The accountancy program prepares students for careers in public, governmental, not-for-profit, or industrial accounting. The program is designed to allow students to build on skills and knowledge developed through undergraduate coursework to become skilled, entry-level professional accountants upon graduation. The curriculum is based on the American Institute of Certified Public Accountants (AICPA) core competencies and prepares students to sit for the certified public accountant exam. In its entirety, the program is comprised of both undergraduate and graduate study, which leads, ultimately, to the Master of Accountancy degree.

The accountancy program prepares students to sit for the Uniform CPA Examination from both an education requirement and knowledge perspective. The education requirement of passing the exam are not the only requirements, however. While exact licensure requirements vary by state, they all include completion of the following:

1. Educational Requirement
2. Experience Requirement
3. Passage of the Uniform CPA Exam
4. Passage of the professional Ethics for CPAs Exam

The specific licensure requirements for the state of Montana are as follows:

1. Educational Requirement:

a. 150 semester hours including:

i. 24 semester hours of accounting courses above the introductory level
ii. 24 semester hours of non-accounting, general business courses

2. Experience Requirement:

a. One year (2,000 hours) of acceptable accounting and auditing experience obtained within the three years preceding the date of application for licensure.

3. Passage of the Uniform CPA Exam:

a. Required core exams:

i. Financial Reporting and Accounting
ii. Auditing and Attestation
iii. Taxation and Regulation

b. Choose one of the following disciplines:

i. Tax compliance and planning
ii. Business analysis and reporting
iii. Information systems and controls

4. Passage of the Professional Ethics for CPAs Exam

For state specific licensing requirements: https://nasba.org/licensure/nasbalicensing/

Note: For information about undergraduate-only study, refer to the Accounting Concentration within the “Business Administration” program.

Students who begin the accountancy program as undergraduates will graduate, upon completion of all requirements, with both a bachelor’s degree in business management and a master’s in accountancy. The entire curriculum consists of 150 semester hours, and students are required to meet all Rocky Mountain College degree requirements. All prerequisites to accounting courses must be completed with a grade of “C-” or higher.

Learning Outcomes

Students who graduate with a master’s in accountancy will be able to:

1. Provide relevant information to support organizational decisions or external users.
2. Prepare financial statements and other decision-support documents.
3. Employ accounting information systems for both financial reporting and internal decision making.
4. Distinguish among the information needs of internal decision makers and financial statement users.
5. Measure and report tax consequences of transactions under the United States Tax Code for:
   a. Individuals;
   b. Partnerships
   c. Corporations;
   d. Estates;
   e. Trusts.
6. Employ sophisticated financial management techniques and provide information to users of such technique.
7. Measure and report complex financial elements involving:
   a. Debt;
   b. Equity;
   c. Asset acquisition, use, and disposal;
   d. Deferred taxes;
   e. Business combinations;
   f. Earnings per share;
   g. Revenue and expense recognition;
   h. Statements of cash flows;
   i. International transactions;
   j. Post-retirement benefits.
8. Articulate the importance of, and engage in, the attestation process.
9. Apply international financial reporting standards.
10. Employ standard protocols related to the use of technology-based accounting information systems.
11. Measure and report the costs associated with conversion processes.

Master of Accountancy with a BS in Business Management

A minimum of 45 semester hours is required, including:
ACC 210: Foundations of Accounting
ACC 309: Managerial Accounting
BSA 303: Principles of Management
BSA 304: Principles of Marketing
BSA 311: Principles of Finance
BSA 401: Production and Operations Management
BSA 421: Strategic Management
BSA 450: Internship
ECO 205: Principles of Economics
ENG 325: Professional Writing
MAT 210: Probability and Statistics

Twelve semester hours of electives in BSA, ACC, ECO, at least six of which must be BSA, are required. Electives must be 200-level or higher. To ensure CPA exam eligibility, candidates should select electives in disciplines other than accounting. BSA 331: Business Law is recommended as one of these electives. ACC 323, ACC 351, and ACC 352 are prerequisites for master-level courses and do not satisfy these electives.

Master of Accountancy

A minimum of 30 semester hours is required, including:
ACC 505: Cost Accounting
ACC 521: Advanced Financial Management
ACC 553: Advanced Accounting I
ACC 624: Taxation of Estates and Trusts
ACC 628: Taxation of Partnerships and Corporations
ACC 653: Advanced Accounting II
ACC 672: Auditing I
ACC 674: Auditing II
ACC 678: Advanced Managerial Accounting
ACC 690: Seminar

CPA exam eligibility requirements for the state in which the candidate intends to sit for the exam should be consulted to ensure that the candidate’s educational program satisfies exam eligibility requirements.

