ACCOUNTING AND BUSINESS

79 ACCOUNTING AND BUSINESS Mission Consistent with the mission and purpose of Clarke University, the accounting and business department promotes ethical and collaborative scholarship and business practice. Our purpose is to advance the work of the university community through business education, collaborative projects and community linkages. We encourage those affiliated with the accounting and business department (students, faculty, staff and colleagues) to grow intellectually and spiritually and to value lifelong learning. Departmental Outcomes 1. Communication: Acquire ability to communicate effectively, in writing and orally, with people of diverse social, business and professional backgrounds internal and external to the organization. 2. Knowledge in the Functional Areas of Business: Demonstrate the ability to identify business principles and use relevant ethical business practices to conceptualize solutions in specific domestic and global business environments. 3. Critical Thinking and Analytical Reasoning: Demonstrate the ability to analyze and synthesize data and information, and construct cogent arguments considering the ethical implications, all stake holders, and business environments. 4. Technology: Use information technology to enhance efficiency and productivity within the business environment using information technology. Core Requirements All departmental majors are required to take certain general education and skill courses, as well as the business core, in addition to their major courses. 36 hours of business core courses: BUMG 112 Principles of Management BUEC 121 Microeconomics BUEC 122 Macroeconomics BUAC 225 Principles of Financial Accounting BUAC 226 Principles of Managerial Accounting BUMG 250 Business Communication BUMK 220 Principles of Marketing

80 BUMG 205 Business Law BUFN 310 Finance I BUMG 344 Operations Management BUMG 354 Human Resource Management BUMG 499 Capstone: Strategy and Policy 9 hours of required supporting courses including: MATH 220 Statistics Ethics course (PHIL 225 Applied Ethics: Business or PHIL 212 General Ethics) CIS 201 Advanced Computer Applications in Business Major Requirements: Accounting For a Bachelor of Arts (BA) Degree in Accounting, a student completes the core requirements and an additional 24 credit hours, including the following courses. (15 of these hours must be completed at Clarke): BUAC 331 Intermediate Accounting I BUAC 332 Intermediate Accounting II BUAC 343 Cost Accounting I BUAC 348 Personal Income Tax OR BUAC 349 Corporate Income Tax BUAC 350 Accounting Information Systems BUAC 446 Auditing BUAC 455 Advanced Accounting Choose one elective course from the following: BUAC 349 Corporate Income Tax BUAC 356 Accounting for Governmental and Not-for-Profit For those students who wish to sit for any of the professional accounting exams (CPA or CMA), in addition to the accounting major, the department recommends BUMG 206 Business Law II and all accounting courses, including BUAC 344 Cost Accounting II and BUAC 356 Accounting for Governmental and Not-for-Profit. The CMA exam requires 120 hours of course work. Most states require 150 hours of completed coursework to sit for the CPA exam. Clarke students may earn the additional hours by obtaining a double major (for example, computer information systems) as an undergraduate; by entering the Clarke graduate business program; or by receiving a master s of accountancy degree from the University of Iowa. Currently, Clarke has an articulation agreement with the University of Iowa. Students must meet the criteria set by the University of Iowa before acceptance into the program.

81 Major Requirements: Business Administration For a Bachelor of Arts (BA) Degree in Business Administration, a student completes the core requirements and an additional 12 hours in one area of emphasis from the following three: Marketing emphasis: BUMK 326 Marketing Management BUMK 327 International Marketing COMM 201 Advertising BUMK 321 Sales Management OR BUMK 323 Consumer Behavior Management emphasis: BUMG 302 Labor Management Relations BUMG 320 Organizational Behavior BUMK 327 International Marketing OR BUFN 415 International Finance of business elective Finance emphasis: BUEC 300 Money & Banking BUFN 311 Finance II BUFN 412 Investments & Portfolio Management BUFN 415 International Finance A student must earn at least a C- in any course required for the major or the minor. In addition, a student must have at least a 2.0 average in all business courses. Ordinarily, no course may be repeated more than once. The department chair must approve exceptions in writing. Students who have been accepted to the program will be dismissed if they receive a D, F, and/or W/F in three courses, or if the student s major GPA drops below a 2.0 for two consecutive semesters. NOTE: The department reserves the right to accept courses offered by other campuses to fulfill major requirements. Courses must be approved in advance by the department for Clarke students wishing to take courses elsewhere. Students transferring to Clarke may be required to take an accounting placement test. Minor Requirements: Accounting For a Minor in Accounting, a student completes 24 hours, including: BUEC 121 Microeconomics BUEC 122 Macroeconomics

