Department of Accounting
Stephens Hall 102
Why Study Accounting?
- Accounting provides the language you need in order to understand the past, present, and future performance of a business enterprise. If you understand accounting, you will understand how a business works, what makes it successful, and how it can be improved.
- A degree in accounting will open many doors into highly valued professional business careers. You will be able to earn a Certified Public Accountant (CPA) designation. You can combine your knowledge of accounting with other areas of business and finance in preparing for outstanding careers in the fields of investments, business management, entrepreneurship, and business consulting.
In business and society, accountants make a difference. They prepare, review, interpret, and forecast the financial information that is relied upon by investors, lenders, businesses, and other organizations throughout the world. Accountants also provide expert advice on taxes, financial planning, information systems and a wealth of other business matters. Accountants are also widely involved in various levels of regulatory and law enforcement. In today’s fast-paced, rapidly changing world, few careers offer as many advantages and rewards as a career in accounting. These include:
- a high level of job security
- competitive starting salaries
- a wide range of career options
- top-tier income potential
- a path to senior management
- the option to create your own business
- an opportunity to travel
- a respected, established profession
- the knowledge that you are an expert, trusted adviser
- the satisfaction of helping others
At Towson University, you will join one of only three accounting programs among Maryland’s public colleges and universities that have achieved the additional accounting accreditation by the Association to Advance Collegiate Schools of Business (AACSB International). Of all the accounting programs in the United States, only about one in 10 accounting programs have achieved this distinction.
A wealth of additional information about accounting is available on the Internet. A few of the websites that you may want to visit include the Department of Labor Occupational Outlook Handbook, the American Institute of CPAs, the Maryland Association of CPAs, and the AACSB.
Vision, Mission and Core Values
To be at the forefront of accounting education in Maryland and beyond.
The mission of Towson University Accounting is to prepare students for dynamic careers in business and professional accounting by equipping them with the latest in knowledge of accounting standards and practices and the ability to understand and apply high powered technology and analytics to the problem solving needs of today.
The Means to Accomplish our Mission
Our undergraduate Accounting program offers up-to-date teaching of accounting principles and practices with an emphasis on the use of the latest analytical and information technologies based on a solid general and business education foundation. Our core Accounting curriculum is based on standards specified by the Maryland Board of Public Accountancy. Completion of the B.S. in Accounting or the M.S. in Accounting and Business Advisory Services will qualify graduates to sit for the Uniform CPA Examination in Maryland.
Like the College of Business and Economics, the Accounting Department, promotes a high code of ethics, special concern for student learning, and the effective use of technology.
We emphasize the importance of having faculty who are heavily engaged in the practice and profession of accounting. We provide students with a variety of practically-based experiential learning opportunities by calling upon our diverse partnerships with the Maryland business community and accounting industry. Most of our students end up working for one of the many accounting and business entities who support our accounting programs.
Our values include an uncompromising belief in a culture where student and faculty excellence is fostered and rewarded; ethical behavior is a norm; professionalism, including civility and respect, is a way of life; and diversity and inclusion are guaranteed.
Opportunities for Peer and Professional Networking
- Student Chapter of Beta Alpha Psi: International Honor Society in Accounting.
- Student Chapter of National Association of Black Accountants (NABA)
- Towson University Society of Accountancy (TUSA)
- Accounting Advisory Board (a body of over 30 practicing accountants working to promote the department and its students)
- Annual Accounting Open House attended by a variety of employers looking to hire our students
- Annual Department of Accounting Awards Banquet in which we honor our student accomplishments
- Partnerships with providers of CPA Review material so you can prepare to pass the CPA exam
- A large number of Student Scholarships & Awards for Academic Achievement, including:
- Accounting Advisory Board Scholarship
- Accounting Alumni Scholarship Award
- Department of Accounting General Scholarship Award
- Deloitte Scholarship in Accounting
- Ellin & Tucker Scholarship
- Fran Soistman and Family Scholarship
- Kenneth and Renee Moreland Accounting Scholarship
- SC&H Excellence in Accounting Scholarship
- Sylvia Bernstein Prize for Excellence in Accounting
- Russell E. Denison Annual Award for Excellence in Accounting
- Outstanding Accounting Student Achievement Award
- MACPA Outstanding Achievement in Accounting Award
- Association of Government Accountants Award
Requirements for Admission to the Accounting Major
Accounting is a screened major. Admission to the Accounting major requires:
- An average GPA of 2.70 or higher in the six Lower-Level Business courses (located in the major requirements).
