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Lasell University
Lasell University

2016 - 2017 Academic Catalog

Accounting

The Accounting major is designed to provide students with the knowledge and skills necessary to prepare them for productive and satisfying careers in both private industry and the public sector.

Our accounting program provides valuable skills for any career path in the business world. Students develop the financial knowledge and analytical skills necessary in understanding the various components of business organizations and the role of accounting within them. The Accounting major provides a flexible program of study relevant to all areas of accounting, with a strong emphasis on practical accounting work. Consistent with the College's connected learning philosophy, the accounting major offers students various project-focused as well as service-learning opportunities. Students are highly encouraged to take a Service Learning course - SVL 108, Tax Volunteer, and/or SVL 207, Accounting Facilitator.. The Internship program provides a capstone work experience for all students during their senior year.

By planning early in consultation with an academic advisor, students may be able to reduce the time it takes to complete a bachelor's degree in Accounting to 3 or 3½ years.

The program provides students with the critical knowledge needed to sit for the Certified Public Accounting (CPA) exam as well as the various other Accounting Certifications including Certified Management Accountant (CMA). Graduates receive a Bachelor of Science degree in Accounting.

The following goals and associated learning outcomes delineate what we strive for students to achieve when they complete the major program of study in Accounting:

Goal 1: Knowledge of Accounting Information
Upon completion of the major program of study in Accounting, students will be able to

  1. identify, measure, record, and communicate financial information relating to an organization
  2. interpret, analyze, and evaluate financial information relating to an organization
  3. demonstrate the acquisition of analytical, quantitative, and critical thinking skills necessary for decision making
  4. use industry specific software

Goal 2: Application of Business Information
Upon completion of the major program of study in Accounting, students will be able to

  1. apply quantitative research methods to various challenges faced by business organizations
  2. apply qualitative research methods to various challenges faced by business organizations
  3. integrate business information into effective decision making

Goal 3: Ethical Decision-making
Upon completion of the major program of study in Accounting, students will be able to

  1. identify ethical issues implicit in business
  2. evaluate and decide among alternative solutions to ethical problems

Goal 4: Professional skills
Upon completion of the major program of study in Accounting, students will be able to

  1. communicate effectively in writing for the discipline
  2. communicate effectively orally within the discipline
  3. work effectively in teams

BUSS101 - Contemporary Issues in Business

This course is designed to familiarize students with various aspects of the business world. Areas covered include: private enterprise, forms of ownership, legal aspects, management, marketing, human resources, operations management, labor relations, and finance. In addition, students become aware of how business functions are integrated into an organization to achieve specific goals.

BUSS201 - Financial Accounting

This course provides students with an applied knowledge of the fundamental accounting process and procedures used in business. Students learn how to identify and record business transactions. In addition, students learn how to create financial statements, as well as how to become intelligent users of financial information.

BUSS202 - Managerial Accounting

In this course, students gain experience in the development and use of information within an organization. Course topics include: cost terms; production costing; cost allocation for planning and control; cost behavior patterns; cost-volume-profit relationships; budgeting; inventory planning and control; pricing decisions; and aspects of investment decisions. Prerequisite: BUSS 201 with a grade C or better.

BUSS203 - Financial Management

This course provides an introduction to the fundamental concepts of finance. Various techniques of analysis that reveal the relationships of risk, return, and value are demonstrated. Topics include: financial reporting; long- and short-term forecasting; managing working capital; capital budgeting; and the nature of corporate securities and debt-equity mix. Prerequisites: BUSS 101 OR HEM 101 OR FASH 101 OR SMGT 102; BUSS 202 with a grade C or better & ECON 102.

BUSS205 - Legal Environment of Business

This course provides a working knowledge of everyday law as it applies to business and personal needs. The focus is primarily on contract law and property law.

BUSS210 - Federal Income Taxes

This course provides students with a basic understanding of fundamentals of federal income tax laws as they apply to individuals, businesses, and not-for-profit taxable entities. It explores the broad range of tax topics, emphasizing the role of taxation in business decision-making process, tax research, and tax planning. Prerequisite: BUSS 201

BUSS220 - Marketing

In this course, fundamentals of the nature of marketing are presented and evaluated for specific functions and institutions. Policies and practices as applied generally to marketing research involve product development, selection, channels of distribution buying and physical distribution selling. Pricing under competitive conditions, social benefits of competition and government regulations are included. Prerequisites: BUSS 101, HEM 101, FASH 101, or SMGT 102; ECON 101; HEM102.

