2021-2022 Undergraduate Catalog [Archived Catalog]
Accounting, Finance, and Law
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Dean Crawford, Chair
238 Rich Hall • 315-312-2956
www.oswego.edu/accounting
Directory of Professors
The Public Accounting BS/MBA program was the first combined program offered by a state university college to be registered with the State of New York for candidates seeking admission to sit for the CPA examination. Students planning to become Certified Public Accountants should go to the New York State Office of the Professions web site at www.op.nysed.gov/prof/cpa/cpalic.htm for information relevant to certified public accounting. In addition to the combined BS/MBA, students with undergraduate degrees wishing to qualify for licensure or admission to the CPA exam may complete a separately registered MBA degree program upon completion of certain prerequisites. Students may also pursue a four-year Bachelor of Science degree in accounting. The four-year program is best suited for students who wish to pursue a career in management accounting, internal audit, private, tax or governmental accounting where 150 hours of education is not a requirement to begin a career. This program is further designed for students wishing to sit for the Certified Management Accounting exam. Oswego’s finance program is designed to prepare students for positions in financial institutions such as commercial and investment banks, mutual funds, brokerages and insurance companies, as well as in the finance and accounting departments of manufacturing, retail, and nonprofit businesses. The Risk Management and Insurance program prepares students for careers in insurance or as risk managers.
The Accounting, Finance, and Law Department co-sponsors this interdisciplinary minor:
Major
Minor
Accounting
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ACC 201 - Principles of Accounting I
Introduction to financial and managerial accounting. Study of the language of business for both the user and preparer of accounting information. Topics include the accounting cycle, preparation of financial statements and their use, accounting for manufacturing concerns, budgeting and decisions making using accounting information.
Note: The course must be taken in a one year sequence with ACC 202 and cannot be reversed.
Prerequisite: CSC 101 or 102 or ISC 110 and minimum first semester sophomore standing. Advisement Recommendation: A strong high school math background.
Offered: Fall, Spring, Summer
Credit: 3 -
ACC 202 - Principles of Accounting II
Introduction to financial and managerial accounting. Study of the language of business for both the user and preparer of accounting information. Topics include the accounting cycle, preparation of financial statements and their use, accounting for manufacturing concerns, budgeting and decisions making using accounting information.
Note: The course must be taken in a one year sequence with ACC 201 first and cannot be reversed.
Prerequisite: ACC 201 and minimum sophomore standing.
Offered: Fall, Spring, Summer
Credit: 3 -
ACC 301 - Intermediate Accounting I
Accounting concepts and standards. Problems of income determination and asset measurement and valuation. Includes: analysis of cash, funds, flow, receivables, inventories, plant property and equipment, and intangible value of the firm.
Prerequisite: ACC 202 and minimum junior standing.
Offered: Fall, Spring, Summer
Credit: 3 -
ACC 302 - Intermediate Accounting II
Accounting concepts and standards concerning short and long term liabilities, and equity accounting. Also addresses income tax allocation, accounting for pensions and leases.
Prerequisite: ACC 301 and minimum second semester junior standing.
Offered: Fall, Spring, Summer
Credit: 3 -
ACC 305 - Accounting Information Systems
This course develops the ability to understand accounting information as a system to be managed. A general overview of accounting information systems is provided. Computer technology is discussed, particularly with respect to control issues. Database management and transaction process are discussed. Systems security issues are addressed.
Prerequisite: ACC 202 and minimum junior standing.
Offered: Fall, Spring
Credit: 3 -
ACC 310 - Cost Accounting
Basic cost accounting concepts and information are discussed in relation to the decision-making process. Topics include: cost accumulation, budgeting, standards, responsibility accounting, relevant costing, direct costing, joint costs, distribution costing, and break-even analysis.
Prerequisite: ACC 202 and minimum junior standing.
Offered: Fall, Spring
Credit: 3 -
ACC 315 - International Accounting Concepts
This course is designed to provide students with an understanding of international accounting Issues critical to the education of a well-rounded, competent college student. Students must be able understand the language in which 21st Century firms communicate in a global marketplace. The course will explore diversity in accounting concepts and practices and the roles of culture, religion and other social mores that may have shaped them.
Prerequisite: ACC 202
Offered: Summer
Credit: 3 -
ACC 320 - Managerial Accounting
A course concerned with the specific use of accounting systems and accounting tools for managerial decision-making. Some emphasis is placed on modern methods of accounting e.g., computer accounting and the use of management techniques to train the decision making facility.
Prerequisite: ACC 310 and minimum second semester junior standing.
Offered: Not on a regular basis
Credit: 3 -
ACC 321 - Accounting as a Management Tool
This course includes basic accounting and financial concepts from the development of accounting information to uses of this information; in planning, controlling, and evaluating the performance of a business. Emphasis is on the corporate form of business.
Note: This course cannot be used to satisfy any elective requirement in any Business degree program.
