Major Requirements

2018 - 2019 Catalog

We have the following degrees:

Accounting major leading to a BS degree

A major in accounting leading to a Bachelor of Science degree requires 46 credits, as follows:

  1. ACCT 201, 202, 320, 321; BUS 211, 221, 346; ECON 100; INTR 201, 202
  2. BUS 217 or 345 (INTR 345)
  3. BUS 398 or 399
  4. Nine credits from among ACCT 310, 311, 328, 330, 357, 358, 359, 360
  5. At least three additional credits chosen from courses numbered ACCT 256 through ACCT 373 or one of the following: BUS 302, 312, 315, 317, 321, 325, 350, 353, 355, 356, 357, 358, 359

Agreements with several schools allow accounting majors an expedited application process for the Master of Science in Accounting. Please see the department head for more information.

  1. Required courses:
    • ACCT 201 - Introduction to Financial Accounting
      Credits3
      FacultyStaff

      (No longer offered. See ACCT 100 ) This course covers the fundamental principles of financial accounting and provides an introduction to the process of accumulating, classifying, and presenting financial information. Primary emphasis is given to understanding the financial statements of a business enterprise.


    • ACCT 202 - Introduction to Managerial Accounting
      Credits3
      PrerequisiteACCT 201 and sophomore standing
      FacultyStaff

      (Last offered in Fall, 2018 for those students who have taken ACCT 201. See ACCT 100 ) This course covers the preparation and utilization of financial information for internal management purposes. Special emphasis is given to cost determination, cost control, and the development of information for planning and decisions.


    • ACCT 320 - Intermediate Accounting I
      Credits3
      Prerequisiteor corequisite: ACCT 202 and at least sophomore standing
      FacultyIrani, Oliver

      This course examines the principles of financial accounting as applied to financial statement presentation and the underlying treatment of cash, investments, receivables, inventory, long-term assets, and intangible assets.


    • ACCT 321 - Intermediate Accounting II
      Credits3
      PrerequisiteACCT 320 and at least junior standing
      FacultyBoylan

      This course examines financial reporting issues that cover current and long-term liabilities, stockholders' equity, earnings per share, revenue recognition, income taxes, pensions, leases, accounting changes and errors, and cash flows.


    • BUS 346 - Foundations of Business Law
      Credits3
      PrerequisiteAt least junior standing. Preference to BSADM, ACCB, PACC, or JMCB majors during the first round of registration
      FacultyYoungman

      An introduction to the law governing the relations between individuals and businesses in commerce, viewed through both an ethical and a legal lens. Students explore the issues that face both established businesses and innovation-driven startups exploring new markets, including the law governing intellectual property, products liability, contracts, business torts, sales of goods under the Uniform Commercial Code, employment and agency law, environmental law, and the formation and operation of partnerships and corporations.  Additional selected topics may be chosen in accordance with the interest of course participants.  Assignments apply legal theories to actual business disputes, court cases, and hypothetical situations.


    • BUS 211 - Marketing Management
      Credits3
      PrerequisiteECON 100 or both ECON 101 and 102; ACCT 201, and INTR 201; and at least junior standing (sophomores allowed in winter term). Preference to BSADM, ACCB, PACC, JMCB or JMCS majors during first round of registration
      FacultyBower, Fox, Straughan

      An exploration of strategic marketing. The focus of the course is on the analysis of a firm's current marketing strengths and weaknesses and the development of a strategic plan to capitalize on key opportunities. Topics include environmental analysis, market segmentation, targeting and positioning, and management of the marketing mix. Throughout the course, significant attention is devoted to international issues, the interrelationships between marketing and other disciplines, and the role of ethically and socially responsible marketing.


    • BUS 221 - Managerial Finance
      Credits3
      PrerequisiteECON 100 or both ECON 101 and 102; ACCT 201, 202, and INTR 202 or equivalent; at least junior standing (sophomores allowed in winter term). Preference to BSADM, ACCB, PACC, MATH, or JMCB majors during the first round of registration
      FacultyHoover, Kester

      A study of finance from a managerial perspective emphasizing the primary goal of the firm as stockholder wealth maximization. Emphasis is on decisions relating to the acquisition of assets and funds and internal management-financial analysis, planning and control, working capital management, capital budgeting, sources and forms of long-term financing, financial structure and the cost of capital, and valuation.


    • ECON 101 - Principles of Microeconomics
      FDRSS1
      Credits3
      FacultyStaff

      (No longer offered. See ECON 100 ) Survey of economic principles and problems with emphasis on analysis of consumer behavior, firm behavior, market outcomes, market structure, and microeconomic policy. The first half of a two-term survey of economics. Should be followed by ECON 102.


    • ECON 102 - Principles of Macroeconomics
      FDRSS1
      Credits3
      FacultyStaff

      (No longer offered. See ECON 100 ) Emphasis on performance of the aggregate economy. Analysis of unemployment, inflation, growth, and monetary and fiscal policies.


    • INTR 201 - Information Technology Literacy
      Credits1
      PrerequisiteFirst-year or sophomore standing
      FacultyBallenger, Boylan (administrator)

      Pass/Fail only. Available to all students, required of all Williams School majors. MUST be completed by the beginning of the fall term of the junior year. Through the use of interactive online tutorials, students gain proficiency in and a working knowledge of five distinct areas of information technology literacy: Windows Operating System, spreadsheets (Microsoft Excel), word processing (Microsoft Word), presentation software (Microsoft PowerPoint), and basic networking (the Washington and Lee network, basic Web browsing, and Microsoft Outlook). Lessons, exercises, practice exams and exams mix online efforts and hands-on activities.


    • INTR 202 - Applied Statistics
      Credits3
      PrerequisiteINTR 201

      An examination of the principal applications of statistics in accounting, business, economics, and politics. Topics include descriptive statistics, probability, estimation, hypothesis testing, and regression analysis.


  2. Take one of the following courses:
    • BUS 217 - Management and Organizational Behavior
      Credits3
      PrerequisiteINTR 201; At least junior standing (sophomores allowed in winter term). Preference to BSADM, ACCB, PACC, or JMCB majors during the first round of registration
      FacultyDean, Schatten

      A study of management in modern organizations. This course examines the factors which influence individual, group, and firm behavior in the context of the workplace. Topics covered include individual differences, motivation, leadership, business ethics, group behavior, decision making, and organizational design and change.


    • BUS 345 - Business Ethics
      Credits3
      PrerequisiteAt least junior standing. Preference to BSADM, ACCB, PACC, or JMCB majors during the first round of registration
      FacultyReiter

      An examination of the moral and ethical issues associated with management policy and executive decisions. The course examines the basic approaches to moral reasoning, macro-moral issues concerning the justice of economic systems, and micro-moral issues, such as the following: conflict of interest, whistle blowing, discrimination in employment, product safety, environment, and advertising.


  3. Take one of the following courses:
    • BUS 398 - Strategic Management
      Credits3
      PrerequisiteBUS 211, BUS 217, BUS 221, and senior standing. Limited to BSADM, ACCB, PACC, or JMCB majors
      FacultyA. Hess

      A capstone course designed to expose students to a strategic perspective on global issues that impact the firm. Integrative in that it draws on concepts from functional disciplines (e.g., finance, marketing, accounting) in the diagnosis, analysis, and resolution of complex business situations. Practical problem-solving skills are emphasized. Case analysis and/or computer simulation are used extensively in oral presentations and written cases.


    • BUS 399 - Entrepreneurship
      Credits3
      PrerequisiteBUS-211 BUS-221 and senior standing. Limited to BSADM, ACCB, PACC, or JMCB majors
      FacultyShay

      A capstone course designed to expose students to a strategic perspective on business challenges in the context of entrepreneurial firms. Integrating concepts and analytical tools from functional disciplines (e.g., finance, marketing, accounting) in the diagnosis, analysis, and resolution of complex business situations, this seminar helps students develop the knowledge, skills, and abilities necessary to excel in either new ventures or in today's increasingly entrepreneurial corporate environments. Among other activities, students learn from case studies, class discussions, and working together to develop and present a business plan.


  4. Take nine credits from among:
    • ACCT 310 - Accounting Information Systems
      Credits3
      PrerequisiteACCT 201 and at least junior standing
      FacultyBallenger

      An introduction to the information systems used in accounting, including the flow of data from source documents through the accounting cycle into reports for decision makers; the principle of internal control; flowcharting and systems narratives; and use of computers and database systems in accounting information. Students have hands-on experience implementing and using accounting information systems.


    • ACCT 311 - Financial Statement Analysis
      Credits3
      PrerequisiteACCT 202 and at least junior standing
      FacultyFafatas

      Students work to prepare an industry and a company analysis. Through presentations, written analyses and extensive work using computer spreadsheets and databases, students learn to analyze and interpret financial statements of publicly traded companies.


    • ACCT 328 - Contemporary Cases in Financial Accounting
      Credits3
      PrerequisiteACCT 320 and at least junior standing. Not open to students who have taken ACCT 327
      FacultyOliver

      The objective of this course is to understand the financial accounting standard setting process and the roles different institutions play in that process as well as to learn to use the FASB Codification along with other accounting information to research solutions to real world cases.


    • ACCT 330 - Cost Accounting
      Credits3
      PrerequisiteACCT 202 and at least junior standing
      FacultyStaff

      This course covers selected topics from cost accumulation, planning, reporting, control and decision making. Use of spreadsheets is required.


    • ACCT 358 - Individual Income Taxation and Financial Planning
      Credits3
      PrerequisiteAt least junior standing
      FacultyAlexander

      This course focuses on the tax and non-tax factors to consider when managing personal/family financial affairs. Topics include tax-subsidized savings and investment vehicles, deductions, and credits for individuals and families, executive compensation and fringe benefits, real estate ownership, and intergenerational giving.


    • ACCT 359 - Taxation of Business Entities and Special Topics in Taxation
      Credits3
      PrerequisiteACCT 201 and at least junior standing
      FacultyBovay

      This course begins by establishing a basic understanding of income tax laws as they relate to C corporations and flow-through entities (e.g., partnerships, s-corporations, limited liability corporations). The course includes modules on specialized tax topics such as international taxation, state and local taxation, taxation of investments, accounting for income taxes, and taxation of property.


    • ACCT 360 - Auditing
      Credits3
      PrerequisiteACCT 321, at least junior standing, and accounting major
      FacultyHess

      This course examines auditing and its role in a market economy. Course content focuses on the market for audit services, audit planning, evidence gathering, and reporting.


  5. At least three additional credits chosen from:
  6. courses numbered ACCT 256 through ACCT 373 or one of the following: BUS 302, 312, 315, 317, 321, 325, 350, 353, 355, 356, 357, 358, 359

Public Accounting major leading to a BS degree

A major in public accounting leading to a Bachelor of Science requires 49 credits (with 144 credits total being required to graduate) as follows:

  1. ACCT 201, 202, 310, 320, 321, 330, 360; BUS 211, 221, 346; ECON 100; INTR 201, 202
  2. BUS 217 or 345 (INTR 345)
  3. BUS 398 or 399
  4. At least six credits chosen from among ACCT 256 through ACCT 373, 403, 454, and 493 (3-3)

The major in public accounting is appropriate for students who are interested in sitting for the CPA examination, for which nearly all states require at least a bachelor's degree and 150 credits of college-level work. Students interested in taking the examination and working for a public accounting firm after graduation are strongly urged to consult the department head as early as possible in their college careers to discuss the curricular options.

Agreements with several schools allow accounting majors an expedited application process for the Master of Science in Accounting. Please see the department head for more information.

  1. Required courses:
    • ACCT 201 - Introduction to Financial Accounting
      Credits3
      FacultyStaff

      (No longer offered. See ACCT 100 ) This course covers the fundamental principles of financial accounting and provides an introduction to the process of accumulating, classifying, and presenting financial information. Primary emphasis is given to understanding the financial statements of a business enterprise.


    • ACCT 202 - Introduction to Managerial Accounting
      Credits3
      PrerequisiteACCT 201 and sophomore standing
      FacultyStaff

      (Last offered in Fall, 2018 for those students who have taken ACCT 201. See ACCT 100 ) This course covers the preparation and utilization of financial information for internal management purposes. Special emphasis is given to cost determination, cost control, and the development of information for planning and decisions.


    • ACCT 310 - Accounting Information Systems
      Credits3
      PrerequisiteACCT 201 and at least junior standing
      FacultyBallenger

      An introduction to the information systems used in accounting, including the flow of data from source documents through the accounting cycle into reports for decision makers; the principle of internal control; flowcharting and systems narratives; and use of computers and database systems in accounting information. Students have hands-on experience implementing and using accounting information systems.


    • ACCT 320 - Intermediate Accounting I
      Credits3
      Prerequisiteor corequisite: ACCT 202 and at least sophomore standing
      FacultyIrani, Oliver

      This course examines the principles of financial accounting as applied to financial statement presentation and the underlying treatment of cash, investments, receivables, inventory, long-term assets, and intangible assets.


    • ACCT 321 - Intermediate Accounting II
      Credits3
      PrerequisiteACCT 320 and at least junior standing
      FacultyBoylan

      This course examines financial reporting issues that cover current and long-term liabilities, stockholders' equity, earnings per share, revenue recognition, income taxes, pensions, leases, accounting changes and errors, and cash flows.


    • ACCT 330 - Cost Accounting
      Credits3
      PrerequisiteACCT 202 and at least junior standing
      FacultyStaff

      This course covers selected topics from cost accumulation, planning, reporting, control and decision making. Use of spreadsheets is required.


    • ACCT 360 - Auditing
      Credits3
      PrerequisiteACCT 321, at least junior standing, and accounting major
      FacultyHess

      This course examines auditing and its role in a market economy. Course content focuses on the market for audit services, audit planning, evidence gathering, and reporting.


    • BUS 211 - Marketing Management
      Credits3
      PrerequisiteECON 100 or both ECON 101 and 102; ACCT 201, and INTR 201; and at least junior standing (sophomores allowed in winter term). Preference to BSADM, ACCB, PACC, JMCB or JMCS majors during first round of registration
      FacultyBower, Fox, Straughan

      An exploration of strategic marketing. The focus of the course is on the analysis of a firm's current marketing strengths and weaknesses and the development of a strategic plan to capitalize on key opportunities. Topics include environmental analysis, market segmentation, targeting and positioning, and management of the marketing mix. Throughout the course, significant attention is devoted to international issues, the interrelationships between marketing and other disciplines, and the role of ethically and socially responsible marketing.


    • BUS 221 - Managerial Finance
      Credits3
      PrerequisiteECON 100 or both ECON 101 and 102; ACCT 201, 202, and INTR 202 or equivalent; at least junior standing (sophomores allowed in winter term). Preference to BSADM, ACCB, PACC, MATH, or JMCB majors during the first round of registration
      FacultyHoover, Kester

      A study of finance from a managerial perspective emphasizing the primary goal of the firm as stockholder wealth maximization. Emphasis is on decisions relating to the acquisition of assets and funds and internal management-financial analysis, planning and control, working capital management, capital budgeting, sources and forms of long-term financing, financial structure and the cost of capital, and valuation.


    • BUS 346 - Foundations of Business Law
      Credits3
      PrerequisiteAt least junior standing. Preference to BSADM, ACCB, PACC, or JMCB majors during the first round of registration
      FacultyYoungman

      An introduction to the law governing the relations between individuals and businesses in commerce, viewed through both an ethical and a legal lens. Students explore the issues that face both established businesses and innovation-driven startups exploring new markets, including the law governing intellectual property, products liability, contracts, business torts, sales of goods under the Uniform Commercial Code, employment and agency law, environmental law, and the formation and operation of partnerships and corporations.  Additional selected topics may be chosen in accordance with the interest of course participants.  Assignments apply legal theories to actual business disputes, court cases, and hypothetical situations.


    • ECON 100 - Introduction to Economics
      FDRSS1
      Credits3
      FacultyStaff

      Open only to students who have not taken ECON 101 and/or ECON 102. Economics is the study of how a society (individuals, firms, and governments) allocates scarce resources. The course includes a survey of the fundamental principles used to approach microeconomic questions of consumer behavior, firm behavior, market outcomes, market structure, and microeconomic policy, and macroeconomic questions of performance of the aggregate economy, including unemployment, inflation, growth, and monetary and fiscal policies.


    • INTR 201 - Information Technology Literacy
      Credits1
      PrerequisiteFirst-year or sophomore standing
      FacultyBallenger, Boylan (administrator)

      Pass/Fail only. Available to all students, required of all Williams School majors. MUST be completed by the beginning of the fall term of the junior year. Through the use of interactive online tutorials, students gain proficiency in and a working knowledge of five distinct areas of information technology literacy: Windows Operating System, spreadsheets (Microsoft Excel), word processing (Microsoft Word), presentation software (Microsoft PowerPoint), and basic networking (the Washington and Lee network, basic Web browsing, and Microsoft Outlook). Lessons, exercises, practice exams and exams mix online efforts and hands-on activities.


    • INTR 202 - Applied Statistics
      Credits3
      PrerequisiteINTR 201

      An examination of the principal applications of statistics in accounting, business, economics, and politics. Topics include descriptive statistics, probability, estimation, hypothesis testing, and regression analysis.

       


  2. Take one of the following courses:
    • BUS 217 - Management and Organizational Behavior
      Credits3
      PrerequisiteINTR 201; At least junior standing (sophomores allowed in winter term). Preference to BSADM, ACCB, PACC, or JMCB majors during the first round of registration
      FacultyDean, Schatten

      A study of management in modern organizations. This course examines the factors which influence individual, group, and firm behavior in the context of the workplace. Topics covered include individual differences, motivation, leadership, business ethics, group behavior, decision making, and organizational design and change.


    • BUS 345 - Business Ethics
      Credits3
      PrerequisiteAt least junior standing. Preference to BSADM, ACCB, PACC, or JMCB majors during the first round of registration
      FacultyReiter

      An examination of the moral and ethical issues associated with management policy and executive decisions. The course examines the basic approaches to moral reasoning, macro-moral issues concerning the justice of economic systems, and micro-moral issues, such as the following: conflict of interest, whistle blowing, discrimination in employment, product safety, environment, and advertising.


  3. Take one of the following courses:
    • BUS 399 - Entrepreneurship
      Credits3
      PrerequisiteBUS-211 BUS-221 and senior standing. Limited to BSADM, ACCB, PACC, or JMCB majors
      FacultyShay

      A capstone course designed to expose students to a strategic perspective on business challenges in the context of entrepreneurial firms. Integrating concepts and analytical tools from functional disciplines (e.g., finance, marketing, accounting) in the diagnosis, analysis, and resolution of complex business situations, this seminar helps students develop the knowledge, skills, and abilities necessary to excel in either new ventures or in today's increasingly entrepreneurial corporate environments. Among other activities, students learn from case studies, class discussions, and working together to develop and present a business plan.


    • BUS 398 - Strategic Management
      Credits3
      PrerequisiteBUS 211, BUS 217, BUS 221, and senior standing. Limited to BSADM, ACCB, PACC, or JMCB majors
      FacultyA. Hess

      A capstone course designed to expose students to a strategic perspective on global issues that impact the firm. Integrative in that it draws on concepts from functional disciplines (e.g., finance, marketing, accounting) in the diagnosis, analysis, and resolution of complex business situations. Practical problem-solving skills are emphasized. Case analysis and/or computer simulation are used extensively in oral presentations and written cases.


  4. At least six credits chosen from among:
  5. courses numbered ACCT 256 through ACCT 373, 403, 454, and 493 (3-3)