MAJOR IN ACCOUNTING

The undergraduate curriculum consists of 24 semester hours of Accounting and three semester hours of Business Law beyond the business course requirements. (For more information about these courses, refer to the Course Descriptions section below.)

The following courses are required:

ACC 301  Cost Accounting
ACC 303  Fundamentals of Taxation
ACC 306  Accounting Systems
ACC 311  Intermediate Accounting I
ACC 312  Intermediate Accounting II
ACC 402  Auditing
ACC 404  Advanced Taxation
BSL 301 Commercial Paper and Creditors’ Rights

Additionally, students must select one of the 500-level courses in accounting (exclusive of ACC 550). To continue as an accounting major, a student must have a cumulative grade point average of 2.5 or higher before enrolling in ACC 312.

MINOR IN ACCOUNTING

The Department of Accounting allows business students to earn a Business minor in accounting. In addition to the general requirements for all business students, those wishing to minor in accounting must complete ACC 301, 303 and 311.

FREQUENTLY ASKED QUESTIONS

What is accounting? What do accountants do?

Accounting is the way in which businesses record transactions. It is central to the activities and management of all businesses, its terminology and rules are so essential that anyone wishing to have a career in the business world must have an understanding of accounting. Explore the following link for more information on what accountants do. Career Paths in Accounting

What career opportunities are available if I get an accounting degree?

A bachelor's degree in accounting can lead to many career paths; while the emphasis is on accounting, you will take business classes in all aspects of the business world. Graduates of our Accounting program find employment in private companies, public accounting firms, government and non-profit organizations. As part of the management teams in these organizations, accountants provide information and advice for planning and controlling operations and strategies.

In public accounting, professionally trained students provide audit, tax, systems, consulting, and financial service expertise. If you wish to pursue career as a CPA, you may want to look into either the Master of Professional Accounting (MPrA) or the Master of Science in Taxation (MST). These programs will allow you to satisfy the education requirement for becoming a CPA and can open up more doors in the accounting field. Additional information is available under Graduate programs. Explore the following links for more information on career opportunities in accounting.
Accounting: A Career Without Limits
What Makes a Great CPA?
Tax Careers for CPAs
Landing a Job as a CPA

What are the educational requirements to sit for the CPA exam in Florida and where can I find additional information on this?

Most accounting students intend to become qualified as Certified Public Accountants. This is governed by state law. You should check with the state in which you intend to practice to determine what the specific course requirements are for that state. For example, some states require a certain number of credit hours in particular subjects and have overall accounting and business credit hour requirements. The Department is unable to make a determination of your eligibility to sit for the CPA exam. This can only be done by the appropriate state board. Requirements for the State of Florida can be viewed at http://www.myflorida.com/dbpr/cpa/faq-exam.html

For your convenience, the Florida rules that apply to most individuals are summarized here. Please check the State of Florida website noted above for updates and rules which may apply in particular circumstances.

New Rule Educational Requirements
The new rule requires a bachelor's degree from an accredited college or university, unless one is using the provisions of the foreign rule as explained below plus 30 semester hours in excess of the bachelor's degree to include a total education program with concentration in accounting and business. The accounting education program consists of 36 semester hours of upper division accounting courses including coverage of tax, auditing, financial, and cost accounting. The business education program consists of 39 semester hours of upper division general business courses with some exceptions. One micro-economics, one macro-economics, one statistics, one business law, and one introduction to computers course may be lower division. As part of the general business hours, applicants are required to have a total of six semester hours of business law courses which must cover contracts, torts, and the Uniform Commercial Code. Excess upper division accounting courses may be used to meet the General Business requirement. Elementary accounting classes are never acceptable for credit. Courses for non-accounting majors and any MBA courses that are equivalent to elementary accounting are not accepted for this requirement.

Accreditation
The Board accepts degrees from schools accredited by the following associations : Middle States Association, New England Association, North Central Association, Northwest Association, Southern Association of Colleges and Schools, Western Association of Schools and Colleges, Association of Independent Schools and Colleges who have been approved by the Florida State Board of Independent Colleges and Universities, and Canadian Schools who have been approved by their provincial educational bodies. If you have graduated from a school or college which is not accredited by the above mentioned means, then you must use the provisions of F.A.C. 61H1-27.001 (5) (see below).