- An average GPA of 2.70 or higher in the three Upper-Level Accounting courses.
- A grade of C or higher in each of these courses.
- A cumulative GPA of 2.30 or higher in all course work.
Students will not be permitted to enroll in ACCT 303, ACCT 401 or ACCT 421 without first being admitted to the major. Students who enroll in other upper-level “major-only” accounting courses before being admitted to the Accounting major do so at their own risk.
No more than two courses may be repeated, of which no more than one course may be repeated twice.
Degree candidates intending to major in Accounting are designated as pre-Accounting (PACT) until admitted into the Accounting major. Students are encouraged to communicate each term with their assigned faculty adviser to evaluate their progress in completing the requirements for admission to the major and the degree.
Students are required to apply for the Accounting major using forms available in the Department of Accounting office, Stephens Hall 102, or online.
ACCT 201 PRINCIPLES OF FINANCIAL ACCOUNTING (3)
Accounting and financial reporting concepts and the significance of financial accounting information in decision-making. Includes the effects of accounting events on business financial statements; planning and decision-making tools in the operating cycle; and the process of recording and communicating information.
ACCT 202 PRINCIPLES OF MANAGERIAL ACCOUNTING (3)
Managerial accounting concepts and the significance of accounting information for managerial decision-making. How managers use information to carry out three essential functions in an organization: to plan operations, to control activities, and to make managerial decisions. Prerequisite: ACCT 201 or ACCT 211 with grade equivalent of 2.00 or higher.
ACCT 300 ACCOUNTING INFORMATION SYSTEMS (3)
A detailed review and discussion of the revenue, expenditure and other transaction processing cycles; batch, OLRT and cloud-based approaches to data processing; file-oriented and database systems; e-business infrastructure, networks and applications including data mining techniques pertaining to accounting; internal controls; and system development and accounting software selection. Students will complete projects using up-to-date software applications including Tableau and others. Prerequisite: ACCT 202 or ACCT 212 with grade equivalent of 2.00 or higher.
ACCT 301 INTERMEDIATE ACCOUNTING I (3)
Analysis of the conceptual framework of accounting and a comprehensive review of the accounting process. Examination of accounting and analytics related to cash, receivables, revenue recognition, time value of money, and inventory. Projects include data analytics using a mid-range accounting software. Discussions of data analytics, financial statement analysis, and ethics. Prerequisite: ACCT 202.
ACCT 302 INTERMEDIATE ACCOUNTING II (3)
Examination of accounting and analytics related to property plant and equipment, investments, current liabilities and contingencies, long term debt, leases, accounting for income taxes, and additional inventory issues. Projects include data analytics using a mid-range accounting software. Discussions of data analytics, financial statement analysis, and ethics. Prerequisite: ACCT 301.
ACCT 303 INTERMEDIATE ACCOUNTING III (3)
Integration of information and analytical technologies in the accounting analysis of equity. Reporting of earnings per share. Accounting for investments, leases, post-employment benefits and income taxes. Prerequisites: ACCT 302 with a grade equivalent of 2.00 or higher and ACCT major standing.
ACCT 341 MANAGEMENT ACCOUNTING I (3)
Analysis of components of cost systems using information and analytical technologies, including process costing, job-order costing and activity-based costing (ABC). Elements of standard cost accounting, variance analysis, budgeting, and cost-volume-profit analysis will be presented. Prerequisite: ACCT 202 or ACCT 212 with a grade equivalent of 2.00 or higher.
ACCT 361 TAX ACCOUNTING I (3)
Covers federal income tax laws governing gross income, deductions, calculation of taxable income tax rates. Emphasis is placed on the effect of these laws on the income of individual taxpayers. Prerequisite: ACCT 202 or ACCT 212 with a grade equivalent of 2.00 or higher.
ACCT 362 TAX ACCOUNTING II (3)
Covers laws dealing with federal taxation of corporations, partnerships, estates and trusts, and retirement plans. Prerequisites: ACCT 361 with grade of C (2.0) or higher and ACCT major only.