82 BUAC 225 Principles of Financial Accounting BUAC 226 Principles of Managerial Accounting BUAC 331 Intermediate Accounting I BUAC 332 Intermediate Accounting II BUAC 343 Cost Accounting BUFN 310 Finance I Minor Requirements: Business Administration For a Minor in Business Administration, a student completes 24 hours, including the following (This option is not available to accounting majors): BUAC 225 Principles of Financial Accounting BUAC 226 Principles of Managerial Accounting BUEC 121 Microeconomics BUEC 122 Macroeconomics BUMG 112 Principles of Management BUMK 220 Principles of Marketing BUMG 205 Business Law OR BUMG 354 Human Resource Management BUFN 310 Finance I Application to Major in Accounting/ Business Administration Prior to applying to the accounting/business administration department, a student must have successfully completed (C- or better) BUAC 225 Principles of Financial Accounting I, MATH 220 Statistics and either BUEC 121 Microeconomics or BUEC 122 Macroeconomics. Ordinarily, these courses must be taken at Clarke. Business Teaching Endorsements For a Bachelor of Arts (BA) Degree in Business with Secondary Endorsement in Business Marketing/Management, students need to complete a 30-credit teaching major that includes completion of 24 hours in business with a minimum of six hours in marketing, six hours in management and six hours in economics. For a Bachelor of Arts (BA) Degree in Business with Secondary Endorsement in Business, students need to complete a 30-credit teaching major that includes completion of 24 hours in business with CIS 101 Computer Applications in Business and BUMG 112 Principles of Management.

83 Cooperative Education/Internships Cooperative education and/or internship experiences are goals of the department. These experiences give students the opportunity to apply classroom theory to job situations. Students have returned from these placements with valuable experiences, a better understanding of the practical applications of their coursework, and they are able to add another dimension to class discussions and their class work. Recently, students have held cooperative education/internship positions as bank tellers, office accountants, camp business managers, assistant managers of retail stores, and marketing representatives. Senior Performance This university requirement is fulfilled through the successful completion of BUMG 499 Strategy and Policy. This course requires a comprehensive research paper and oral presentation on a topic related to accounting, business or economics. Emphasis of the general education outcomes and assessments are included in this integrated Capstone course. Timesaver supervision and leadership program For a Bachelor of Applied Studies (BAS) Degree in Supervision and Leadership, a maximum of 64 semester hours may be transferred from any accredited associate of applied science (AAS) degree program. A minimum of 60 semester hours must be taken at Clarke University. Students must meet all of the general education and major concentration requirements of the BAS program. If general education or concentration coursework is transferred from the AAS program, additional college electives shall be taken to complete the 60-hour requirement. See Accounting and Business section for departmental mission, outcomes, and course descriptions. General education core requirements: GNED 120 Writing Practicum GNED 123 Speech PHIL 110 Fundamentals of Philosophy PHIL 225 Applied Ethics: Business RELS 100 Foundations of the Spiritual Life General education division requirements: CIS 101 Computer Applications in Business BUEC 120 Introduction to Economics MATH 117 Pre-Calculus with Algebra OR MATH 220 Introduction to Statistics Two additional divisional electives from: Fine Arts Humanities

84 Social Sciences Math/Natural Sciences Supervision and Leadership major requirements: COMM 100 Mass Media & Society BUMG 112 Principles of Management BUAC 215 Accounting for Supervisors BUMK 220 Principles of Marketing BUMG 250 Business Communication BUFN 310 Finance I BUMG 320 Organizational Behavior BUMG 344 Operations Management BUMG 354 Human Resource Management BUMG 400 Capstone: Leadership in Management A student must earn at least a C- in any course required for the major. In addition, a student must have at least a 2.0 average in all business courses. Ordinarily, no course may be repeated more than once. The department chair must approve exceptions in writing. Students who have been accepted to the program will be dismissed if they receive a D, F, and/or W/F in three courses, or if the student s major GPA drops below a 2.0 for two consecutive semesters. Application to Major in Supervision and Leadership Prior to applying for a Bachelor of Applied Studies (BAS) Degree in Supervision and Leadership, a student must have successfully completed (C- or better) BUAC 215 Accounting for Supervisors, MATH 220 Statistics and BUEC 120 Introduction to Economics. Ordinarily, these courses must be taken at Clarke. Course Descriptions: Accounting BUAC 225 PRINCIPLES OF FINANCIAL ACCOUNTING Introduction to analysis, recording and classification of financial data of a business enterprise; construction and interpretation of simple financial statements. Prerequisites: MATH 090 or MATH 117. BUAC 226 PRINCIPLES OF MANAGERIAL ACCOUNTING A continuation of Principles of Financial Accounting, with emphasis on partnerships, corporations, departmental and manufacturing accounting and budgeting. Prerequisite: BUAC 225. BUAC 331 INTERMEDIATE ACCOUNTING I An in-depth study of financial accounting issues including financial statement presentation and application of generally accepted accounting principles to receivables, inventories, fixed assets, depreciation and liabilities. Prerequisite: BUAC 226.

