Department of Accounting

Accounting Department

The Department is committed to the development and delivery of a curriculum that prepares students for the demands of careers in accounting and finance. Our programs develop critical core competencies and fundamental knowledge that benefit professionals throughout their careers. Students learn the skills and knowledge necessary for success in early career opportunities and on professional examinations, and serve as a strong foundation for life-long learning and long-term professional growth.

Accounting

Accounting emphasizes the generation, analysis and reporting of key financial information to interested stakeholders. Graduates are employed in a wide variety of careers including, financial reporting, financial advising, consulting and data analysis. Accountants work for public accounting firms, private firms, governmental units and not-for-profit organizations.

The accounting curriculum provides the content specified in the Uniform CPA Examination. However, in Illinois (and most other states), candidates are required to have 150 semester credit hours to sit for the CPA examination. Students may earn the additional credit hours through graduate studies, overloads, May or summer term courses. Additionally, advanced placement credits and college coursework not transferred into North Central College may be count towards the 150-hour requirement. Students are encouraged to work closely with faculty mentors to determine a plan of study that best meets individual circumstances.

Your North Central College accounting classes will give you technical knowledge and problem-solving and communication skills you'll need to succeed as an accountant. And if you elect an internship, you'll have the chance to showcase what you've learned, gain first-hand knowledge of the type of work you want to pursue, and build a network of professional contacts in a major metropolitan area.

 

Program and Degree Options

The Department of Accounting offers Bachelor of Arts and Bachelor of Science degrees in

Students may also get minors in these areas of study. 

Accounting, B.B.A.

Accounting emphasizes the generation, analysis and reporting of key financial information to interested stakeholders. Graduates are employed in a wide variety of careers including, financial reporting, financial advising, consulting and data analysis. Accountants work for public accounting firms, private firms, governmental units and not-for-profit organizations.

The accounting curriculum provides the content specified in the Uniform CPA Examination. In Illinois, through        December 31, 2022, candidates are required to have 150 semester credit hours to sit for the CPA examination. Effective January 1, 2023, candidates may sit for the CPA examination with a Bachelor's degree.  However, successful candidates will be required to complete 150 semester credit hours for state licensure. Students may earn the additional credit hours through graduate studies, overloads, May or summer term courses. Additionally, advanced placement credits and college coursework not transferred into North Central College may be count towards the 150-hour requirement. Students are encouraged to work closely with faculty mentors to determine a plan of study that best meets individual circumstances.

For additional programs and courses in this department, see Accounting.

Common SBE Core

Accounting Courses

Two of the following:

Accounting Minor

An accounting minor introduces students to key and core aspects of the generation, analysis and reporting of key financial information to interested stakeholders. A minor in accounting is appropriate for a wide-range of student majors and can provide the basis for continued graduate study in accounting at the masters' degree-level.An accounting minor introduces students to key and core aspects of the generation, analysis and reporting of key financial information to interested stakeholders. A minor in accounting is appropriate for a wide-range of student majors and can provide the basis for continued graduate study in accounting at the masters' degree-level.

For additional programs and courses in this department, see Accounting.

At least 22 credit hours in accounting, including:

Required Courses

Electives

Six credit hours from the following:

NOTE: This page contains all of the regular course descriptions for this discipline or program. Academic credit for each course is noted in parenthesis after the course title. Prerequisites (if any) and the general education requirements, both Core and All-College Requirements (ACRs), which each course fulfills (if any) are noted following each course description. Not all courses are offered every year. Check Merlin, our searchable course schedule, to see which courses are being offered in upcoming terms.

Accounting Courses

ACCT 190 - Topics in Accounting

4.00 credit hours

Topics vary depending on student interest and faculty expertise. Topics and prerequisites are normally announced in advance and placed in the online schedule of classes. May be repeated with different content.

ACCT 201 - Financial Accounting

4.00 credit hours

An introduction to accounting principles and procedures as they are employed in the communication of financial information to various users, such as management, stockholders and government agencies. Topics include accounting for assets, liabilities, owner’s equity and other reporting issues.

ACCT 202 - Managerial Accounting

4.00 credit hours

Analysis of accounting for managerial decision-making, planning and control. Topics include budgeting, variance analysis, traditional and nontraditional product costing methods and cost-volume profit analysis.