Students who enter the accountancy program as baccalaureate degree holders from an institution other than Rocky Mountain College must meet only the master of accountancy requirements and will graduate only with the master of accountancy. These students should consult with their academic advisor to ensure that, in total, their academic preparation makes them eligible for the CPA exam. Depending upon the student’s academic background, additional courses may be necessary to become eligible for the CPA exam. ACC 323, ACC 351, and ACC 352 (or their equivalents) are prerequisites to the master-level courses.

ACC 210 – Foundations of Accounting

Semester: Fall and Spring
Semester hours: 3

This course is designed to give students a basic understanding of the uses and limitations of accounting information, particularly from financial statements. Students will understand how to take information from financial statements and make informed business decisions. A grade of C- or better is required in order for this course to count as a prerequisite for upper division accounting courses.

ACC 309 – Managerial Accounting

Semester: Fall and Spring
Semester hours: 3

Students examine how managers use accounting information and how that information should be gathered and provided. Topics include the measurement and use of cost information, cost control, budgeting, performance appraisal, and decision-making using accounting information.

Prerequisite: ACC 210 and ECO 205, both with a grade of C- or higher

ACC 313 – Not-For-Profit Accounting

Semester: Fall; Alternate years
Semester hours: 3

This course provides the fundamental knowledge necessary to learn about the operation of governments, universities, hospitals, and other nonprofits. The specific accounting, auditing, and financial reporting practices and standards used by these entities will be emphasized.

Prerequisite: ACC 309 with a grade of C- or higher

ACC 323 – Taxation of Individuals

Semester: Fall
Semester hours: 3

A study of federal income tax law as it applies to individual taxpayers, including sole-proprietorship entities.

Prerequisite: ACC 210 and ECO 205, both with a grade of C- or higher

ACC 351 – Intermediate Accounting I

Semester: Fall
Semester hours: 3

A course that covers proper income statement and balance sheet presentation in accordance with current professional pronouncements. Other topics included are current value concepts, inventory, cash and receivables, plant assets, and intangible assets.

Prerequisite: ACC 210 and ECO 205, both with a grade of C- or higher

ACC 352 – Intermediate Accounting II

Semester: Spring
Semester hours: 3

This course, a continuation of ACC 351, considers proper accounting for current and long-term liabilities, investments, pensions, and leases. Various aspects of stockholders’ equity and the analysis of financial statements are also included.

Prerequisite: ACC 351 with a grade of C- or higher

ACC 505 – Cost Accounting

Semester: Fall; Alternate years
Semester hours: 3

This course introduces the primary principle of cost management – costs do not just happen; they are the results of management decisions. Topics of study include cost concepts and applications, costing methods, the value chain, costprofit-volume analysis, best cost management practices, and other techniques to aid management in planning and controlling business activities.

Prerequisite: ACC 323 and ACC 352, both with a grade of C- or higher

ACC 521 – Advanced Financial Management

Semester: Spring; Alternate years
Semester hours: 3

An advanced study of financial management issues as they pertain to public and private corporations. Topics include capital budgeting, cost of capital, capital structure, financing strategy, dividend policy, and business valuation.

Prerequisite: ACC 323 and ACC 352, both with a grade of C- or higher

ACC 553 – Advanced Accounting I

Semester: Fall; Alternate years
Semester hours: 3

Students examine advanced topics in the financial reporting process including leases, post-retirement benefits, deferred taxes, revenue recognition, and investments. The FASB standard setting process will also be discussed, and accounting research processes will be introduced.

Prerequisite: ACC 323 and ACC 352, both with a grade of C- or higher

ACC 624 – Taxation of Estates and Trusts

Semester: Fall; Alternate Years
Semester hours: 3

A study of income tax law as it applies to estates and trusts. Further application of the tax research process through case analysis is also addressed.

Prerequisite: ACC 323 and ACC 352, both with a grade of C- or higher

ACC 628 – Taxation of Partnerships and Corporations

Semester: Spring; Alternate years
Semester hours: 3

A study of federal income tax law as it applies to partnerships and corporations. Further application of the tax research process through case analysis is also addressed.

Prerequisite: ACC 624 with a grade of C- or higher

ACC 653 – Advanced Accounting II

Semester: Spring; Alternate years
Semester hours: 3

This course introduces the theory and practice relative to business combinations, mergers, consolidations, and acquisitions with an emphasis on the related financial reporting requirements involved with these events.