Offered: Fall, Spring
Credit: 3 -
ACC 330 - Federal Tax Accounting I
This course is an introductory course in federal income taxes. It covers the tax law as set forth in the Internal Revenue Code, Treasury regulations, IRS rulings and pronouncements, and court decisions. Specific emphasis is placed on the taxation of individual taxpayers. Subjects include gross income, principles of revenue recognition and tax accounting, business deductions, losses, depreciation, itemized deductions, tax shelter loss limitations, tax credits, and the tax consequences of property transactions.
Prerequisite: ACC 301 or FIN 340 and minimum second semester junior standing.
Offered: Fall
Credit: 3 -
ACC 340 - Accounting for Non-Profit Organizations
A study of municipal, charitable, and other nonprofit organizations with emphasis on organizational relationships, internal control, budgeting, reporting to interested organizations and individuals, performance analysis, and system design.
Prerequisite: ACC 202 and minimum junior standing.
Offered: Not on a regular basis
Credit: 3 -
ACC 425 - Topics in Accounting
ACC 425 is designed to examine selected current topics in Accounting. This is an advanced Accounting course that presents topics not covered in other program courses and/or explores selected topics in greater depth. Topics might include Historical Development of Theory and Practice, Regulation Impacting Accounting, Risk Management and Accounting, file production accounting and finance, and so forth. This course may be repeated for credit. Topics are discussed using a variety of learning tools such as textbooks, journal articles, case studies, active research, and computer simulations.
Note: Repeatable for total of 12 credits.
Prerequisite: ACC 301
Offered: Not on a regular basis
Credit: 3 -
ACC 430 - Auditing
Designed to provide students with a knowledge of auditing standards and procedures, the course will explore analysis of internal control and the techniques of accounting report presentation. Studies and discussion of social, business and professional ethics and current case studies will be involved.
Prerequisite: ACC 302 and 310 and minimum senior standing.
Offered: Fall, Spring
Credit: 3 -
ACC 431 - Federal Tax Accounting II
This course covers federal tax laws pertaining to business entities. It discusses the computation of the corporate income tax and the taxation of partnerships and S corporations. Particular emphasis is given to the tax treatment of transactions between corporations and their shareholders and between partnerships and their partners The course describes the tax law as set forth in the Internal Revenue Code, Treasury regulations, IRS rulings and pronouncements, and court decisions.
Prerequisite: ACC 330 and ACC 301 and minimum second semester junior standing.
Offered: Not on a regular basis
Credit: 3 -
ACC 440 - Advanced Accounting
This course completes the financial accounting sequence begun in Principles of Accounting (ACC 201) and continued in the two Intermediate Accounting courses (ACC 301 and 302). The course will cover generally accepted accounting principles for stockholders equity, compensatory stock options, intercompany equity investments, consolidated financial statements, foreign currency transactions, and partnerships.
Prerequisite: ACC 302 and minimum senior standing.
Offered: Fall, Spring
Credit: 3
Business Law
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BLW 280 - Business Law I
An introduction to the legal environment of business with emphasis on contracts, negotiable instruments, and sales. Emphasis will be fundamental legal principles, terminology, and legal analysis.
Prerequisite: MGT 261 and minimum second semester sophomore standing.
Offered: Fall, Spring
Credit: 3 -
BLW 355 - Legal and Regulatory Environment of Business
This course focuses on the public and private laws that affect business in all facets of its operation. It also explores the international and ethical issues influencing the legal environment.
Note: This course cannot be used to satisfy any elective requirement in any Business Administration degree program.
Prerequisite: MGT 261 and minimum first semester junior standing.
Offered: Fall, Spring
Credit: 3 -
BLW 381 - Business Law II
This course is designed to present the legal concepts pertaining to the formation, operation, and dissolution of different forms of business organizations. We will study the principles of the agency relationship, general and limited partnerships, and business corporations. We will, in addition, review the nature of secured transactions between debtors and creditors under Article 9 of the UCC and be introduced to Bankruptcy Law.
Prerequisite: BLW 280 OR 355 and minimum first semester junior standing.
Offered: Fall, Spring
Credit: 3
Finance
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FIN 325 - Corporate Finance
An introduction to the theory and practice of corporate financial decision making. Topics include financial statement analysis, capital markets, capital budgeting, capital structure and financing decisions and working capital management. The emphasis is on the allocation of corporate resources in the context of corporate strategic policy.
Prerequisite: ECO 101, ECO 200, (MAT 158 or MAT 354), (ACC 202 or ACC 321 or ACC 202 taken concurrently with FIN 325).
Offered: Fall, Spring, Summer
Credit: 3 -
FIN 340 - Financial Statement Analysis
This course develops the ability to analyze financial reports, with an emphasis on equity valuation. Selected financial accounting principles are studied in detail, and the implications for financial analysis are discussed. The purpose of this course is to prepare the finance major to use and interpret economic and accounting information that is essential in financial analysis and valuation.
Prerequisite: FIN 325
Offered: Fall, Spring.
Credit: 3 -
FIN 354 - Investments
This course uses a basic set of financial and economic principles to describe the theory and practice of investment decision making. Financial market opportunities, market prices, and the preferences of participants, are used to analyze the theory of choice, the efficiency of capital markets, and the valuation and pricing of securities. The emphasis is on the practical application of the modern theory of finance to investment decisions.
Prerequisite: FIN 325 and minimum second semester junior standing.
Offered: Fall
Credit: 3 -
FIN 425 - Topics in Finance
An intensive and comprehensive analysis of selected topics in Finance. Topics may include risk and insurance, real estate finance, commercial bank management, and others.
Note: This course may be repeated for credit.
Prerequisite: FIN 325 and minimum second semester junior standing.
Offered: Not on a regular basis
Credit: 3 -
FIN 426 - Multinational Financial Management
This course is an examination of the modern concepts and techniques of financial decision making applied by firms engaged in more than one national market. Special emphasis will be given to multinational investment and financing decisions, the management of international risk, working capital management, international trade finance, and international taxation.
Prerequisite: FIN 325 and minimum second semester junior standing.
Offered: Spring, Summer
Credit: 3 -
FIN 427 - Management of Financial Institutions
This course uses modern finance theory to study the specific management problems facing financial intermediaries such as banks, savings institutions, insurance companies and pension funds. Topics covered include asset and liability management, the pricing of services, the management of risk, funding of assets, capital adequacy and regulation.
Prerequisite: FIN 325 and minimum second semester junior standing.
Offered: Not on a regular basis
Credit: 3 -
FIN 430 - Portfolio Management
This course studies the applications of modern portfolio theory in the context of an increasingly complex financial system. Ethical issues comprise a large component of course material. Topics include how recent innovations in financial instruments and financial markets affect the traditional process of portfolio management.
Prerequisite: FIN 354
Offered: Spring
Credit: 3 -
FIN 442 - Commercial Credit Analysis
This course introduces students to credit risk analysis approaches used by commercial banks and other financial institutions to evaluate loan applications. Students learn a variety of commercial banking skills including cash flow analysis, structuring commercial loans, personal financial statement analysis, business tax return analysis, and industry and market analysis.
Prerequisite: FIN 325 and junior standing.
Offered: Not on a regular basis.
Credit: 3 -
FIN 447 - Commercial Banking Seminar
This course covers current issues in commercial lending including developments in risk assessment, conditions in economic and regulatory environments, and strategies that lenders use to address them. Students analyze current issues related to the lending and credit risk management environment. Industry experts discuss with students credit trends in commercial lending.
Prerequisite: FIN 325 and FIN 391.
Offered: Not on a regular basis.
Credit: 3 -
FIN 454 - Financial Options and Futures
In this course, recent financial innovations such as exchange-traded stock options, futures contracts, and other derivative securities will be examined in depth. The course will focus on the uses of these securities, the markets in which they are traded, the strategies employed in trading them, and their valuation.
Prerequisite: FIN 354 and minimum second semester junior standing.
Offered: Not on a regular basis
Credit: 3
Risk Management and Insurance
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RMI 300 - Introduction to Risk Management and Insurance
This course is structured as an interdisciplinary approach to the study of the principles of risk and the management of risk through the use of financing, insurance, and/or hedging, all in the context of the managerial and personal decision-making process. Topics include risk measurement, risk identification, the principles of insurance, the basics of hedging, and the integration of risk treatment programs.
Prerequisite: Upper division standing.
Offered: Fall
Credit: 3 -
RMI 310 - Property and Liability Insurance
This course examines the major types of commercial and individual property and liability insurance. Loss control will also be addressed as a complement to insurance coverage. Emphasis is placed on understanding the terms of the contract and its limitations of coverage for the various types of insurance in this category.
Prerequisite: Upper division standing.
Offered: Fall
Credit: 3 -
RMI 320 - Employee Benefits
This course examines the characteristics and design of employee benefit plans including group insurance, pension and profit sharing plans. These plans are evaluated in terms of their cost and effectiveness. Consideration is given to taxation and social insurance systems as well as international benefits programs.
Prerequisite: Upper division standing.
Offered: Spring
Credit: 3 -
RMI 400 - Life and Health Insurance
This course covers the nature of life and health insurance risks and the functions and uses of life and health insurance in treating these risks. The perspective is that of broad-based financial planning, including the integration of tax, accounting and legal aspects from both the individual’s and organization’s viewpoints. Techniques for evaluating life insurance and annuities are covered, along with a review of the legal aspects of these insurance contracts.
Prerequisite: Upper division standing.
Offered: Fall, Summer
Credit: 3 -
RMI 450 - Risk Management Problems and Cases
This course is designed to prepare students for entry-level work in corporate risk management. The emphasis is on organizational decision making under conditions of uncertainty. This course builds upon previous RMI course work and emphasizes the application of RMI concepts.
Prerequisite: Upper division standing.
Offered: Spring
Credit: 3
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