Prerequisite(s): ACCT 201.

ACCT 290 - Topics in Accounting

4.00 credit hours

Topics vary depending on student interest and faculty expertise. Topics and prerequisites are normally announced in advance and placed in the online schedule of classes. May be repeated with different content.

ACCT 294 - Community Engaged Learning in Accounting

0.00-4.00 credit hours

Students participate in community engaged learning opportunities where accounting education is enhanced through service learning. These activities may include volunteer income tax preparation, attestation engagements with not-for-profit entities or other volunteer activities requiring the application of accounting principles and concepts.

Cardinal Directions Designation(s): Community Engaged Learning.

ACCT 297 - Internship

0.00-12.00 credit hours

Valuable professional experiences supplement classroom instruction and allow students to apply theories and concepts to broader issues and system. Students explore career options within a specific area of study and critically reflect on the experience in a structured manner. May be repeated with different professional experience.

ACCT 299 - Independent Study

1.00-12.00 credit hours

Individual studies undertaken with guidance of a faculty member. May be repeated with different content.

ACCT 303 - Environmental Cost Analysis

4.00 credit hours

(Same as: ENVI 303.) Accounting and business concepts are applied to sustainability projects within the greater College community. After covering a foundation of cost and managerial accounting concepts, students will work on teams to plan, implement and assess environmental opportunities available to the College. Projects may include cost-benefit analysis, capital budgeting or sustainability certification opportunities.

Prerequisite(s): ACCT 202; or LEAD 180, ENVI 230 and ECON 240.

ACCT 307 - Cost Accounting

4.00 credit hours

Development of accounting information for management decisions. A study of several cost accounting systems, unit cost determination, budgeting, variance analysis, cost allocation systems and inventory control techniques used for routine and non-routine management decisions.

Prerequisite(s): ACCT 202.

ACCT 310 - Accounting Information Systems

2.00 credit hours

An introduction to accounting information systems. Topics include developing an understanding of the roles and responsibilities within the functions of accounting information systems, and understanding the relationship between events, financial reports and resulting managerial decisions.

Prerequisite(s): ACCT 317 or concurrent enrollment.

ACCT 317 - Intermediate Accounting I

4.00 credit hours

Study and research of U.S. Generally Accepted Accounting Principles and their applications to financial accounting and financial statements. Additionally, the application of International Financial Reporting Standards is explored with each topic. Topics covered include an in-depth study of cash, receivables, inventory, plant assets, intangible assets and investments.

Prerequisite(s): ACCT 202 or concurrent enrollment.

ACCT 318 - Intermediate Accounting II

4.00 credit hours

A continuation of Intermediate Accounting I. Topics covered provide an in-depth study of, liabilities, stockholders’ equity and earnings per share, revenue recognition, pensions, leases, deferred taxes, disclosure requirements for business segments, cash flows statement and error analysis.

Prerequisite(s): ACCT 317.

ACCT 330 - Principles of Taxation

4.00 credit hours

Basic concepts of federal income tax laws and their application for individual and entity taxation. Topics include gross income, excluded income, deductions (business, non-business, and employee), tax credits, depreciation, capital gains and losses, installment sales, nonrefundable credits and bad debts and losses.

Prerequisite(s): ACCT 202 and Junior standing.

ACCT 370 - Auditing and Attestation

4.00 credit hours

A study of standards and procedures related to audit and attest engagements. Topics include the decision-making process, the internal control environment and the communications required for the engagement.

Prerequisite(s): BUSN 265; Junior standing; ACCT 318 or concurrent enrollment.

ACCT 390 - Topics in Accounting

4.00 credit hours

Topics vary depending on student interest and faculty expertise. Topics and prerequisites are normally announced in advance and placed in the online schedule of classes. May be repeated with different content.

Prerequisite(s): ACCT 318.

ACCT 394 - Community Engaged Learning in Accounting

0.00-4.00 credit hours

Students participate in community engaged learning opportunities where accounting education is enhanced through service learning. These activities may include volunteer income tax preparation, attestation engagements with not-for-profit entities or other volunteer activities requiring the application of accounting principles and concepts.

Cardinal Directions Designation(s): Community Engaged Learning.

