Accounting Major
Associate Dean: Joseph Bailey, Ph.D.
Assistant Dean: Brian Horick
Accounting, in a limited sense, is the analysis, classification, and recording of financial events and the reporting of the results of such events for an organization. In a broader sense, accounting consists of all financial systems for planning, controlling, and appraising performance of an organization. Accounting includes among its many facets: financial planning, budgeting, accounting systems, financial management controls, financial analysis of performance, financial reporting, internal and external auditing, and taxation. The accounting curriculum provides an educational foundation for careers in public accounting and management, whether in private business organizations, government or nonprofit agencies, or consulting. Two tracks are provided: The Public Accounting Track leading to the CPA (Certified Public Accounting) and the Business and Accounting Advisory Track for students who are pursuing careers in business and accounting that do not require the student to be CPA Exam eligible.
Admission to the Major
See Admission Requirements on the Robert H. Smith School of Business page.
Program Learning Outcomes
- Apply elements of critical thinking.
- Identify common situations in chosen career that could result in ethical dilemma.
- Analyze ethical scenarios and apply frameworks to develop solutions.
- Foster and sustain team environments that are inclusive of ideas from all contributing members.
- Apply leadership skills to motivate and coordinate with others to achieve goals.
- Write professional-grade business documents.
- Develop and deliver effective oral presentations.
- Identify and use appropriate quantitative tools and techniques.
- Use software applications to analyze and solve problems.
- Explain how functional areas interact and drive one another.
- Prepare a multiple-step income statement from a trial balance and supporting documentation.
- Understand the impact of audit objectives and risk of material misstatement in planning an audit.
- Define audit engagement procedures and where each procedure is used appropriately.
- Identify the factors that an auditor should consider in order to determine the correct format and contents of an audit opinion.
| Course | Title | Credits |
|---|---|---|
| College Requirements | ||
| All Accounting Majors | ||
| BMGT310 | Intermediate Accounting I | 3 |
| BMGT321 | Managerial Accounting | 3 |
| BMGT326 | Accounting Systems | 3 |
| Select one of the following tracks: | 9-15 | |
Public Accounting Track | ||
Business and Accounting Advisory Track | ||
| Total Credits | 18-24 | |
Tracks
Public Accounting Track
| Course | Title | Credits |
|---|---|---|
| BMGT311 | Intermediate Accounting II 1 | 3 |
| BMGT323 | Taxation of Individuals 1 | 3 |
| BMGT411 | Ethics and Professionalism in Accounting 1 | 3 |
| BMGT422 | Auditing Theory and Practice 1 | 3 |
| Select one of the following: | 3 | |
| Financial Statement Analysis | ||
| Government Accounting | ||
| Taxation of Corporations, Partnerships and Estates | ||
| Fraud Examination | ||
| Advanced Accounting | ||
| Special Topics in Accounting | ||
| Total Credits | 15 | |
- 1
Required for CPA in Maryland
Business and Accounting Advisory Track
| Course | Title | Credits |
|---|---|---|
| Select two of the following: | 6 | |
| Intermediate Accounting II | ||
| Financial Statement Analysis | ||
| Taxation of Individuals | ||
| Government Accounting | ||
| Ethics and Professionalism in Accounting | ||
| Taxation of Corporations, Partnerships and Estates | ||
| Auditing Theory and Practice | ||
| Fraud Examination | ||
| Advanced Accounting | ||
| Special Topics in Accounting | ||
| Select one of the following: | 3 | |
| Negotiations | ||
| Introduction to Logistics and Supply Chain Management | ||
| Operations Management | ||
| Introduction to International Business Management | ||
| Database Systems | ||
| Advanced Financial Management | ||
| Global Marketing | ||
| Entrepreneurship | ||
Or one of the following accounting courses not selected above: | ||
| Intermediate Accounting II | ||
| Financial Statement Analysis | ||
| Taxation of Individuals | ||
| Government Accounting | ||
| Ethics and Professionalism in Accounting | ||
| Taxation of Corporations, Partnerships and Estates | ||
| Auditing Theory and Practice | ||
| Fraud Examination | ||
| Advanced Accounting | ||
| Special Topics in Accounting | ||
| Total Credits | 9 | |
In addition to the major requirements listed above, please consult the list of College Requirements or http://rhsmith.umd.edu for a listing of additional Smith School degree requirements that apply to all Smith School majors.
The basic educational requirements of the Maryland State Board of Public Accountancy to sit for the CPA examination are a baccalaureate or higher degree with a major in Accounting or with a non-accounting degree supplemented by course work the Board determines to be substantially the equivalent of an Accounting major. Students planning to take the CPA examination for certification and licensing outside Maryland should determine the educational requirements for that state and arrange their program accordingly.
120 credits are required to complete a degree in Accounting; however, students seeking to become a Certified Public Accountant (CPA) must meet the certification requirements for the state in which they wish to practice. Most states, including Maryland, require a minimum of 150 credit hours of college education to fulfill the education requirements to obtain a CPA license. However many of these states, including Maryland, will allow applicants to take the CPA exam prior to earning 150 credits if they have accumulated 120 credits, earned a degree, and meet specified education requirements. In addition, do not assume the course and credit requirements for the accounting major are sufficient for all states. For details on various states' CPA requirements visit http://nasba.org.
The Accounting major is also offered at The Universities at Shady Grove in Montgomery County, Maryland. Go here to see more information about the Robert H. Smith School of Business's undergraduate offerings at the Shady Grove campus.
Click here for roadmaps for graduation plans in the Robert H. Smith School of Business.
Additional information on developing a graduation plan can be found on the following pages:
- http://4yearplans.umd.edu
- the Student Academic Success-Degree Completion Policy section of this catalog