BUSS224 - Organizational Behavior

In this course, students study individuals within the context of the organization using a behavioral approach. Group dynamics and intergroup dynamics are emphasized in relation to productivity and work satisfaction along with the examination of specific aspects of organizations that influence behavior. Areas covered include: structure, leadership, and change. Teaching modalities include case studies and role-playing. This is a writing intensive course. Prerequisite: PSYC 101 or SOC 101.

BUSS232 - Operations Strategy

Operations strategy examines how operations can be used as sources of competitive advantage. This class will focus on understanding the need of formulating an operational strategy (long-term plan) and making strategic operational decisions. The old view of operations management as the task of maintaining a comparatively static production or service facility has given way to one characterized by a need for renewed flexibility, relentless improvement, and the development of new capabilities at the operating unit level. As a result of this changing environment, the skills required of operations managers have changed as well. The course is based primarily on case studies supported by conceptual frameworks.

BUSS301 - Intermediate Accounting I

This course builds on concepts developed in Financial Accounting. Concentration is on the application of Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS) to the preparation of financial statements with an in-depth review of cash, receivables, inventories, and plant assets. The course also covers the concept of the time value of money and the application of present value techniques to accounting valuations. Prerequisite: BUSS 202 with a grade C or better.

BUSS302 - Intermediate Accounting II

This course is designed to continue the concepts of financial accounting and present a more thorough analysis of the requirements of the Financial Accounting Standards Board. Included in this course are earnings per share calculations, lease accounting, and pension accounting. The cash flow statement is also studied. Prerequisite: BUSS 301 with a grade C or better.

BUSS306 - Accounting Information Systems

This course provides an understanding and appreciation of accounting information systems. The course teaches conceptual, analytical, and technical skills necessary to work efficiently and productively as an accountant in a computerized business information environment. The functions of Accounting Information Systems are explored from the perspective of financial accounting, managerial accounting, auditing, and tax. The course involves several hands-on exercises in Microsoft Access and Microsoft Excel to develop database and spreadsheet skills. Prerequisite: BUSS 202 with a "C" or better.

BUSS319 - Cost Accounting

Study of a typical firm’s cost data and how that data can transformed into information for business analysis and decision making. Topics include how to identify fixed versus variable cost, cost volume profit analysis, flexible budgeting, Activity Based Costing and standard cost systems with detail variance analysis. Process and job order costing systems are examined in terms of how these systems are used to accumulate cost to determine accurate product or service costs and why this is necessary in setting product/service selling prices to maximize profits. Other topics include the numerous cost allocation processes that take place in the typical manufacturing and service industries, and transfer pricing within companies that are doing business internationally. Prerequisite: BUSS 202 with a "C" or better.

BUSS403 - Advanced Accounting

This course examines specialized topics in financial accounting. Problems associated with the partnership form of business organization, including partnership formation, division of income and losses, changes in ownership, and partnership liquidation are reviewed. Topics also include the subject of business combinations with emphasis on consolidated financial statements of parents and subsidiaries and elimination of intercompany transactions, accounting for foreign operations, and fund accounting as it relates to municipalities. Prerequisite: BUSS 302 with grade C or better; BUSS 319 with "C" or better; and Senior Standing

BUSS408 - Auditing

This courses examines the impact of auditing on constituencies external and internal to organizations, especially stockholders and management. Students examine the role of both the independent public accountant and the internal auditor, and study various control and reporting techniques involved in auditing. Prerequisites: BUSS 302, BUSS 319, and Senior standing.

BUSS440 - Business Policy

This capstone course requires students to apply a broad knowledge of management and administrative techniques to specific situations. An emphasis is placed on strategy formulation and implementation. The case study method is used. This course culminates in a formal professional presentation to members of the advisory board. This is a writing intensive course. Prerequisite: Senior standing, Marketing/Management or Accounting/Finance Majors.

BUSS498 - Internship Seminar Acct/Fin

A critical component of the internship experience is participating in a weekly seminar where students discuss and reflect on their experiences to gain a broader view of the workplace, contemporary issues and organizational trends, as well as their own developing abilities and career interests. This one credit course covers professional issues as they arise during the student's internship. Some of the topics covered include: supervision, boundary issues, self-care, stress management, and professionalism. Students are required to write a weekly reflective journal on their internship experience. Prerequisites: Junior or Senior standing, and a 2.0 cumulative average in all business prefix courses. Separate sections are offered for different business majors. Must be taken concurrently with BUSS 499.