ACCT 397 - Internship

0.00-12.00 credit hours

Valuable professional experiences supplement classroom instruction and allow students to apply theories and concepts to broader issues and system. Students explore career options within a specific area of study and critically reflect on the experience in a structured manner. May be repeated with different professional experience.

ACCT 399 - Independent Study

1.00-12.00 credit hours

Individual studies undertaken with guidance of a faculty member. May be repeated with different content.

ACCT 431 - Advanced Taxation

2.00 credit hours

Advanced concepts of federal income tax laws and their application to individuals, pass-through and business entities. Topics include taxation theory, corporations, corporate distributions, partnerships, securities and retirement plans and administrative procedures.

Prerequisite(s): ACCT 330.

ACCT 440 - Accounting for Business Combinations

2.00 credit hours

A study of accounting principles concentrating on the preparation and analysis of consolidated financial statements and related topics.

Prerequisite(s): ACCT 318.

ACCT 460 - Accounting for Not-For-Profits

2.00 credit hours

A study of fund accounting as used by not-for-profit organizations such as government agencies, colleges, hospitals and charitable organizations.

Prerequisite(s): ACCT 317.

ACCT 471 - Fraud Examination

2.00 credit hours

A study of the fraud examination as related to business. Topics include: fraud prevention and deterrence, financial transactions and fraud schemes, fraud investigations and the law as it pertains to fraud.

Prerequisite(s): ACCT 318 and ACCT 370.

ACCT 490 - Seminar in Accounting

2.00 credit hours

Topics in accounting with an emphasis on research and emerging issues in the profession. The nature of accounting standard setting and its implications provide a framework for the seminar topics and activities.

Prerequisite(s): ACCT 318.

ACCT 494 - Community Engaged Learning in Accounting

0.00-4.00 credit hours

Students participate in community engaged learning opportunities where accounting education is enhanced through service learning. These activities may include volunteer income tax preparation, attestation engagements with not-for-profit entities or other volunteer activities requiring the application of accounting principles and concepts.

Cardinal Directions Designation(s): Community Engaged Learning.

ACCT 497 - Internship

0.00-12.00 credit hours

Valuable professional experiences supplement classroom instruction and allow students to apply theories and concepts to broader issues and system. Students explore career options within a specific area of study and critically reflect on the experience in a structured manner. May be repeated with different professional experience.

ACCT 499 - Independent Study

1.00-12.00 credit hours

Individual studies undertaken with guidance of a faculty member. May be repeated with different content.

 

  • Accounting students should join the Student Accounting Society (SAS) and participate in Etiquette Night, mock interviews, panel discussions with practitioners, field trips to area businesses and the Chicago Board of Trade.
  • Accounting students can become a certified tax preparer and participate in the Volunteer Income Tax Assistance (VITA) program, providing free income tax assistance for low income families and individuals.
  • Finance students should join NCC Bulls & Bears Finance Club. This group provides a way to find out more about careers in finance and network with other finance students and professionals in the real world.
  • Any student can become a member of ENACTUS (formerly known as Students in Free Enterprise) and participate in real-life community projects, which are presented for judging by business executives. North Central’s ENACTUS team has won more awards than any other school in the Midwest and is one of the top teams in the country.
  • Pursue an internship for credit or work part-time to obtain valuable accounting experience. Our location offers you almost limitless possibilities!
  • Take a fall term off to study abroad in Costa Rica, London or Asia while still earning full credits.
  • After graduation, you’ll be poised to go on for a master’s degree with specialization in accounting, business administration, finance, information systems or other areas.
     

Accounting Scholarship Opportunities:
AICPA Scholarships
http://www.aicpa.org/BecomeACPA/Scholarships/Pages/default.aspx

IL CPA Scholarships
https://www.icpas.org/future-cpa/college-students/scholarships 

ASWA American Society of Women Accountants - Chicago Chapter Scholarships
http://www.aswachicago.org/scholarship-info

ACFE Association of Certified Fraud Examiners Scholarship
http://www.acfe.com/scholarship.aspx

Independent Accountants Association of Illinois Scholarships
http://www.illinoisaccountants.com/resources/scholarship

National Society of Accountants Scholarships
http://www.nsacct.org/Education/NSAScholarshipFoundation/ScholarshipApplicationGuidelines/tabid/7273/Default.aspx

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