Department of Accounting and Finance Department of Accounting and Finance Department of Accounting and Finance Department of Accounting and Finance Department of Accounting and Finance

School of Business & Entrepreneurship

Department of Accounting and Finance

Questions?

David Gray, Chair, Accounting and Finance Department

630-637-5586

dlgray@noctrl.edu

Accounting

Our accounting degree will help you become professionally indispensable—one of those rare people who can analyze complex quantitative problems and explain them to everyone from CEOs to stockholders. You’ll learn to identify key economic issues affecting business strategy and interpret and prepare critical financial reports and analysis. Our professors also weave writing and presentation skills into every accounting course, so you’ll become a skilled communicator—and that will set you head and shoulders above your peers. 

Accounting majors can obtain a B.A. or B.S. degree in accounting as well as the M.B.A. degree within a five-year period. This five-year program is particularly appropriate for accounting majors who want to take the CPA exam. In Illinois (and most states), candidates must have 30 semester hours beyond the 120 hours of North Central College's bachelor's degree in order to sit for the exam. Our program meets this requirement.

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.

Finance

Finance is a dynamic and challenging field that seeks to develop within students an understanding of the conceptual framework of modern finance and the skills required for financial decision-making. Students majoring in finance study financial markets and institutions and analyze investments. The finance major is appropriate for students interested in the careers in financial services (banks, brokerage houses, mutual funds, stock markets) or general business, or who intend to pursue graduate study in finance, economics, business, or law.

A centerpiece for finance students will be a finance trading lab, complete with stock ticker, walls of news monitors and 10 student workstations. The lab offers a wealth of information and analysis and more than 10,000 screens of data. Students also can choose to become certified by completing a series of modules, covering economic theory, economic indicators, fixed income vehicles, options, equities and more. 

Accounting, B.A.

Major Requirements
Common Business Core
Accounting Courses
Two of the following:

    Additional Requirements for the Accounting, B.S. Degree

    One of the following:

    Accounting Minor

    At least 18 credit hours in accounting, including the equivalent of:

    Recommendations for the C.P.A. Examination

    The C.P.A. Examination in Illinois requires completion of a Bachelor’s degree and 150 credit hours. The following courses, while not required for the accounting major, are highly recommended for students preparing to take the C.P.A. examination:

    Finance, B.A.

    Major Requirements
    Common Business Core (see above)
    Finance Courses

    Additional Requirements for the Finance, B.S. Degree

    Finance Minor Requirements

    18 credit hours, including:

     

    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

    ACC 190 Topics in Accounting (1.00-3.00)
    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.

    ACC 201 Accounting Principles I/Financial (3.00)
    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.

    ACC 202 Accounting Principles II/Managerial (3.00)
    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): ACC 201.  

    ACC 290 Topics in Accounting (1.00-3.00)
    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.

    ACC 297 Internship (0.00-9.00)
    Instructor consent required.

    ACC 299 Independent Study (1.00-9.00)
    Instructor consent required.

    ACC 307 Cost Accounting (3.00)
    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 nonroutine management decisions. Prerequisite(s): ACC 202.  

    ACC 310 Accounting Information Systems (3.00)
    An introduction to financial and managerial 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 resultant managerial decisions. Prerequisite(s): ACC 317 or concurrent enrollment.  

    ACC 317 Intermediate Accounting I (3.00)
    Study and research of U.S. Generally Accepted Accounting Principles, and their application 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, and inventory. Prerequisite(s): ACC 202 and Junior standing.  

    ACC 318 Intermediate Accounting II (3.00)
    A continuation of Intermediate Accounting I. Topics covered provide an in-depth study of plant assets, intangible assets, investments, liabilities, stockholders' equity and earnings per share calculations. Prerequisite(s): ACC 317.  

    ACC 319 Intermediate Accounting III (3.00)
    A continuation of Intermediate Accounting II. Topics covered include an in-depth study of revenue recognition, pensions, leases, deferred taxes, disclosure requirements for business segments, cash flows statement, and error analysis. Prerequisite(s): ACC 318.  

    ACC 397 Internship (0.00-9.00)
    Instructor consent required.

    ACC 399 Independent Study (1.00-9.00)
    Instructor consent required.

    ACC 430 Taxes I (3.00)
    Basic concepts of federal income tax laws and their application in individual 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. Students may not receive credit for both ACC 430 and 530. Prerequisite(s): ACC 202 and Junior standing.  

    ACC 431 Taxes II (3.00)
    Basic concepts of federal income tax laws and their application primarily to business entities. Topics include corporations, corporate distributions, partnerships, securities and retirement plans, administrative procedures and S corporations. Students may not receive credit for both ACC 431 and 531. Prerequisite(s): ACC 430.  

    ACC 440 Advanced Accounting (3.00)
    A study of accounting principles concentrating on the preparation of consolidated financial statements and related topics. Students may not receive credit for both ACC 440 and 540. Prerequisite(s): ACC 319.  

    ACC 460 Accounting for Not-For-Profits (3.00)
    A study of fund accounting as used by not-for-profit organizations such as government agencies, colleges, hospitals, and charitable organizations. Students may not receive credit for both ACC 460 and 560. Prerequisite(s): ACC 318.  

    ACC 470 Auditing & Attestation (3.00)
    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 for the engagement. Students may not receive credit for both ACC 470 and 570. ACR: Leadership, Ethics, & Values. Prerequisite(s): ACC 310, ACC 319 and BUS 241.  

    ACC 480 Seminar: Managerial Accounting (3.00)
    This course explores and analyzes advanced cost management issues faced by modern organizations. An emphasis is placed on emerging issues and their impact on the decision making process of organizations within today's business environment. Prerequisite(s): ACC 307 and BUS 241.  