Prerequisite: ACC 323 and ACC 352, both with a grade of C- or higher

ACC 672 – Auditing I

Semester: Fall; Alternate years
Semester hours: 3

This course addresses the many changes implemented in the corporate sector and the auditing profession since the passage of the Sarbannes-Oxley Act and the implementation of the Public Company Accounting Oversight Board (PCAOB). Areas of study include professional ethics, auditor’s legal liability, the auditing environment, internal controls, working papers, the auditor’s report, and the accounting profession’s credibility crisis.

Prerequisite: ACC 323 and ACC 352, both with a grade of C- or higher

ACC 674 – Auditing II

Semester: Spring; Alternate years
Semester hours: 3

This course, a continuation of ACC 672, builds on the audit process by addressing proper audit planning and materiality, assessing the risk of material misstatement, assessing internal control, and performing audit sampling for test of controls, test of transactions, and tests of details of balances. This course will conclude with completing the audit with an emphasis on presentation and disclosures within the audit report, review for contingent liabilities, reviewing for subsequent events, and issuing the audit report.

Prerequisite: ACC 672 with a grade of C- or higher

ACC 678 – Advanced Managerial Accounting

Semester: Spring; Alternate years
Semester hours: 3

A course wherein students engage in the sophisticated use of accounting information in decision making. Topics include relevant cost measurement, operating decision support, capital budgeting, profit planning, and performance analysis.

Prerequisite: ACC 505 with a grade of C- or higher

ACC 690 – Seminar

Semester: Spring
Semester hours: 1-3

Selected topics in accounting are explored.

Prerequisite: Permission of department

BSA 303 – Principles of Management

Semester: Fall and Spring
Semester hours: 3

Students examine the management functions and basic concepts and principles of management, including planning, organization, coordination, control, job design, and human resource management. Topics in human resource management include recruitment, selection, administration of personnel policies, and dismissals.

Prerequisite: ACC 210, ECO 205

BSA 304 – Principles of Marketing

Semester: Fall and Spring
Semester hours: 3

This course studies the marketing process from product development through consumer purchase. The course includes examination of consumer buying behavior, marketing channels, physical distribution, pricing policies, and promotion along with their role in the marketing process.

Prerequisite: ECO 205

BSA 311 – Principles of Finance

Semester: Fall and Spring
Semester hours: 3

Students are introduced to the principles of business finance. Topics covered include financial analysis and planning, working capital management, the time value of money, and capital budgeting, and weighted average cost of capital.

Prerequisite: ACC 210, ECO 205

BSA 331 – Business Law

Semester: Fall
Semester hours: 3

A course that explores the legal principles relating to business transactions: contracts, sales, commercial paper, intellectual property, and ecommerce. A study of the legal environment of business is emphasized.

Prerequisite: ACC 210, ECO 205

BSA 401 – Production and Operations Management

Semester: Fall and Spring
Semester hours: 3

An introduction to various aspects of production, resource, and operations management that focuses on production methodologies, scheduling, inventory control, quality control, and project management. Performance evaluation and resource planning are also emphasized.

Prerequisite: BSA 303, ACC 309

BSA 450 – Internship

Semester: Offered at discretion of department
Semester hours: 1-12

Guided work experience and study of a professional nature in an established business, government agency, or other institution. Contract is required. A minimum of three semester hours is required, but no more than three semester hours will count toward the major. Pass/no pass.

Prerequisite: ACC 309, BSA 303, BSA 311

ECO 205 – Principles of Economics

Semester: Fall and Spring
Semester hours: 3

This course will introduce the principles of firm-level decision making, consumer choices and their rationale, differing forms of industry competition, and how market-clearing prices and quantities are determined in a market environment. Additionally, the students will gain an understanding of how the major participants in the economy interact and what drives economic growth, interest rates, and inflation. The possible impacts of a variety of fiscal and monetary policy choices will be presented to assist the student in understanding how those policies will impact incomes, employment, and trade for a country. At the completion of the course, the student should have a basic understanding of both the microeconomic and macroeconomic environments and their impacts on businesses and the general population.

ENG 325 – Professional Writing

Semester: Fall and Spring
Semester hours: 3

This course teaches concepts, practices, and skills for communicating technical, scientific, or business-related information. Topics include understanding how people read, designing documents, incorporating graphics, writing about statistical results, rewriting, editing, and using the Internet. This course may be especially useful for non-English majors, providing them with the tools and techniques to communicate their messages effectively.

Prerequisite: ENG 119

MAT 210 – Probability and Statistics

Semester: Fall, Spring, and Summer
Semester hours: 3

This course provides a non-calculus-based study of discrete probability theory and its statistical applications. Distribution theory and its applications in hypothesis testing and setting confidence intervals are discussed.

Prerequisite: MAT 100 or satisfactory score on a placement exam

• Anthony R. Piltz, Professor
• Cedric Snelling, Associate Professor