ACCT 401 AUDITING I (3)
Focuses on developing a solid foundation of knowledge of auditing standards (AICPA and PCAOB), professional ethics, internal controls, reliability and validity of audit evidence and reporting, as well as an awareness of the importance of internal controls in order to avoid the many facets of fraud. Prerequisites: COMM 131 or COMM 215 and BUSX 301 or ENGL 317; ACCT 303 (may be taken concurrently); major in ACCT.
ACCT 402 AUDITING II (3)
Builds on the foundation laid out in ACCT 401. Develops the skill set relating to Audit procedures, tests of controls for various accounts, substantive procedures for various account transactions and balances including the identification of fraud risk factors which may lead to possible transactional misstatements and/or fraudulent financial statements utilizing software (such as ACL or IDEA) to download and analyze appropriate data. Prerequisites: ACCT 401; ACCT major and senior status.
ACCT 410 GOVERNMENTAL AND NOT-FOR PROFIT ACCOUNTING (3)
Accounting and financial reporting procedures for governmental and nonprofit organizations. Promulgated accounting standards, conceptual issues, and special topics will be examined. Emphasizes accounting for state and local governments, not-for-profit organizations, colleges and universities, and health care organizations. Prerequisite: ACCT 303 with grade equivalent of 2.00 or higher, Accounting major only.
ACCT 412 INTERNATIONAL ACCOUNTING (3)
Covers international convergence of financial reporting standards and covers various international accounting theories and practices in order to provide students with necessary skills in analyzing and interpreting financial statements that are prepared by multinational and transnational corporations. Prerequisite: ACCT 303 with grade equivalent of 2.00 or higher, Accounting major only.
ACCT 421 ADVANCED ACCOUNTING (3)
Advanced accounting theory applied to specialized topics and current problems. Emphasis on consolidated statements and partnership accounting. Prerequisites: ACCT 303 with a grade equivalent of 2.00 or higher; ACCT major and senior status.
ACCT 442 MANAGEMENT ACCOUNTING II (3)
Development of advanced management accounting theories, the analysis of cost management systems with a strategic emphasis, and the management's use of accounting information through case analyses. Prerequisites: ACCT 341 with a grade equivalent of C (2.0) or higher and ACCT major only.
ACCT 450 FORENSIC ACCOUNTING AND FRAUD EXAMINATION (3)
Forensic accounting is an interdisciplinary study of social learning/process theories, accounting, law, and the systems of internal controls, evidence gathering, interpersonal skills, communication skills and information technology skills. Fraud examination provides foundation knowledge about fraud prevention, detection and investigation for an accountant. In this course, students will learn what occupational fraud is, how and why it is committed, how fraudulent activities can be deterred and appropriate procedures for investigating and resolving allegations of fraud. Students will utilize the IDEA software in fraud detection. Prerequisites: ACCT 300 and ACCT 302.
ACCT 470 SPECIAL TOPICS (3)
Course content varies with each topic. In-depth study of contemporary business issues as they affect current accounting practices. May be repeated for credit provided a different topic is covered. Prerequisite: consent of instructor.
ACCT 480 SUSTAINABILITY ACCOUNTING (3)
Sustainability accounting concerns the process of identifying, measuring and reporting the entities’ impact on the planet with a focus mainly on the environmental impact. The course will cover topics including economic and reporting models, sustainable capital budgeting and investing, environmental liabilities and greenhouse gas emissions. Prerequisite: ACCT major.
ACCT 495 INDEPENDENT RESEARCH IN ACCOUNTING (1-3)
Directed research on specific problems in a functional area of accounting. May be repeated for a maximum total of 6 units. Prerequisite: consent of instructor.
ACCT 497 ACCOUNTING INTERNSHIP (1-3)
Students are required to work in assigned projects in actual accounting environments. Priority will be given to seniors; also open to highly qualified sophomores or juniors. Graded S/U. May be repeated for a maximum of 6 units. Prerequisites: ACCT 301 and consent of department chair.
Professors: Seth Hammer, JinDong Park, Andrew Schiff
Associate Professors: Mehrzad Azmi Shabestari, Isaac Bonaparte, Islam Elshahat, Steven Isberg (Chairperson), Tesfaye Lemma, Arundhati Rao, Jorge Romero, Charles Russo (Graduate Program Director), Zhen (Jen) Zhang
Assistant Professors: Barry Buchoff, Sue Cooper, Kyungeun Kwon
Lecturer: Robert Kasmir