Faculty-Dept-Economics and Accounting

Economics and Accounting

Charles H. Anderton, Ph.D., The W. Arthur Garrity, Sr. Professor in Human Nature, Ethics and Society

Nancy R. Baldiga, M.S., C.P.A., Professor

Robert W. Baumann, Ph.D., Professor and Chair

Miles B. Cahill, Ph.D., Professor

Thomas R. Gottschang, Ph.D., Professor

Katherine A. Kiel, Ph.D., Professor 

Victor A. Matheson, Ph.D., Professor

Kolleen J. Rask, Ph.D., Professor

David J. Schap, Ph.D., Professor

Melissa A. Boyle, Ph.D., Associate Professor

David K.W. Chu, Ph.D., Associate Professor and Director, CIOCCA Office of Entrepreneurial Studies and Prebusiness Program

Joshua M. Congdon-Hohman, Ph.D., Associate Professor 

Debra J. O’Connor, Ph.D., Associate Professor

Scott Sandstrom, J.D., C.P.A., Associate Professor

Justin C. Svec, Ph.D., Associate Professor

Karen Teitel, Ph.D., Associate Professor

Monica Harber Carney, Ph.D., Assistant Professor

Steven M. DeSimone, Ph.D., Assistant Professor

Ashley R. Miller, Ph.D., Assistant Professor

Olena Mykhaylova, Ph.D., Assistant Professor

Daniel Schwab, Ph.D., Assistant Professor

Daniel Tortorice, Ph.D., Assistant Professor

Allison Lynn Richardson, M.A., Professor of Practice

Liam Clegg, Cand. Ph.D., Visiting Instructor

James Stormes, S.J., Visiting Lecturer

 

The Department of Economics and Accounting offers majors in two distinct subject areas: economics and accounting, as well as a select honors program. Students are not permitted to double major in the two subject areas. Members of the department are dedicated teachers who value the opportunity at Holy Cross to interact closely with their students. They are also productive scholars, whose research has been published in leading economics and accounting periodicals.

 

The Economics Major

Economics can be defined as the study of how people allocate scarce resources among competing ends. It can also be understood as a particular way of thinking distinguished by its axioms, concepts and organizing principles. In terms of both subject matter and methods, economics provides important and powerful insights into the human experience. Completion of the major can serve as preparation for graduate study, or it can provide a strong background for any one of a large number of careers, including those in business, finance, law, health care and government.

The economics major is designed to provide students with the theory and methods required to analyze a wide range of economic issues. The minimum requirement for the major is nine semester courses in economics. These include theory courses as well as electives that apply and/or extend the previous learning to an array of more specialized topics, including, for example, sports economics, monetary theory, international trade and economics of peace and conflict. The principles and statistics requirements can be satisfied by advanced placement, but majors must still complete at least nine college economics courses. The maximum number of courses in the department which may be taken by an economics major is 14. The maximum number of courses that count towards the major that can be taken outside of the department (either in another department or at another institution) is two.

Because mathematics plays an important role in economics, majors are required to take one year of college calculus or its equivalent. The calculus requirement can be fulfilled by completing Mathematics 135 and 136 or 133 and 134, or by advanced placement (a score of 4 or 5 on the BC exam), or by the successful completion of a semester course (e.g., Mathematics 136 or 134) having as a prerequisite one semester of calculus or its equivalent. Students are strongly encouraged to complete the calculus requirement in their first year.

All economics majors in the classes of 2018, 2019 and 2020 must take a minimum of 9 economics courses for the major (as well as completing Calculus 2) as follows:

Calculus (2)

MATH 133 Calculus 1 with Fundamentals and

MATH 134 Calculus 2 with Fundamentals (Or equivalent)

OR

MATH 135 Calculus 1 and

MATH 136 Calculus 2  (or equivalent)

 

Principles (2)

ECON 111 – Principles of Macroeconomics

ECON 112 – Principles of Microeconomics

 

200 level required courses (3)

ECON 255 – Microeconomics

ECON 256 – Macroeconomics

ECON 249 – Statistics

 

Electives (4 total – 3 must be at the 300 level)

Electives include: Industrial Organization and Public Policy, Labor Economics, Law and Economics, Theory of International Trade, Comparative Economic Systems, Monetary Theory, Econometrics, Political Economy, Game Theory, History of Economic Thought, Economics of Energy, and Economics of the Arts.

All students must take 18 courses outside of the major.  The maximum number of economics courses that economics majors may take for credit outside of the department is two, and Econ 255 and Econ 256 must be taken in the department.