BUAC 332 INTERMEDIATE ACCOUNTING II A continuation of Intermediate Accounting I with an in-depth analysis of stockholders equity, dilutive securities, earnings per share, income taxes, pensions and post-retirement benefits, leases and statement of cash flows. Prerequisite: BUAC 331. BUAC 343 COST ACCOUNTING Principles, procedures and practices of job order, process and standard cost systems. Also includes additional topics related to managerial uses of cost accounting information. Prerequisites: BUAC 226. BUAC 348 PERSONAL INCOME TAX An in-depth study of personal income taxation with an introduction of taxation issues related to C-corporations, S-corporations, partnerships, and estate and gift taxation. Prerequisite: BUAC 226. BUAC 349 CORPORATE INCOME TAX An in-depth study of entity taxation, including partnership, C-corporation and S-corporation income taxation. Estate and gift transfer rules are also covered in detail. Prerequisite: BUAC 226. BUAC 350 ACCOUNTING INFORMATION SYSTEMS Analysis of computer-based accounting information systems including flowcharting of business processes and study of internal controls; involves significant manual and computerized practice cases. Prerequisite: BUAC 225, BUAC 226, CIS 201. BUAC 356 ACCOUNTING FOR GOVERNMENTAL AND NOT-FOR-PROFIT Budgetary procedures and systems of accounts for various governmental funds and not-for-profit entities are examined. Prerequisite: BUAC 226 or consent. 85 BUAC 395 INTERNSHIP By consent. 1-6 hours BUAC 446 AUDITING Auditing theory and practice developed through the study of text material, questions and problems. Emphasis placed on the study of internal control, audit standards, audit objectives and the preparation of reports. Prerequisite: BUAC 332 or consent. BUAC 455 ADVANCED ACCOUNTING Accounting problems dealing with fiduciary relationships. Examination of partnership accounting, intercompany relationships in relation to consolidation theory, techniques and reporting are examined. Prerequisite: BUAC 332 or consent. Course Descriptions: Economics BUEC 120 PRINCIPLES OF ECONOMICS A one-semester course that provides an introduction to both microeconomics and macroeconomics. This course is designated as social sciences division general education course. BUEC 121 MICROECONOMIC PRINCIPLES

86 An analysis of markets and their role in resource allocation. Theory of markets, international trade, production and costs, market structure, input markets and government regulation. BUEC 122 MACROECONOMIC PRINCIPLES An analysis of the economy in its entirety. Gross domestic product and national accounting, economic growth, money and the Federal Reserve, inflation, foreign exchange markets, business cycles and macroeconomic policy. BUEC 300 MONEY AND BANKING A study of money in the economy. Topics include monetary systems, financial markets, foreign exchange markets, the monetary role of commercial banks, the Federal Reserve and monetary policy, and inflation. Prerequisite: BUEC 121 and BUEC 122. Course Descriptions: Finance BUFN 120 PERSONAL FINANCE An introductory course in personal finance that discusses issues such as investments, budgeting, borrowing money, credit card rules, basic income taxation, retirement planning, life and property insurance and bankruptcy. BUFN 310 FINANCE I An emphasis on the financial concepts and tools that are relevant in business. Topics include financial statement analysis, the time value of money, investment instruments, stock and bond valuation models, portfolio theory, the cost of capital, capital budgeting and risk analysis. Prerequisites: BUMG 112, BUAC 225, MATH 220, BUEC 121 or consent. BUFN 311 FINANCE II An extension of BUFN 310. Topics include capital budgeting, risk analysis, current asset management, financial planning, international finance, capital structure, issuing securities and dividend theory. Prerequisite: BUFN 310. BUFN 412 INVESTMENTS & PORTFOLIO MANAGEMENT Examination of the key concepts of investment analysis and portfolio management. Topics include investment alternatives, security analysis and evaluation, portfolio selection and portfolio management. Prerequisite: BUFN 310. BUFN 415 INTERNATIONAL FINANCE Examination of the adaptation of financial principles to the world financial community. Topics include foreign exchange rates, markets, risks, international sources of funds, asset and liability management, international financial structure and cost of capital. Prerequisite: BUFN 310. Course Descriptions: Business Administration/Management BUMG 112 PRINCIPLES OF MANAGEMENT The course is an introduction to the theory of management of organizations. The course focuses on the management functions of objective setting, planning, organizing, staffing and controlling. Also includes the skills required of managers and the history of management theory.

