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 and Finance 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.

Finance

Finance is a dynamic and challenging field that seeks to develop within students an understanding of the conceptual framework of modem finance and the applied quantitative skills required for financial decision-making. Students majoring in finance study financial markets and institutions and the financial decision-making process of firms and analyze investments and financial markets. The department further endeavors to prepare students for advanced studies in graduate programs through the encouragement of critical thinking, development of life-long learning habits and the promotion of leadership and social responsibility. Students have the opportunity to pursue internship experiences with a wide variety of firms. The finance major is appropriate for students interested in careers in financial services (principally with banks, insurance companies, brokerage firms, and commodity brokers and dealers). Graduates also have the option of attending graduate school to obtain a Master’s degree in Financial Management, Business Administration, or other advanced degrees or areas of specialization.

The finance major requirements provide a substantial portion of the content coverage for the level 1 examination in the Chartered Financial Analyst (CFA) program. In addition to the required finance courses and common SBE core, students interested in obtaining the CFA designation are encouraged to complete additional finance, economics and accounting electives.

A centerpiece for finance students is our financial markets trading lab, complete with stock ticker, 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.

Program and Degree Options

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

Students may also get minors in these areas of study. 

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
Instructor consent required.

ACCT 299 - Independent Study

1.00-12.00 credit hours
Instructor consent required

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, ECON 240 and ENVI 105.

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 nonroutine 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 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 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.

ACCT 397 - Internship

0.00-12.00 credit hours
Instructor consent required


ACCT 399 - Independent Study

1.00-12.00 credit hours
Instructor consent required


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.

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.  

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.

ACCT 497 - Internship

0.00-12.00 credit hours
Instructor consent required.

ACCT 499 - Independent Study

1.00-12.00 credit hours
Instructor consent required.

Finance Courses

FINA 297 - Internship

0.00-12.00 credit hours
Instructor consent required.

FINA 299 - Independent Study

1.00-12.00 credit hours
Instructor consent required.

FINA 350 - Corporate Finance

4.00 credit hours

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):
ACCT 201 and ECON 200; BUSN 265 or MATH 340, or concurrent enrollment.

FINA 370 - Wealth Management

4.00 credit hours

A broad-based course on personal financial planning and wealth management. Topics include financial planning, tax management, housing decision, insurance planning, personal investment, professional ethics and conduct, retirement and estate planning.

Prerequisite(s):
FINA 350.

FINA 385 - International Finance

2.00 credit hours

This course examines global financial market activities, including topics such as exchange rate determination and its effects, international arbitrage, interest rate and purchasing power parity, forecasting exchange rate, measuring and managing exchange rate risk, and multinational capital budgeting.

Prerequisite(s):
FINA 350.

FINA 390 - Special Topics in Finance

4.00 credit hours

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):
FINA 350.

FINA 397 - Internship

0.00-12.00 credit hours
Instructor consent required.

FINA 399 - Independent Study

1.00-12.00 credit hours
Instructor consent required.

FINA 400 - Investments and Portfolio Management

4.00 credit hours

Study of topics related to investment tools and portfolio management including fundamental analysis, technical analysis, stock and bond valuations, portfolio analysis, efficient market hypothesis, and international financial markets.

Prerequisite(s):
FINA 350.

FINA 425 - Financial Institutions

4.00 credit hours

Prerequisite(s):
FINA 350.

FINA 450 - Advanced Corporate Finance

2.00 credit hours

Study of advanced corporate finance related theories and practices. The topics are cash flow estimation and risk analysis, capital structure, distribution for shareholders, and working capital management.

Prerequisite(s):
FINA 350.

FINA 460 - Forecasting and Valuation

2.00 credit hours

Application of econometric models to detect and replicate patterns in time series business and economic data. The course covers forecasting trends, forecasting seasonality, forecasting cycles, forecasting volatility, and contemporary forecasting methods.

Prerequisite(s):
FINA 350 and BUSN 265.

FINA 475 - Derivatives: Markets, Pricing and Applications

4.00 credit hours

Students learn about financial derivatives and their use in managing risk and creating leverage. Topics include American options, forwards, futures and swaps. Emphasis is on applying learned strategies to control risk or leverage returns arising from fluctuating stock prices, interest rates, exchange rates and commodity prices.

Prerequisite(s):
FINA 350.

FINA 480 - Statistical Applications in Finance

4.00 credit hours

Introduction to coding in a programming language(s) used in Quantitative Finance. Topics include from data handling, data visualization, data analysis and financial modelling.

Prerequisite(s):
FINA 350.

FINA 497 - Internship

0.00-12.00 credit hours
Instructor consent required.

FINA 499 - Independent Study

1.00-12.00 credit hours
Instructor consent required.

Accounting Faculty

David Gray

Professor of Accounting; Chairperson, Department of Accounting and Finance
Accounting and Finance
+1 630 637 5586
Sarah S. Lureau

Associate Professor of Accounting
Accounting and Finance
+1 630 637 5386
Suzanne Seymoure
Suzanne Seymoure

Associate Professor of Accounting
Accounting and Finance
+1 630 637 5587
Gerald Thalmann

Associate Professor of Accounting
Accounting and Finance
+1 630 637 5588
Dan Vitale
Dan Vitale

Assistant Professor of Accounting
Accounting and Finance
+1 630 637 5472

Finance Faculty

John Colletti

Half-Time Assistant Professor of Economics
Economics
+1 630 637 5240
Patrick Gray

Half-Time Assistant Professor of Economics and Finance
Economics
+1 630 637 5499
Najrin Khanom

Assistant Professor of Finance
Economics
+1 630 637 5466
Doh-Khul Kim

Associate Professor of Economics and Finance
Economics
+1 630 637 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

  • 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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