All economics majors starting with the class of  2021 must take a minimum of 9 economics courses for the major (as well as completing Calculus 2) as follows:

Calculus (2)

MATH 133 Calculus 1 with Fundamentals and

MATH 134 Calculus 2 with Fundamentals (Or equivalent)

OR

MATH 135 Calculus 1 and

MATH 136 Calculus 2  (or equivalent)

 

Principles (1)

ECON 199 – Principles of Economics

200 level required courses (4)

ECON 255 – Microeconomics

ECON 256 – Macroeconomics

Either ECON 299  Computational Methods: Microeconomics  OR Econ 299 Computational Methods: Macroeconomics 

ECON 249 – Statistics

 

Electives (4 total – 3 must be at the 300 level)

Electives include: Industrial Organization and Public Policy, Labor Economics, Law and Economics, Theory of International Trade, Comparative Economic Systems, Monetary Theory, Econometrics, Political Economy, Game Theory, History of Economic Thought, Economics of Energy, and Economics of the Arts.

All students must take 18 courses outside of the major.  The maximum number of economics courses that economics majors may take for credit outside of the department is two, and Econ 255, Econ 256, and Econ 299 must be taken in the department.

Advising notes: The hierarchical nature of the economics major requires careful planning on the part of students considering Study Abroad or semester away programs. The mathematics requirement is ordinarily completed in the first year and must be completed by the end of the second year. Check pre-requisites carefully.  300 level electives are normally taken in the fourth year. For students interested in advanced study in economics, it is recommended that they take Economics 314 (Econometrics) and additional courses in mathematics and computer science.  

Admissions Process

Students can be signed into the major by the department chair after showing evidence that they have completed or are enrolled in an economics class at the College.  First year students cannot be signed in until their second semester at the College.  Students must be signed in by the fall of their third year.  All students who wish to major in economics must have completed Econ 199 and Calculus 1 by the end of their second year.  

Advanced Placement Credit

For students in the classes of 2018, 2019 and 2020, those with advanced placement credit in economics receive placement in the curriculum. Students with a unit of AP credit in Microeconomics will forfeit that credit if they enroll in Economics 112 (Principles of Microeconomics) and those with AP credit in Macroeconomics will forfeit that credit if they enroll in Economics 111 (Principles of Macroeconomics). Students with AP credit in Statistics will forfeit that credit if they enroll in Economics 249 (Statistics). Economics majors with AP credit in economics and those who have completed college-level economics courses while in high school must still complete a minimum of nine courses in the major. 

For students starting with the class of 2021, those with  AP credit in both Macroeconomics and Microeconomics will place out of Econ 199 Principles of Economics.  They still must complete a minimum of nine courses in the major.  

The Accounting Major

Accounting is defined broadly as the process of identifying, measuring and communicating economic information. Because sound decisions based on reliable information are essential for the efficient allocation of resources, accounting plays an important role in our economic system. Each year the largest accounting firms visit Holy Cross to recruit majors for employment opportunities in public accounting. Although most majors choose to start their careers in public accounting, the curriculum is sufficiently broad to permit careers in business, government and nonprofit institutions.

The accounting major is designed to offer students the benefits of a liberal arts education while providing a core accounting curriculum for students interested in becoming certified public accountants. Educational requirements for professional certification vary by state, with many states requiring additional courses beyond the four-year bachelor’s degree. Faculty advisors will help students develop a program to meet these requirements.

All accounting majors in the classes of 2018, 2019 and 2020 must take a minimum of 14 courses for the major (as well as completing Calculus 1) as follows:

Calculus (1)

MATH 133 Calculus 1 with Fundamentals

OR

MATH 135 Calculus 1 (or equivalent)

 

Economics Courses (3)

ECON 111 – Principles of Macroeconomics

ECON 112 – Principles of Microeconomics

ECON 249 – Statistics

 

Accounting Required Courses (9)

ACCT 181 – Financial Accounting

ACCT 277 – Intermediate Accounting 1 (option to enroll in ACCT 185 - Excel Accounting Lab)

ACCT 278 – Intermediate Accounting 2

ACCT 282 – Auditing

ACCT 292 – Federal Income Taxation

ACCT 387 – Business Law 1

ACCT 388 – Business Law 2

ACCT 389 – Cost Accounting

ACCT 390 – Advanced Accounting

 

Electives (2)

2 Accounting or Economics elective courses

Electives include: Operations Research, Governmental and Nonprofit Accounting, Corporation Finance, Accounting Information Systems, and Ethics, Accounting and Organizations.
 

