count toward a minor in accounting.

ACCT 416 Advanced Concepts in Tax (4 Credits)

Builds on concepts learned in ACCT 415 to address advanced topics in tax compliance for individuals, partnerships, and corporations. Discusses tax planning in detail. 
Prerequisite: ACCT 415.

ACCT 421 Governmental and Not-for-Profit Accounting (4 Credits)

Theory and practice of governmental and not-for-profit financial accounting. Topics include theoretical framework, fund accounting, and basic financial statements. 
Prerequisite: ACCT 310 or by permission.
Offered as needed. 

ACCT 480 Accounting Internship (2-4 Credits)

Placement in an accounting internship with academic work under faculty direction. 
Prerequisite: junior or senior standing, or by permission.

The Minor (24 credits)

A minor in accounting can provide a foundation for careers in business, government, investment management, and finance. Students who choose to minor in accounting must complete 24 credits of the following accounting courses. ACCT 210, ACCT 220 and ACCT 310 are required and three additional accounting courses selected from the following: ACCT 320, ACCT 330, ACCT 411  or CS 301, ACCT 415, ACCT 416, ACCT 421, and ACCT 440.

ACCT 210 Principles of Financial Accounting and Reporting (4 Credits)

Financial accounting and reporting concepts and procedures that provide a history of economic activity, resources, obligations. Emphasis is on preparing and using financial information at an enterprise level. 
Prerequisites: ECON 101.

ACCT 220 Principles of Managerial Accounting (4 Credits)

Analysis of financial and relevant non-financial information used in planning, motivating, evaluating, and control. Economic and behavioral concepts and quantitative techniques are integrated throughout. Topics: cost behavior, budgeting, analysis of variance, performance measurement, and pricing. 
Prerequisites: ACCT 210.

ACCT 310 Intermediate Financial Reporting for Operations (4 Credits)

Intermediate Accounting for Operations focuses on a firm’s basic revenue-generating activities. Students will learn how providing sales and service, granting customer credit, collecting cash, producing, innovating, incurring and paying expenses, acquiring and using long-term assets, are represented in each of the four financial statements and accompanying disclosures. 
Prerequisites: ACCT 210.

ACCT 320 Intermediate Financial Reporting for Financial Transactions (4 Credits)

Examines transactions in which a firm secures or re-balances its financing (debt and/or equity). Emphasis will be placed on how choice of financing affects firm value and risk, and how financial statements, with accompanying footnote disclosures, represent the implications of those choices. 
Prerequisite to ACCT 310. 

ACCT 330 Intermediate Financial Reporting for Investing Transactions (4 Credits)

Intermediate Accounting for Investing Transactions focuses on the acquisition and divestiture of long-term productive assets; investments in the debt, equity or operations of another company; risk management through the use of derivatives; foreign currency and tax effects on strategic decisions. Students will learn how these transactions are represented in each of the four financial statements and accompanying disclosures.  
Prerequisites: ACCT 310.
Recommended: ACCT 320. 

ACCT 411 Accounting Information Systems (4 Credits)

Study of the design and application of accounting systems intended to provide financial and non-financial information, which informs decisions and influences behavior within business processes. Strong emphasis on conceptual modeling and database systems, and on documenting and evaluating internal controls. 
Prerequisite: ACCT 210 and ACCT 220 or by permission.

CS 301 Business Analysis and Excel (4 Credits)

Data analysis and decision making is an integral part of any successful business and the study of large data sets with the help of Microsoft Excel is the main focus of this course. The processes that enable data consolidation to make meaningful business decisions will be studied in depth. 
Prerequisite: ACCT 220 or CS 110.

ACCT 415 Tax Accounting (4 Credits)

Determination of federal and state income tax liability for individuals, corporations, and partnerships. Addresses filing returns, paying taxes, and introduces tax planning. Legislative and judicial development of tax law. Legal recourse available to taxpayers. 
Prerequisites: ACCT 210 and senior standing or by permission. 
Recommended: ACCT 360.

