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Accounting Minor

Accounting
Labovitz School of Business and Economics
  • Program Type: Undergraduate minor related to major
  • Requirements for this program are current for Fall 2017
  • Required credits in this minor: 12 to 31
The minor in accounting is valuable to students who want to understand the accounting process and its applications in modern society. The minor offers training for entry into positions in government, industry, and social service organizations that require an understanding of accounting but not the depth provided by the B.Acc. degree program. For students outside of LSBE, no more than 25 percent (30 credits) of total credits required for a degree may be drawn from the courses offered by LSBE or recognized by the school as equivalent transfer courses while completing this minor. Economics courses are excluded from these calculations.
Program Delivery
This program is available:
  • via classroom (the majority of instruction is face-to-face)
Admission Requirements
A GPA above 2.0 is preferred for the following:
  • 2.60 already admitted to the degree-granting college
  • 2.60 transferring from another University of Minnesota college
  • 2.60 transferring from outside the University
For information about University of Minnesota admission requirements, visit the Office of Admissions website.
Minor Requirements
The accounting minor is available to both LSBE students and non-LSBE students. Requirements are described below.
Program Sub-plans
Students are required to complete one of the following sub-plans.
Labovitz School of Business and Economics
LSBE students must be a B.B.A. degree candidate.
Students must apply for admission to the minor and are admitted if eligible for LSBE candidacy status. Admission to the minor is based on the same GPA requirements as admission to candidacy for LSBE baccalaureate degrees. Applications are available in 111A Labovitz School of Business and Economics Building.
Accounting Core Courses (6 cr)
ACCT 3101 - Intermediate Accounting I (3.0 cr)
ACCT 3301 - Accounting Information Systems (3.0 cr)
Accounting Electives (6 cr)
Take 2 or more course(s) totaling 6 or more credit(s) from the following:
· ACCT 3102 - Intermediate Accounting II (3.0 cr)
· ACCT 3401 - Individual Income Taxation (3.0 cr)
· ACCT 3201 - Cost Accounting (3.0 cr)
Non Labovitz School of Business and Economics
Currently, only the business administration minor, the economics minor, and the accounting minor (below) are available to non-LSBE students Non-LSBE students must apply for admission to the minor before completing ACCT 2002, and/or ECON 2030, or an equivalent non-LSBE statistics course, and are admitted to the minor when admitted to candidacy in LSBE.
An overall and UM GPA of 2.60 and 2.00 in LSBE courses and completion of the pre-minor core are required for automatic admission to this minor. Students with GPAs between 2.00 and 2.60 should consult with LSBE Student Affairs.
Pre-Minor Core (15-19 cr)
ACCT 2001 - Principles of Financial Accounting (3.0 cr)
ACCT 2002 - Principles of Managerial Accounting (3.0 cr)
FMIS 2201 - Information Technology in Business (3.0 cr)
ECON 2030 - Applied Statistics for Business and Economics [LOGIC & QR] (3.0 cr)
or equivalent stats course (3-4 credits)
Take the following course or course pair:
ECON 1003 - Economics and Society [LE CAT8, SOC SCI] (3.0 cr)
or ECON 1022 - Principles of Economics: Macro [LE CAT6, SOC SCI] (3.0 cr)
ECON 1023 - Principles of Economics: Micro [LE CAT6, SOC SCI] (3.0 cr)
Minor Courses (6 cr)
ACCT 3101 - Intermediate Accounting I (3.0 cr)
ACCT 3301 - Accounting Information Systems (3.0 cr)
Electives (6 cr)
Take 2 or more course(s) totaling 6 or more credit(s) from the following:
· ACCT 3102 - Intermediate Accounting II (3.0 cr)
· ACCT 3401 - Individual Income Taxation (3.0 cr)
· ACCT 3201 - Cost Accounting (3.0 cr)
 
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· Accounting Minor
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ACCT 3101 - Intermediate Accounting I
Credits: 3.0 [max 3.0]
Grading Basis: A-F only
Typically offered: Every Fall, Spring & Summer
Review of financial accounting standard setting, conceptual framework, and accounting process. Income statement, balance sheet, and statement of cash flows. Present value concepts, cash, receivables, inventories, fixed assets, current liabilities, and contingencies. prereq: LSBE candidate or non-LSBE accounting minor or college consent
ACCT 3301 - Accounting Information Systems
Credits: 3.0 [max 3.0]
Grading Basis: A-F only
Typically offered: Every Fall & Spring
Overview of the characteristics and functions of modern accounting information systems. Focus on system use, internal controls, security issues, and system design and implementation in computerized accounting procedures within the business organization. Develop proficiency in the use of accounting software. prereq: LSBE candidate or non-LSBE accounting minor or college consent; credit will not be granted if already received for 3110.