BUSS499 - Internship Accounting/Finance

The internship is scheduled to take place during the senior year. Students serve as interns for a total of 150 hours over a 12-week period, done concurrently with on-campus course work as shown in the curriculum for each program. Detailed reports, a journal, and other written requirements are submitted during and at the conclusion of the internship. The internship supervisor monitors each student's performance and visits each internship site as needed. Prerequisites: Junior or Senior standing, and a 2.0 cumulative average in all business prefix courses. Separate sections are offered for different business majors. Must be taken concurrently with BUSS 498.

ECON101 - Principles of Econ-Micro

This course is an introduction to the principles of the economic behavior of individuals, firms, and industries in the mixed economic system. Topics include consumer demand; elasticity; supply and costs of production; the allocation of economic resources; international trade; and the role of government in promoting economic welfare.

ECON102 - Principles of Econ-Macro

This course explores basic functions of the United States economy viewed as a whole and policies designed to affect its performance. Topics include economic scarcity; causes of unemployment and inflation; money and monetary policy; the impact of government taxation and spending; and the federal debt. Some consideration is given to international economic problems and to contrasting economic systems. Prerequisite: ECON 101.

MATH205 - Calculus I

This course is an introduction to limits, continuity, and methods of differentiation. Application to problems in business management and physical science is emphasized. Prerequisite: MATH 203 with a grade of C or better or demonstrated competency through placement testing. Restrictions: not open to students who have completed MATH 206, or any 300 level mathematics courses.

MATH208 - Statistics

This is an introductory course in descriptive and inferential statistics with an emphasis on applications in business and the social and biological sciences. Topics include: data analysis, and graphical methods of describing data, measures of central tendency and variability, probability, the normal distribution, sampling distributions, confidence intervals, hypothesis testing, correlation, and regression analysis. Prerequisites: MATH 106 with a grade of C or better or demonstrated competency through placement testing and ENG 102.

BUSS208 - Financial Statement Analysis

This course examines financial statements and other financial reports with a view towards using accounting information in making investing, lending and other potential management decisions. Students explore methods of constructing, comparing and analyzing these statements and reports and the various uses of such analyses. Prerequisite: BUSS 202 with a grade C or better.

BUSS305 - International Accounting

This course addresses significant accounting matters experienced by multinational companies. Accounting matters include currency transactions and translational transfer price, and management planning and control. Prerequisite: BUSS 301 with a C or better.

BUSS308 - Government & Not-for-Profit Accounting

This course introduces financial accounting and reporting issues related to state and local government and non-profit organizations, including universities and health care facilities. Prerequisite: BUSS 201 with a grade C or better.

BUSS309 - Fraud Examination

This course covers techniques for identification and detection of asset misappropriation schemes and fraudulent financial statements, who commits fraud and why, and controls to prevent and detect problems. Prerequisite: BUSS 201 with a "C" or better.

BUSS405 - Accounting Theory

This course develops an understanding of generally accepted accounting principles and of the underlying theory upon which they are based, essentially through study and analysis of publications of the American Institute of Certified Public Accountants and other professional bodies. This course further emphasizes current developments in accounting thought. Prerequisites: BUSS 302, BUSS 303, both with a C or better, and senior standing.

BUSS418 - Special Topics in Accounting

This course provides students with an opportunity to study topics of special interest, which may vary each time the course is offered. Prerequisites: Permission of Department Chair, and Senior standing.

PSYC101 - Psychological Perspectives (KP)

In this course, students learn to think like psychologists as they study classic and contemporary topics in human behavior, feeling, and thought. Students learn to apply psychological perspectives of thought, including biological, cognitive, sociocultural, humanistic, psychodynamic, and behaviorist, to better understand the human experience. Students will learn to use these perspectives to explore how individual behavior is influenced by and influences one’s biology, family, community and society. Topics may include human development, personality, psychopathology, human relationships, language, memory, perceptual processes, and intelligence, among others.

SOC101 - Sociological Imagination (KP)

This course is designed to help students develop their ability to think critically about the world around them using the framework of sociology. Students explore the relationship between individual and society – how personal experience is shaped by social forces, but also how society is created and changed through individual interaction. The focus is on the interrelationships of groups, social organization, and social institutions such as education, religion, family, and the economic and political order.