Applicants Who Have Graduated from Non-Accredited Schools (61H1-27.001) (5)
Applicants who have graduated from a non-accredited school may still qualify to sit for the CPA examination. The candidate must take 15 semester hours of graduate classes. With at least nine hours of graduate level accounting courses to include three semester hours of graduate tax. THESE HOURS MUST BE TAKEN AFTER ADMISSION TO GRADUATE SCHOOL. If the courses are taken before admission to a graduate program, the classes will not be accepted, even if the school includes them as part of the graduate program. These courses cannot duplicate other courses which the applicant has taken and they cannot be used to accredit the non-accredited degree and satisfy the educational requirements. The applicant must complete the graduate school courses to validate the non-accredited degree. The applicant must also meet all other requirements for endorsement or transfer of credit. An evaluation of foreign transcripts must be completed by an evaluation service which has been approved by the Board (see Board Approval Evaluation Services).

Duplicate Courses
No credit will be given for courses which duplicate another course for which the applicant has received credit. Review courses are considered as duplicates.

For the CPA requirements in other states, you should consult the State Board of Accountancy for your state. Links to the requirements for each state can be found at:

The National Association of State Boards of Accountancy

List of State Boards of Accountancy

General information on the CPA exam can be found at http://www.cpa-exam.org/

Do you offer graduate programs that will provide the educational requirements necessary to sit for the CPA exam?

Yes. The Department of Accounting offers two programs leading to the Master's degree that will satisfy the educational requirements for the CPA exam: aMaster of Professional Accounting (MPrA) and a Master of Science in Taxation (MST).While the programs are similar in that they offer an opportunity to concentrate in accounting, they differ in degree of specialization and career path orientation. For more information on either program, click on the link for our Graduate programs.

Are there any other professional certifications for accountants?

Certified Financial Planner (CFP)

Students in our MPrA and MST programs can meet some of the educational requirements to qualify to take the CFP exam by carefully choosing their electives (click on the link for our Graduate programs for more information). Information on the steps to follow to become a Certified Financial Planner can be found at www.cfp.net/become/Steps.asp

Certified Fraud Examiner (CFE)

Information on becoming a CFE can be obtained at www.cfenet.com.

Certified Internal Auditor (CIA)

Students in the Professional Accountancy specialty may elect to take the CIA exam in addition to or instead of the CPA Exam. More information can be obtained by visiting their website: www.theiia.org.

Certified Management Accountant (CMA) and Certified Financial Management (CFM)

Students may elect to take the CMA and/or the CFM exams in addition to or instead of the CPA exam. These exams are administered by the Institute of Management Accountants. More information may be obtained at www.imanet.org.

Links to other certifications can be found at http://www.taxsites.com/certification.html

Do you provide any assistance on-campus with career planning and job placement?

Yes. All students are encouraged to visit the Toppel Career Center for assistance with career planning as well as part-time, full-time, and internship opportunities. Representatives from local, national, and international businesses visit the campus to meet with students and to interview and discuss career employment opportunities with graduating students and alumni. Individual interviews are scheduled with visiting employer representatives.

A series of programs is offered throughout the year providing information and skill-building activities in resume development, interviewing skills, networking, securing internships, and much more. The Toppel Career Center has established a comprehensive and current career resource and research facility which contains career-related materials for use by students and alumni including employment opportunities, salary surveys, descriptions of specific careers, and the preparation necessary to attain them. The Lehman computer lab enables students to work on their job and internship search. CaneZone, an internet-based Career Management System, allows students to create a career profile, upload resumes, search for jobs and internships, and sign up for on-campus interviews. Students and alumni can also use TypeFocus, a computerized career information system, which is an excellent tool for career decision making. Career Column, a weekly e-newsletter available to students and alumni provides career information and updates about current events at the career center. An annual Accounting Career Fair is jointly sponsored each Fall by Toppel Career Center and Beta Alpha Psi (the Accounting honorary fraternity). This is a fantastic opportunity for accounting students to network with over 30 local and national firms looking to fill both internship and full-time positions.