ACCT 3102 - Intermediate Accounting II
Credits: 3.0 [max 3.0]
Grading Basis: A-F only
Typically offered: Every Fall & Spring
Long-term liabilities, stockholders' equity, earnings per share, revenue recognition, and tax allocation. Investments, pensions, leases, accounting changes and error analysis, financial statement analysis, and disclosures in financial statements. prereq: A grade of C or better in 3101, LSBE candidate or non-LSBE accounting minor or college consent
ACCT 3401 - Individual Income Taxation
Credits: 3.0 [max 3.0]
Grading Basis: A-F only
Typically offered: Every Fall, Spring & Summer
Provides an understanding of how taxes impact personal financial decisions. Takes tax planning/minimization perspective and provides basic information on reporting tax positions to the IRS. In addition to tax planning and compliance, the student will be exposed to basic tax concepts. prereq: Credit will not be granted if already received for ACCT 3152 or 4152; LSBE candidate or approved non-LSBE accounting minor or college consent
ACCT 3201 - Cost Accounting
Credits: 3.0 [max 3.0]
Grading Basis: A-F only
Typically offered: Every Fall & Spring
Determining manufacturing costs, e.g., in a job order or process manufacturing environment. Cost-volume-profit relationships, activity- based accounting, standard costing techniques. prereq: LSBE candidate or non-LSBE accounting minor or college consent
ACCT 2001 - Principles of Financial Accounting
Credits: 3.0 [max 3.0]
Grading Basis: A-F only
Typically offered: Every Fall, Spring & Summer
Concepts of financial accounting and external reporting. Nature and measurement of assets, liabilities, equities, revenues, expenses. Emphasis on use and understanding of external financial statements. prereq: Minimum 15 credits or college consent
ACCT 2002 - Principles of Managerial Accounting
Credits: 3.0 [max 3.0]
Grading Basis: A-F only
Typically offered: Every Fall, Spring & Summer
Information accumulation, analysis, and use for managerial decisions. Cost-volume-profit relationships; short- and long-term decisions; standards and budgets; segment and managerial performance evaluation. prereq: 2001, LSBE student or college consent
FMIS 2201 - Information Technology in Business
Credits: 3.0 [max 3.0]
Course Equivalencies: 01392 - FMIS 2201/1201/3201/CS 1011
Grading Basis: A-F or Aud
Typically offered: Every Fall & Spring
Introduction to information technology (IT) concepts: computer hardware and software; use of personal productivity tools (spreadsheet, database, and presentation software); system development processes; Web technologies; applications of IT in business processes. prereq: LSBE major or minor student or Graphic Design and Marketing major or Computer Information Systems majors or minors, minimum 15 credits or college consent
ECON 2030 - Applied Statistics for Business and Economics (LOGIC & QR)
Credits: 3.0 [max 3.0]
Grading Basis: A-F or Aud
Typically offered: Every Fall, Spring & Summer
Introduction to modern business statistics, emphasizing problem solving applications through statistical decision making using case studies. Topics include organization and presentation of data, summary statistics, distributions, statistical inference including estimation, and hypothesis testing. prereq: minimum 30 credits, LSBE student, pre-business or pre-accounting or Econ BA major or Graphic Design and Marketing major or Econ minor or Accounting minor or Business Admin minor; credit will not be granted if already received for Econ 2020, Stat 1411, Stat 2411, Stat 3611, Soc 3151, Psy 3020
ECON 1003 - Economics and Society (LE CAT8, SOC SCI)
Credits: 3.0 [max 3.0]
Grading Basis: A-F or Aud