All accounting majors starting with the class of 2021 must take a minimum of 13 courses for the major (as well as completing Calculus 1) as follows:

Calculus (1)

MATH 133 Calculus 1 with Fundamentals

OR

MATH 135 Calculus 1 (or equivalent)

 

Economics Courses (2)

ECON 199 – Principles of Economics

ECON 249 – Statistics

 

Accounting Required Courses (9)

ACCT 181 – Financial Accounting

ACCT 277 – Intermediate Accounting 1 with ACCT 185 - Excel Accounting Lab

ACCT 278 – Intermediate Accounting 2

ACCT 282 – Auditing

ACCT 292 – Federal Income Taxation

ACCT 387 – Business Law 1

ACCT 388 – Business Law 2

ACCT 389 – Cost Accounting

ACCT 390 – Advanced Accounting

 

Electives (2)

2 Accounting or Economics elective courses

Electives include: Operations Research, Governmental and Nonprofit Accounting, Corporation Finance, Accounting Information Systems, and Ethics, Accounting and Organizations.

 

The minimum number of courses outside the department which must be taken by an accounting major is 16. The maximum number of accounting and economics courses that accounting majors may take for credit at an institution other than Holy Cross is three. 

Advising notes: The normal order of courses for a student majoring in accounting is: Calculus and ACCT 181 (Financial Accounting) during the first year; ECON 111 (Principles of Macroeconomics) and ECON 112 (Principles of Microeconomics) [or the new ECON 199 (Principles of Economics)] during the first or second year; ACCT 277 and 278 (Intermediate Accounting 1 and 2) during the second year;  ACCT 282 (Auditing), 292 (Federal Income Taxation), 390 (Advanced Accounting) and one elective in the third year; and ACCT 387 and 388 (Business Law 1 and 2), 389 (Cost Accounting) and at least one additional elective during the fourth year. ECON 249 (Statistics) is typically taken during the second or third year.

A student must earn a grade of C- or better in Accounting 181 and Accounting 277 to continue in the accounting major.

Admissions Process

Prospective majors are required to complete ACCT 181 (Financial Accounting) during the fall of their first or second year. They may then request permission to take the spring offering of ACCT 277 (Intermediate Accounting 1). During the semester that students are enrolled in ACCT 277, the department will solicit applications for the accounting major. Interested students will submit an application form which includes an unofficial transcript. Admission is competitive; the major application process places special emphasis on the applicants’ performance in accounting and related coursework (mathematics, economics). The number of students permitted to major in accounting is limited. 

Advanced Placement Credit

For students in the classes of 2018, 2019 and 2020, those with advanced placement credit in economics receive placement in the curriculum. Students with a unit of AP credit in Microeconomics will forfeit that credit if they enroll in ECON 112 (Principles of Microeconomics) and those with AP credit in Macroeconomics will forfeit that credit if they enroll in ECON 111 (Principles of Macroeconomics).

For students starting with the class of 2021, those with  AP credit in both Macroeconomics and Microeconomics will place out of ECON 199 (Principles of Economics).  Students with an AP credit in either Macroeconomics or Microeconomics should enroll in ECON 199 (Principles of Economics).

Students with AP credit in Statistics will forfeit that credit if they enroll in ECON 249 (Statistics) and students with AP credit in Calculus will forfeit that credit if they enroll in MATH 133 or MATH 135. Accounting majors with advanced placement credit in calculus, economics or statistics are not required to replace those credits with additional electives.

Department Honors Program

This program is limited to a small number of third- and fourth-year economics and accounting majors. Students apply for the program in the fall semester of the third year. Economics majors normally need to complete Economics 249, 255 and 256 by the end of that semester to be eligible for the program. Accounting majors normally need to complete accounting courses through Accounting 278, Economics 111, 112 and 249 and Mathematics 135 (or equivalent) by the fall of the junior year. During the second semester of both the third and fourth years, honors students participate in a methodology seminar; during the first semester of the fourth year the thesis is written under the direction of a faculty advisor. The honors course sequence is: Economics 460 (Research Methods 1) during spring of the third year; Economics 462 (Directed Research) during fall of the fourth year; and Economics 461 (Research Methods 2) during spring of the fourth year.

Economics 460 (Research Methods 1) is a one-unit course that counts as the equivalent of a 200-level economics elective. Economics 461 (Research Methods 2) is a half-unit overload which may be taken pass/no pass. Economics 462 (Honors Directed Research) counts as the equivalent of a 300-level economics elective. Students must meet the standards of the program in each course to receive the honors designation at graduation.