Does the University of Miami have an accounting honorary fraternity?

Yes. Beta Alpha Psi is an honorary organization for students majoring in accounting, finance, or information systems. Beta Alpha Psi was founded in 1919; there are now more than 200 chapters at universities nationwide with over 300,000 members. The primary objective of Beta Alpha Psi is to encourage and give recognition to scholastic and professional excellence in the business information field. This includes promoting the study and practice of accounting; providing opportunities for self-development, service and association among members and practicing professionals; and encouraging a sense of ethical, social, and public responsibility. Beta Alpha Psi frequently schedules activities with the recruiters from the accounting firms so it provides an opportunity to network with professionals and have them get to know you before you begin to look for a job.

The Beta Alpha Psi Faculty Advisor at the University of Miami is Seth Levine slevine@miami.edu This email address is being protected from spam bots, you need Javascript enabled to view it .

Do you offer any online classes?

No; we do not offer any online accounting classes.

If I want to take an accounting course at another university and transfer credit for that course to the University of Miami, what information do I need to provide to get approval for the course?

Students must demonstrate that the course they plan to take is similar, in all respects, to the course as taught at the University of Miami. Students must provide a complete syllabus and a photocopy of the detailed table of contents of the textbook used (unless it is the same textbook currently used at the University of Miami). The syllabus should be reviewed by either the Chairperson of the Department of Accounting or the professor who teaches the course at the University of Miami. Please note that a candidate for a bachelor’s degree must earn the last 45 credit hours consecutively in degree-seeking status in residence at the University of Miami’s School of Business.

COURSE DESCRIPTIONS

Each course lists the normal semester it is offered, however this may change depending upon enrollment levels and faculty availability.

ACC 211 Principles of Financial Accounting, 3 credits Fall & Spring Semesters, First & Second Summer Sessions

Course explores the role of accounting in providing financial information about an enterprise to decision-makers. Emphasis is placed on understanding financial accounting from a user perspective. Course covers the reporting of financial position including coverage of assets, liabilities, equity accounts, the results of operations, and cash flows. Prerequisite: Sophomore standing.

ACC 212 Managerial Accounting, 3 credits Fall & Spring Semesters, First & Second Summer Sessions

Introduction to managerial accounting. Topics include various product costing techniques, analysis of cost behavior patterns, budgeting, and the use of accounting information to solve problems. The course is taught from a managerial perspective. Prerequisite: ACC 211.

ACC 301 Cost Accounting, 3 credits Fall & Spring Semesters, First Summer Session

Topics include basic cost concepts, product costing techniques including job-order and process costing, in-depth studies of techniques and issues surrounding cost allocation methods, basic approaches to solving complex accounting problems, standard cost systems and variance analysis, and variable costing. Additionally, activity-based costing concepts and methodology are introduced. Course is designed to provide students with the necessary skills to perform basic cost accounting. Prerequisite: ACC 212.

ACC 303 Fundamentals of Taxation, 3 credits Fall & Spring Semesters, First Summer Session

Basic concepts of federal income taxation applicable to all taxpayers. The principles of individual income taxation, the tax consequences of property transactions, and an introduction to the impact of income taxes on corporations and partnerships are discussed. Emphasis is placed on study of the basic income tax formula including income exclusions, inclusions, statutory deductions, exemptions, and credits. Prerequisite: ACC 212.

ACC 306 Accounting Systems, 3 credits Fall & Spring Semesters, First Summer Session

Contemporary accounting systems are computer based. Course covers the nature, design, implementation, and controls in computerized systems as well as manual systems. Micro computers are used as a learning tool. Prerequisite: ACC 212

ACC 311 Intermediate Accounting I, 3 credits Fall & Spring Semesters, First Summer Session

The accounting principles which shape the financial reporting practices followed by entities that prepare financial statements in accordance with generally accepted accounting principles are discussed. Course also includes the determination of income components and balance sheet elements with brief coverage of the statement of cash flows. Prerequisite: ACC 212.

ACC 312 Intermediate Accounting II, 3 credits Fall & Spring Semesters, Second Summer Session

A continuation of ACC 311. Course focuses on more complex accounting applications such as leases, postretirement benefits, accounting for income taxes, and other topics. Additionally, the course includes coverage of the statement of cash flows. Prerequisite: ACC 311.