    ACC 490 Seminar: Financial Accounting (3.00)
    Topics in financial accounting with an emphasis on research and emerging issues. The nature of financial accounting standard setting and its implications provide a framework for the seminar topics and activities. Repeatable with different topic. Students may not receive credit for both ACC 490 and 590. Prerequisite(s): ACC 319.  

    ACC 497 Internship (0.00-9.00)
    Instructor consent required.

    ACC 499 Independent Study (1.00-9.00)
    Instructor consent required.

    Finance Courses

    FIN 297 - Internship (0.00-9.00)
    Instructor consent required.

    FIN 299 - Independent Study (1.00-9.00)
    Instructor consent required.

    FIN 350 - Corporate Finance (3.00)
    An introduction to corporate financial management. Topics include financial statement analysis, discounted cash flow analysis, bond and stock valuation, common stock/debt financing, risk and return, cost of capital and capital budgeting. Prerequisite(s): ACC 201; ECN 250; ECN 252; ECN 241 or MTH 341 and MTH 342.  

    FIN 365 - Theory of Interest (3.00)
    (Same as: MTH 365.) The study of compound interest and annuities; applications to problems in finance and actuarial science. Required for the major in actuarial science. Prerequisite(s): MTH 152 and FIN 350.

    FIN 370 - Wealth Management (3.00)
    This is a broad-based course in personal financial planning and personal finance intended for students interested in taking a first step toward careers in personal financial advising as well as students who seek to better manage their own financial affairs. Topics include the financial planning process, personal investing, mutual funds, retirement planning, tax planning, insurance planning, estate planning, investment advising, professional ethics and conduct and personal financial responsibility. Prerequisite(s): FIN 350.  ACR: Leadership, Ethics and Values.

    FIN 385 - International Finance (3.00)
    Theory and applications in the realm of financial decision making in the international sphere. Topics may include the global financial environment, foreign exchange risk management, financing international transactions and asset management including short-term and long-term multinational corporate finance decisions. Prerequisite(s): FIN 350.

    FIN 390 - Seminar: Special Topics in Finance (1.00-3.00)
    Topics vary depending on student interest and faculty expertise. Topics and prerequisites are announced in advance and placed in the course schedule. May be repeated with different content. Prerequisite(s): FIN 350 is normally required.

    FIN 397 - Internship (0.00-9.00)
    Instructor consent required.

    FIN 399 - Independent Study (1.00-9.00)
    Instructor consent required.

    FIN 400 - Investments and Portfolio Management (3.00)
    A broad survey of investments and portfolio management. Topics include stock and bond market analysis and valuation, portfolio analysis and management, efficient markets, international financial markets and derivative securities. Prerequisite(s): FIN 350.  

    FIN 425 - Financial Institutions (3.00)
    A study of measuring and managing the risks faced by financial institutions. Topics include the organizational and regulatory structure of the financial services industry. The risks measured may include interest rate risk, market risk, credit risk, off-balance sheet risk, liquidity risk, insolvency risk, foreign exchange risk and sovereign risk. The risk management methods may include liability and liquidity management, deposit insurance and capital adequacy, product or geographic expansion, and the use of derivatives.
    Prerequisite(s): ECN 360 and FIN 350.

    FIN 450 - Advanced Corporate Finance (3.00)
    The theory and practice of corporate finance. Study of selected topics in corporate finance including capital budgeting, capital structure and dividend policy, mergers and acquisitions and financial analysis and planning. Prerequisite(s): FIN 350.

    FIN 475 - Derivatives: Markets, Pricing and Applications (3.00)
    This course deals with financial instruments known as derivatives and their use in managing risk and creating leverage. The derivatives market consists of financial contracts in the form of options, forwards, futures, swaps, debt-related securities and many other types of related instruments. These contracts are used by corporations, investment funds, individuals and governments to control risk arising from fluctuating interest rates, exchange rates, stock prices and commodity prices. They are also used by investors and financial institutions to leverage investment positions. This course is designed to expand understanding of derivative related financial instruments and their use in investment and corporate financial management. Upon completion of the course, students will have a clear understanding of derivative markets, the theory of pricing derivative securities and the use of derivatives in practice. Prerequisite(s): FIN 350. 

    FIN 497 - Internship (0.00-9.00)
    Instructor consent required.

    FIN 499 - Independent Study (1.00-9.00)
    Instructor consent required.

    Accounting Faculty

    David Gray

    Associate Professor of Accounting; Chair of Accounting and Finance
    ACC
    630-637-5586
    Mary Reher

    Assistant Professor of Accounting
    ACC
    630-637-5472
    Suzanne Seymoure
    Suzanne Seymoure

    Associate Professor of Accounting
    ACC
    (630) 637-5587
    Gerald Thalmann

    Associate Professor of Accounting
    ACC
    630-637-5588

    Finance Faculty

    Patrick Gray

    Half-Time Assistant Professor of Economics and Finance
    ACC
    630-637-5477
    Najrin Khanom

    Assistant Professor of Finance
    ACC
    Doh-Khul Kim

    Associate Professor of Economics and Finance
    ACC
    630-637-5243

    Faculty Emeriti

    Joan M. V. Der
    Professor of Accounting Emerita
    jmder@noctrl.edu

    Gerald D. Hamsmith
    Professor of Accounting Emeritus
    gdhamsmith@noctrl.edu

    Daphne C. Lee
    Associate Professor of Accounting Emerita
    dclee@noctrl.edu

    Suzanne Seymoure
    Suzanne Seymoure

    Associate Professor of Accounting
    ACC
    (630) 637-5587
    • 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.
    • 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!
    • 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.
    • 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 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
    http://www.icpas.org/hc-students.aspx?id=2724

    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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