Accounting Minor

All students must complete a minimum of 20 semester hours in accounting courses, including:

• BCOR 2110: Financial Accounting (4 semester hours)
• BCOR 2120: Accounting Information for Decision Making (4 semester hours)
• Three additional upper division accounting courses (12 semester hours)

All upper division accounting courses must be taken in residence at LMU.

A minimum cumulative GPA of 2.5 is required for the Accounting Minor.

BCOR 2110: Financial Accounting

4 semester hours

This course involves the study of financial accounting. Students are introduced to 1) the role of financial accounting and reporting in business and society, 2) the basic concepts and techniques of financial accounting, and 3) the preparation and use of financial statements. Topics covered include accrual basis of accounting, the financial accounting cycle, internal controls, ratio analysis, and the reporting and analyzing of financial statement elements.

Plus three additional ACCT courses, chosen from the following:

ACCT 3110: Intermediate Accounting I

4 semester hours

This course begins the in-depth study of financial accounting and reporting. Topics covered include the environment of the standard setting process for financial reporting, the conceptual framework, basic financial accounting concepts, accounting cycle procedures, financial statement preparation and financial disclosures, basic ratio analysis, revenue recognition, present value applications, and accounting standards and procedures for cash, notes and accounts receivable, and inventories. Uses and limitations of the balance sheets, income statements, and statements of cash flows are studied. Researching accounting issues through the use of the FASB’s Codification database is integrated throughout the course.

Prerequisite: BCOR 2120 with a minimum grade of C (2.0)

ACCT 3120: Intermediate Accounting II

4 semester hours

This course continues the in-depth study of financial accounting and reporting introduced in ACCT 3110. The conceptual and procedural aspects of some of the complex and controversial topics in financial accounting are studied from both the U.S. and an international accounting perspective. Topics include the accounting for property, plant, and equipment, intangible assets, investments, long-term debt, leases, deferred income taxes, contingent liabilities, and several issues relating to stockholders’ equity. Coverage of these topics includes an historical perspective, current practice, awareness of limitations in current practice, and possible future directions. Researching accounting issues through the use of the FASB’s Codification database is integrated throughout the course.

Prerequisite: ACCT 3110 with a minimum grade of C (2.0)

ACCT 3130: Cost Management

4 semester hours

This course continues the process of analyzing economic events within the framework of accounting information systems and the use of information in the management decision-making process. Students are expected to analyze and evaluate business operations and activities. The topics will include those of the traditional product costing methods as well as cost management topics. Advanced topics of decision making structure, together with the measurement of performance, and the new competitive environment are covered during the last part of the semester. This course draws heavily from other disciplines, especially the fields of management and economics.

Prerequisite: BCOR 2120 with a minimum grade of C (2.0)

ACCT 3140: Accounting Information Systems

4 semester hours

This course introduces students to the fundamentals of accounting information systems including design, operation, and control of enterprise accounting systems. It focuses on business cycles, transaction processing, database design, documentation, business process, risk assessment, and internal controls. Various computer applications are used to provide hands-on experience in accounting information collection, processing, and reporting to reinforce financial and managerial accounting concepts. The course also examines emerging technologies in accounting as well as data and analytics concepts and tools.

Prerequisite: BCOR 2120 with a minimum grade of C (2.0)

ACCT 4120: Federal Income Taxation

4 semester hours

The course focuses on Federal income tax planning and compliance for individuals and business entities, such as partnership and corporations. It involves study of the accounting, economic, legal, and political aspects underpinning taxation systems in order to better understand the role of taxation in personal and business decisions.

Prerequisite: ACCT 3110 with a minimum grade of C (2.0)