ACC 402 Auditing, 3 credits Fall & Spring Semesters, First Summer Session

Course provides an introduction to the field of auditing. It concentrates on conducting an audit of financial statements in accordance with generally accepted auditing standards. Course covers accounting information systems, audit planning, audit risk and materiality assessments, evaluation of internal control, audit evidence, documentation, and audit reports. Prerequisite: ACC 306 and 312.

ACC 404 Advanced Taxation, 3 credits Fall & Spring Semesters, Second Summer Session

Study of Federal income tax laws and regulations as they affect corporations, partnerships, estates and trusts, their owners, employees, and beneficiaries. Emphasis is placed on tax planning aspects of formation, operation, reorganization, distribution, and liquidation of corporations and partnerships. The US tax administration system and techniques of tax research are explored as they relate to the three phases of a CPA’s tax practice: tax return preparation, tax advice and planning, and tax advocacy. Prerequisite: ACC 303.

ACC 501 Advanced Cost Accounting, 3 credits First Summer Session

The latest developments in cost and managerial accounting are studied. Using case studies, the course focuses on activity based product cost allocation methodology in terms of: (1) basic concepts and rationale, (2) applicability in both manufacturing and service industries, (3) strategic cost analyses, and (4) applicability in total quality management programs. Other topics include cost pools, two stage costing methodologies, and the behavioral aspects of cost systems. Finally, students implement an activity based cost system using commercially developed software. Prerequisite: ACC 301.

ACC 505 Current Issues in Accounting Practice, 3 credits Second Summer Session

Course develops a student’s understanding of the theory and practice of relational database management systems in the accounting view of enterprise-wide databases. With a focus on controls, students build accounting system elements related to main accounting transaction cycles, the revenue cycle, and the purchase cycle. Prerequisite: Permission of instructor.

ACC 511 Advanced Accounting, 3 credits Fall &Spring Semesters, Second Summer Session

The primary focus on the course is on business combinations and preparing consolidated financial statements. Additionally, there is coverage of the accounting principles and practices applied to foreign operations and partnerships. Prerequisite: ACC 312.

ACC 522 Advanced Issues in Auditing, 3 credits Spring Semester

Course covers advanced issues which arise in audit practice including audit reporting issues, fraud detection and reporting, attestation engagements, special reporting issues, compilation and review engagements, scope of services issues, and other new issues which have a significant impact on audit practice. Prerequisite: ACC 402.

ACC 523 International Accounting and Taxation, 3 credits First Summer Session

International Accounting Theory, practices and tax laws, international investment,

credit and trade, and the accounting problems involved are discussed. Prerequisite: ACC303.

ACC 524 Accounting for Governmental and Not-for-Profit Entities, 3 credits First Summer Session

The course introduces accounting within the environment of modern government and not-for-profit organizations. Emphasis is placed on financial accounting and reporting, current accounting issues, and managerial activities. Prerequisite: ACC 312.

ACC 550 Accounting Internship, 2- 3 credits Fall & Spring Semesters, First & Second Summer Sessions

Student is individually assigned to operating business firm or other organization to gain insight into management practice in area of career interest. Periodic reports and conferences are required. Prerequisite: Permission of Department Chair.

ACC 599 Directed Readings, 1- 3 credits Fall & Spring Semesters, First & Second Summer Sessions

Individually supervised research projects in selected fields. Approval of supervising professor as to topic and evaluation of project is required at time of registration. Prerequisite: Senior standing and permission of Department Chair.

Required Business Law Course

BSL 301 Commercial Paper and Creditors’ Rights, 3 creditsFall & Spring Semesters, First Summer Session

Brief history of the law merchant. Topics include Article 3 of the Uniform Commercial Code: formal requisites, negotiation, holders in due course, defenses, liabilities, discharge; Article 4 of the Uniform Commercial Code: Bank deposits; Article 9 of the Uniform Commercial Code: secured transactions, bankruptcy, suretyship, and guaranty. Prerequisite: BSL 212 or equivalent.