ACCT 416 Advanced Concepts in Tax (4 Credits)

Builds on concepts learned in ACCT 415 to address advanced topics in tax compliance for individuals, partnerships, and corporations. Discusses tax planning in detail. 
Prerequisite: ACCT 415.

ACCT 421 Governmental and Not-for-Profit Accounting (4 Credits)

Theory and practice of governmental and not-for-profit financial accounting. Topics include theoretical framework, fund accounting, and basic financial statements. 
Prerequisite: ACCT 310 or by permission.
Offered as needed. 

ACCT 440 Financial Statement Analysis (4 Credits)

Financial statements are used in the context of making investment and financial decisions. Emphasis on using business strategy and economic environment to forecast financial statements (income, cash flow, balance sheet), assess risk, evaluate effectiveness of financial and operating leverage, and estimate intrinsic value of a firm and its equity. 
Prerequisites: ACCT 310, senior standing, or by permission. 
Recommended: ACCT 320 and ACCT 330. 

Internship
Accounting majors are encouraged to obtain accounting internships to enhance their academic preparation. Internships allow students to explore career possibilities and integrate classroom learning with experiential learning. Students should see an accounting advisor for more information. To receive academic credit for any internship (ACCT 480), students must complete academic assignments in addition to the internship itself.

Study Abroad
Foreign study programs offer an enriching personal experience to students while they earn academic credit. Study abroad is encouraged and possible with advance planning.

Departmental Honors in Accounting
Proposals are accepted no later than the first day of the student’s final academic year, from majors who have achieved a minimum GPA of 3.2. Successful applicants will work one-on-one with a member of the accounting faculty to complete a research project that involves data collection and analysis. The research project will be supported and reviewed by an advisory committee of accounting faculty and at least one outside expert, selected by the student and approved by the Honors advisor.

Course Descriptions for Accounting (ACCT)

All prerequisite courses must be taken for a numerical grade. To meet a course prerequisite, a minimum grade of 2.0 must have been earned in the prerequisite course.

ACCT 210 Principles of Financial Accounting and Reporting (4 Credits)

Financial accounting and reporting concepts and procedures that provide a history of economic activity, resources, obligations. Emphasis is on preparing and using financial information at an enterprise level. 
Prerequisites: ECON 101.

ACCT 220 Principles of Managerial Accounting (4 Credits)

Analysis of financial and relevant non-financial information used in planning, motivating, evaluating, and control. Economic and behavioral concepts and quantitative techniques are integrated throughout. Topics: cost behavior, budgeting, analysis of variance, performance measurement, and pricing. 
Prerequisites: ACCT 210.

ACCT 309 Accounting Ethics and Professional Responsibility (4 Credits)

Accounting Ethics introduces students to the professional responsibilities inherent in giving financial advice or verifying representations made by clients in financial reports. Students will explore potential dilemmas that can arise when services paid for by a client are designed to also promote the well-being of the public. Course format relies heavily on written cases, in-class discussion, debate, and a formal research project.  
Prerequisites: ACCT 210. 
By permission only. 

ACCT 310 Intermediate Financial Reporting for Operations (4 Credits)

Intermediate Accounting for Operations focuses on a firm’s basic revenue-generating activities. Students will learn how providing sales and service, granting customer credit, collecting cash, producing, innovating, incurring and paying expenses, acquiring and using long-term assets, are represented in each of the four financial statements and accompanying disclosures. 
Prerequisites: ACCT 210.

ACCT 320 Intermediate Financial Reporting for Financial Transactions (4 Credits)

Examines transactions in which a firm secures or re-balances its financing (debt and/or equity). Emphasis will be placed on how choice of financing affects firm value and risk, and how financial statements, with accompanying footnote disclosures, represent the implications of those choices. 
Prerequisite to ACCT 310. 

ACCT 330 Intermediate Financial Reporting for Investing Transactions (4 Credits)

Intermediate Accounting for Investing Transactions focuses on the acquisition and divestiture of long-term productive assets; investments in the debt, equity or operations of another company; risk management through the use of derivatives; foreign currency and tax effects on strategic decisions. Students will learn how these transactions are represented in each of the four financial statements and accompanying disclosures.  
Prerequisites: ACCT 310.
Recommended: ACCT 320. 

ACCT 360 Volunteer Income Tax Assistance (3 Credits)

Topics in Federal and California income tax regulations for filing basic income tax returns. Introduction to issues of providing volunteer service. Experiential learning is required through a community service component. 
Credit/no credit only. 
This course is not eligible to count toward a minor in accounting.

ACCT 400 Financial Reporting Theory I (4 Credits)

Capstone course requiring students to integrate knowledge of accounting, business, economics, and regulation, and apply this knowledge to emerging financial reporting issues. Study of accounting, corporate governance, and risk management issues will be from the perspectives of the enterprise, auditor, and financial statement users. 
Prerequisite for ACCT 400: ACCT 310 or ACCT 320 or by permission. 

ACCT 401 Financial Reporting Theory II (4 Credits)

Capstone course requiring students to integrate knowledge of accounting, business, economics, and regulation, and apply this knowledge to emerging financial reporting issues. Study of accounting, corporate governance, and risk management issues will be from the perspectives of the enterprise, auditor, and financial statement users.
Prerequisite for ACCT 401: ACCT 310 or by permission.

ACCT 410 Auditing (4 Credits)

Examination of the responsibilities of independent and internal auditors. Emphasis is on the decision process, including audit standards, internal controls, audit objectives and evidence, sampling theory, and reporting audit conclusions. 
Prerequisite: ACCT 310 or by permission.

 

ACCT 411 Accounting Information Systems (4 Credits)

Study of the design and application of accounting systems intended to provide financial and non-financial information, which informs decisions and influences behavior within business processes. Strong emphasis on conceptual modeling and database systems, and on documenting and evaluating internal controls. 
Prerequisite: ACCT 210 and ACCT 220 or by permission.

ACCT 415 Tax Accounting (4 Credits)

Determination of federal and state income tax liability for individuals, corporations, and partnerships. Addresses filing returns, paying taxes, and introduces tax planning. Legislative and judicial development of tax law. Legal recourse available to taxpayers. 
Prerequisites: ACCT 210 and senior standing or by permission. 
Recommended: ACCT 360.

ACCT 416 Advanced Concepts in Tax (4 Credits)

Builds on concepts learned in ACCT 415 to address advanced topics in tax compliance for individuals, partnerships, and corporations. Discusses tax planning in detail. 
Prerequisite: ACCT 415.

ACCT 421 Governmental and Not-for-Profit Accounting (4 Credits)

Theory and practice of governmental and not-for-profit financial accounting. Topics include theoretical framework, fund accounting, and basic financial statements. 
Prerequisite: ACCT 310 or by permission.
Offered as needed. 

ACCT 440 Financial Statement Analysis (4 Credits)

Financial statements are used in the context of making investment and financial decisions. Emphasis on using business strategy and economic environment to forecast financial statements (income, cash flow, balance sheet), assess risk, evaluate effectiveness of financial and operating leverage, and estimate intrinsic value of a firm and its equity. 
Prerequisites: ACCT 310, senior standing, or by permission. 
Recommended: ACCT 320 and ACCT 330. 

ACCT 469 Advanced Topics in Accounting (2-4 Credits)

Continuation of select upper-division courses, allowing students to pursue topics in accounting beyond one semester. Designed to reflect current trends and issues. May be repeated for degree credit, given a different topic, for up to 4 credits.
Offered as needed. 
Prerequisite: by permission.
Numeric grade only. 

ACCT 480 Accounting Internship (2-4 Credits)

Placement in an accounting internship with academic work under faculty direction. 
Prerequisite: junior or senior standing, or by permission.