BUMG 205 BUSINESS LAW I An in-depth study of legal issues related to business. Topics include contracts, negligence and torts, property law, business entity formation and operation and employment law. Court systems and their jurisdiction, constitutional issues and legislative process are also reviewed. Prerequisite: BUMG 112 or consent. BUMG 206 BUSINESS LAW II Current topical business law issues are studied along with a more in-depth study of areas covered in Business Law I. Additional topics include the legal and professional responsibility of accountants, antitrust laws and environmental regulation. Prerequisite: BUMG 112 or consent. BUMG 250 BUSINESS COMMUNICATIONS An overview of communication skills needed in the modern work place. Course objectives are to provide future or practicing managers with an introduction to and a review of basic communication processes, and to help them develop and/or improve written and oral communication skills. 87 BUMG 295 INTERNSHIP By consent. 1-6 hours BUMG 302 LABOR MANAGEMENT RELATIONS Theoretical and practical introduction to the U.S. labor movement. A historical review of the development of unionization, the structure of labor unions, collective bargaining, grievance management and labor legislation will be discussed. Spreadsheet skills will be used in costing wages and benefits. Management and labor groups will negotiate a labor contract. Prerequisite: BUMG 112 or consent. BUMG 320 ORGANIZATIONAL BEHAVIOR Focused on people-centered behavioral issues prevalent within an organizational setting. Processes occurring within individual, group and organizational processes are discussed. Specific topics include motivation, leadership, equity, group/teamwork and communication. Prerequisite: BUMG 112. BUMG 344 OPERATIONS MANAGEMENT An overview of the modern operations and production function within a firm. Topics include decision making, reliability, project management, job-shop scheduling, inventory theory and quality control. Prerequisite: BUMG 112, MATH 220 and BUEC 121. BUMG 354 HUMAN RESOURCE MANAGEMENT An overview of the roles, functions and processes of human resources in for-profit and notfor-profit organizations. Emphasis is placed on improving the knowledge and skills of future or practicing managers. Prerequisite: BUMG 112. BUMG 380 SPECIAL TOPICS Selected topics offered for elective credit. Topics capitalize on the expertise of selected faculty members and are offered when student interest warrants.

88 BUMG 395 INTERNSHIP By consent. 1-6 hours BUMG 480 SPECIAL TOPICS Selected topics offered for elective credit to seniors. Topics capitalize on the expertise of selected faculty members and are offered when student interest warrants. BUMG 495 INTERNSHIP By consent. 1-6 hours BUMG 499 CAPSTONE: STRATEGY AND POLICY This course provides a focal point and closure of a liberal arts education within the context of a business major. As a departmental offering, this course focuses on previous business knowledge and course work to introduce students to real-world problems dealing with strategic management issues in all types of organizational policy formulation. Breadth and integration of knowledge, synthesis and research are emphasized. General education and major outcomes are integral to course assessment. Prerequisites: Ordinarily, a student must have senior standing with a minimum of 42 credit hours in general education and the business core completed. Course Descriptions: Marketing BUMK 220 PRINCIPLES OF MARKETING Survey of the activities employed by producers and sellers of goods and services to determine and satisfy the wants and needs of customers. Topics include the basic elements of a marketing program (product design, promotion, pricing, and distribution) and the effects of the external environment (competition, the economy, legislation and social responsibility) on marketing decisions. Prerequisites: BUMG 112 and BUEC 121 or instructor consent. BUMK 321 SALES MANAGEMENT Focuses on the economic and social importance of selling. Topics include recruiting, selecting and training of personnel. Special attention is given to supervisory techniques, problems and solutions. Prerequisite: BUMK 220 BUMK 323 CONSUMER BEHAVIOR A study of how individuals make decisions regarding product/service choices. Theoretical concepts are drawn from psychology, sociology, anthropology and economics. Practical applications include product testing, advertising analysis and in-class exercises demonstrating key concepts. Prerequisite: BUMK 220. BUMK 326 MARKETING MANAGEMENT Examination of the marketing tools and techniques used in managing all aspects of the marketing operation. The focus is on case studies and applying concepts in practice. Students are expected to become familiar with current marketing theory and trends. Prerequisites: BUMK 220 and junior standing. BUMK 327 INTERNATIONAL MARKETING Examination of the opportunities and problems associated with worldwide product/service marketing. Topics include the political, legal, historical, geographical and cultural environment, and the adaptations necessary to be a successful marketer. Prerequisite: BUMK 220.