Typically offered: Every Spring
General description of U.S. economy and analysis of contemporary economic problems. Introduction to major economic issues and problems of the day, providing a simple framework used by economists for analysis. prereq: Cannot apply credit to economics major or minor or BAc or BBA majors
ECON 1022 - Principles of Economics: Macro (LE CAT6, SOC SCI)
Credits: 3.0 [max 3.0]
Grading Basis: A-F or Aud
Typically offered: Every Fall, Spring & Summer
Analyzing overall performance of an economic system. National income accounting and theory, unemployment, inflation, fiscal policy, money, monetary policy, economic growth, international trade, non-U.S. economies, and real-world application of these concepts. prereq: Minimum 15 credits or department consent
ECON 1023 - Principles of Economics: Micro (LE CAT6, SOC SCI)
Credits: 3.0 [max 3.0]
Grading Basis: A-F or Aud
Typically offered: Every Fall, Spring & Summer
Analyzing free enterprise system through study of product and resource markets. Supply and demand, utility, production and cost, market structure, resource use, market failures, regulatory role of government, and real-world application of these concepts. prereq: Minimum 15 credits or department consent
ACCT 3101 - Intermediate Accounting I
Credits: 3.0 [max 3.0]
Grading Basis: A-F only
Typically offered: Every Fall, Spring & Summer
Review of financial accounting standard setting, conceptual framework, and accounting process. Income statement, balance sheet, and statement of cash flows. Present value concepts, cash, receivables, inventories, fixed assets, current liabilities, and contingencies. prereq: LSBE candidate or non-LSBE accounting minor or college consent
ACCT 3301 - Accounting Information Systems
Credits: 3.0 [max 3.0]
Grading Basis: A-F only
Typically offered: Every Fall & Spring
Overview of the characteristics and functions of modern accounting information systems. Focus on system use, internal controls, security issues, and system design and implementation in computerized accounting procedures within the business organization. Develop proficiency in the use of accounting software. prereq: LSBE candidate or non-LSBE accounting minor or college consent; credit will not be granted if already received for 3110.
ACCT 3102 - Intermediate Accounting II
Credits: 3.0 [max 3.0]
Grading Basis: A-F only
Typically offered: Every Fall & Spring
Long-term liabilities, stockholders' equity, earnings per share, revenue recognition, and tax allocation. Investments, pensions, leases, accounting changes and error analysis, financial statement analysis, and disclosures in financial statements. prereq: A grade of C or better in 3101, LSBE candidate or non-LSBE accounting minor or college consent
ACCT 3401 - Individual Income Taxation
Credits: 3.0 [max 3.0]
Grading Basis: A-F only
Typically offered: Every Fall, Spring & Summer
Provides an understanding of how taxes impact personal financial decisions. Takes tax planning/minimization perspective and provides basic information on reporting tax positions to the IRS. In addition to tax planning and compliance, the student will be exposed to basic tax concepts. prereq: Credit will not be granted if already received for ACCT 3152 or 4152; LSBE candidate or approved non-LSBE accounting minor or college consent
ACCT 3201 - Cost Accounting
Credits: 3.0 [max 3.0]
Grading Basis: A-F only
Typically offered: Every Fall & Spring
Determining manufacturing costs, e.g., in a job order or process manufacturing environment. Cost-volume-profit relationships, activity- based accounting, standard costing techniques. prereq: LSBE candidate or non-LSBE accounting minor or college consent