Minor Programs

The department’s minor programs in economics and accounting have been discontinued.

Non-Majors

Introductory courses in economics and accounting are available to non-majors. Students with an interest in economics should consider enrolling in ECON 199 Principles of Economics (four hour course).  This course is open only to first and second year students.  Some courses are offered for third and fourth year students who are not economics majors.  

Non-majors seeking an introduction to accounting should take ACCT 181 (Financial Accounting).

Courses

Economics Courses

Economics
110
Alternate years

Economics is the study of the allocation of scarce resources among competing uses. Microeconomics investigates how households and firms make individual and social decisions concerning the allocation of resources through their interactions in markets. Macroeconomics studies national level economic issues such as growth, inflation, unemployment, interest rates, exchange rates, technological progress, and government budgets. This course introduces the central topics of both microeconomics and macroeconomics in one semester. The purpose of the course is to provide a basic understanding of economics for students who are not economics majors. One unit.

Economics Courses
Introductory Courses
Economics
111
Fall, spring

This course is designed to introduce classic macroeconomic issues such as growth, inflation, unemployment, interest rates, exchange rates, technological progress, and budget deficits. The course provides a unified framework to address these issues and to study the impact of different policies, such as monetary and fiscal policies, on aggregate economic performance. These analytical tools will be used to understand the recent experience of the United States and other countries and to address how current policy initiatives affect macroeconomic performance. One unit.

Economics
112
Fall, spring

Economics is the study of the allocation of scarce resources among competing uses. Microeconomics investigates how households and firms make individual and social decisions concerning the allocation of these resources through their interactions in markets.The purpose of this class is to introduce the important topics in this area of economics including supply and demand analysis, production possibility sets, utility and profit maximization, differences in short and long run outcomes, the effect of government intervention, imperfect markets, externalities, and gains from trade. One unit.

200-Level Electives
Economics
205
Alternate years

Students learn to use economic models to understand various aspects of the development process, including capital accumulation, the demographic transition, the role of agriculture, rural to urban migration, income distribution issues, environmental concerns, provision of basic human needs, and the role of education and health care. Students choose a country to follow for the semester, for which they find, analyze, and present data. Students are also grouped by region for joint presentations on regional development. Prerequisites: Economics 111, 112. One unit.

200-Level Electives
Economics
210
Alternate years

Applies economic theory (e.g., market equilibrium, externalities, optimal exchange rate arrangements, and welfare effects of free trade) to understand multiple facets of the process of the EU integration. Discusses the history of European integration (with the emphasis on political motivations of different national and political leaders); free mobility of goods, services, capital, and labor; regional income inequality; trade and environmental issues related to Common Agricultural and Common Fisheries Policies; the Euro; labor market policies and unemployment; sustainability of the governnent-provided pension systems; and the EU as a political player on the world stage. Prerequisites: Econ 111, 112 or 199. One unit.

Economics
216
Alternate years

Economic principles are applied to better understand the causes and consequences of war and and how to foster peace. Among the topics covered are historical and contemporary trends of violent conflicts in global society including wars between and within states, genocides, and terrorism; key interdependencies between economics and violent conflicts; economic conditions that enhance and inhibit the risk of war; and methods for promoting and sustaining peace. One unit.

Economics
221
Annually

Aims to provide the student with a sophisticated understanding of economic development in China. The historical circumstances and resource endowments which have constrained Chinese economic development are examined as a basis for analyzing the intentions and success of policies adopted since 1949. Prerequisites: Economics 111, 112, or permission. One unit.

Economics
222
Alternate years

Explores the health care sector and health policy issues from an economic perspective. Topics include the production of and demand for health and health care, moral hazard and adverse selection in insurance markets, information asymmetries in physician-patient relationships, regulation and payment systems for providers, medical technology, the pharmaceutical industry, Medicare, Medicaid and other social insurance programs, and national health care reform and comparisons to other countries. Prerequisites: Economics 111, 112. One unit.

Economics
224
Annually

Shows how natural resource usage and environmental issues can be analyzed from an economic perspective. Presents the basic concepts of environmental economics and develops the analytical and policy tools used in environmental economics. Considers the problems of air pollution, water pollution and solid and hazardous waste management, their causes and how they can be reduced. Other topics such as global warming, amendments to the Clean Air Act and international environmental issues will be discussed. