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Accountancy (2002-2003)

Admission | Courses | Program | Requirements

Department Chairperson: Penelope J. Yunker
Graduate Committee Chairperson: George S. Peek
Department Office: Stipes Hall 418
Department Telephone: 309/298-1152 Fax: 309/298-2952
WWW Address:
Location of Program Offering: Macomb, Quad Cities

Graduate Faculty

  • Professors
    • Robert M. Crowley, CPA, Ph.D., University of Nebraska at Lincoln
    • Hassanali Espahbodi, CPA, Ph.D., University of Alabama
    • Pouran Espahbodi, CPA, Ph.D., University of Alabama
    • George S. Peek, CPA, CMA, CFE, CISA, Ph.D., University of Georgia
    • Lucia E. Peek, CPA, Ph.D., University of Georgia
    • Penelope J. Yunker, CPA, Ph.D., St. Louis University
  • Associate Professors
    • Anthony Falgiani, CMA, J.D., South Texas College of Law
    • Marcia Lucas, CPA, Ph.D., St. Louis University
    • Nancy E. Smith, CPA, Ph.D., University of Nebraska at Lincoln
  • Assistant Professor
    • Steven Hunt, CPA, Ph.D., University of Florida

Associate Graduate Faculty

  • Assistant Professor
    • Martin J. Coe, CPA, CISA, CMA, CGFM, MBA, St. Ambrose University

Program Description

The mission of the Department of Accountancy at Western Illinois University is to provide our majors with the knowledge, skills, and competencies necessary to enter the accounting profession and meet future career challenges.

Admission Requirements

In addition to meeting the general admission requirements of the School of Graduate Studies, admission to the Master of Accountancy program requires a minimum undergraduate grade point average (GPA) of 2.75 and a score in the upper 50th percentile on the Graduate Management Admissions Test (GMAT), with scores at or above the 25th percentile on both the verbal and quantitative sections and a score of 4 or above on the writing portion. International students must also have minimum scores of 550 on TOEFL, 220 on TSE, and 4 on TWE. All application materials and supporting documents must be received before an admission decision is made.

Each prospective Master of Accountancy candidate must demonstrate academic background equivalent to that of an undergraduate accounting major at Western Illinois University, including mathematics equivalent to a first course in calculus. All academic courses fulfilling the background requirement must have been completed with a grade of C or better. The Graduate Committee for Accountancy will evaluate each transcript individually to determine any background courses which a student must take as part of the Master of Accountancy degree program.

Required Background Accounting Courses (or equivalents)

  • ACCT 341 Intermediate Accounting I
  • ACCT 342 Intermediate Accounting II
  • ACCT 351 Management Accounting
  • ACCT 371 Principles of Taxation
  • ACCT 441 Advanced Financial/Governmental Accounting
  • ACCT 451 Accounting Systems and Control
  • ACCT 480 Financial Auditing

Required Background Business Courses (or equivalents)

  • ACCT 201 Principles of Financial Accounting
  • ACCT 202 Principals of Managerial Accounting
  • BL 431 The Law of Commercial Transactions
  • BL 432 The Law of Business Organizations
  • DS 203 Business Statistics for Managerial Decision Making
  • ECON 231 Principles of Macroeconomics I
  • ECON 232 Principles of Microeconomics II
  • FIN 331 Financial Management I
  • IM 340 Management Information Systems
  • MGT 349 Management and Organizational Behavior
  • MKTG 327 Marketing Principles

A student without a business degree desiring to enter the Master of Accountancy program may elect to complete the Master of Business Administration (MBA) Year One courses, ACCT 201, ACCT 202, BL 431, and BL 432 to fulfill the required background business course component. (See MBA Degree Requirements.)

Degree Requirements

The Master of Accountancy degree is designed as a one-year program for candidates with accounting degrees from accredited institutions or as a two-year program for candidates whose business degree is not in accounting. Candidates who do not possess degrees in business disciplines should anticipate a time frame of approximately three years to complete all background courses and graduate course requirements.

Each prospective Master of Accountancy candidate is required to complete a graduate program of study, subject to approval by the Graduate Committee for Accountancy. The program must be submitted for approval after the completion of nine semester hours and before completion of 15 semester hours.

Master of Accountancy programs must include the following:

  • Required Accounting Course: 3 s.h.
    • ACCT 540 Contemporary Issues in Accounting
  • Accounting Core Courses (Select four): 12 s.h.
    • ACCT 537 Issues in International Accounting
    • ACCT 541 Government and Not-For-Profit Accounting
    • ACCT 547 Corporate Financial Reporting and Analysis
    • ACCT 551 Advanced Management Accounting/Systems
    • ACCT 555 Information Systems Auditing/Fraud Examination
    • ACCT 571 Advanced Federal Taxation
    • ACCT 573 Cases in Federal Taxation: Planning and Compliance
    • ACCT 580 Operational Auditing
  • Business/Accounting Electives (a minimun of 9 s.h. must be taken outside of Accounting) :12 s.h.
  • Free Electives: 3 s.h.
    TOTAL PROGRAM 30 s.h.

All courses selected are subject to the approval of the Graduate Adviser and the Graduate Committee for Accountancy.

Application of the School of Graduate Studies policies with respect to transfer and extension credits will be implemented on an individual basis. Students who withdraw from the University during a semester must apply to the Graduate Committee for Accountancy for readmission to the Master of Accountancy.

Course Descriptions

507 Accounting for Managers and Management Decisions. (3) An introduction to the use of accounting information in management decision making. The course covers asset, liability, and equity accounting, as well as basic cost accounting concepts and techniques. Emphasis is placed on information needs of managers for planning, controlling, and operating decisions.

513 Accounting for Athletic Administration. (3) An introduction to the basic procedures in accumulating, reporting, and analyzing financial data; the theory and procedures applicable to accounting for not-for-profit institutions; and the accounting methodology for planning, coordinating, and controlling activities of departments of athletics. (Not open to students in the Master of Accountancy or Master of Business Administration programs.)

537 Issues in International Accounting. (3) An investigation of the external and internal reporting problems encountered by multinational business entities and a study of accounting systems in different countries. This course will also review the purpose of international accounting organizations and their role in solving current accounting problems. Prerequisite: ACCT 507 or equivalent.

540 Contemporary Issues in Accounting. (3) A conceptual study of financial accounting and reporting topics with an emphasis on current regulatory and policy issues. Emphasis will be placed on critical thinking, written and oral communication skills, and professional development. Prerequisite: ACCT 342 or equivalent with a grade of C or better.

541 Governmental and Not-for-Profit Accounting. (3) A study of the accounting, planning, and control issues for both governmental units and not-for-profit organizations. Prerequisite: ACCT 441 with a grade of C or better, or permission of the instructor.

547 Corporate Financial Reporting and Analysis. (3) An analysis of corporate financial reports and other disclosures, with emphasis on how this information can be used for making investment and credit decisions. This course will also consider the impact of accounting choice decisions on financial reporting and analysis. Prerequisite: ACCT 507 or equivalent.

551 Advanced Management Accounting/Systems. (3) Application of managerial accounting concepts and techniques to develop, analyze, and interpret information and participate in management decision making processes. Prerequisite: ACCT 451 or equivalent with a grade of C or better.

555 Information Systems Auditing/Fraud Examination. (3) A detailed examination of principles and practices for auditing in computerized environments. Course materials will focus on development and evaluation of specific control plans and activities, on auditor and management responsibilities, and on the basic procedures required to investigate alleged fraudulent action. Prerequisites: ACCT 451 or equivalent with a grade of C or better or permission of instructor.

557 Accounting for Management Planning and Control. (3) An advanced analysis of cost management techniques and methodologies for effective decision making. Emphasis will be placed on emerging cost concepts and techniques, financial and nonfinancial performance measurement systems, and deficiencies of traditional costing systems. Prerequisite: ACCT 507 or equivalent. Not open to Master of Accountancy students.

571 Advanced Federal Taxation. (3) A study of advanced topics in federal taxation. The course will survey compliance and planning issues in relation to the alternative minimum tax, passive losses, the taxation of corporations, partnerships, estates and trusts, and other advanced topics. Prerequisite: ACCT 371 or equivalent with a grade of C or better.

573 Cases in Federal Taxation: Planning and Compliance. (3) A case approach to tax planning and compliance issues relating to a broad spectrum of taxpayers, including individuals, corporations, and partnerships. Prerequisite: ACCT 571 or equivalent.

574 Advanced Cases in Federal Taxation: Planning and Compliance. (3) A case approach to complex tax planning and compliance issues relating to a broad spectrum of taxpayers, including individuals, corporations, and partnerships. Prerequisite: ACCT 573 or permission of the instructor.

580 Operational Auditing. (3) The study of internal auditing as an independent internal appraisal function designed to examine and evaluate the activities of the organization. The course includes the study of internal audit standards and techniques, communication of audit results, as well as human relations techniques. Prerequisite: ACCT 480 or equivalent with a grade of C or better.

600 Independent Research in Accountancy. (3, repeatable to 6) Independent reading and study of selected topics in Accountancy. Prerequisite: Completion of six graduate hours in accounting and permission of Graduate Committee.

620 Accounting Internship. (1–6, repeatable to 6) Integrates accounting theories with application to actual business practices. Students are exposed to a variety of positions within the business firm during the semester. All internships are supervised by a faculty coordinator and an executive in the business firm. Analytic reports of work accomplished by each student are presented to the coordinator. Graded S/U only. Prerequisites: Completion of six hours of accountancy courses and prior approval of Graduate Committee.

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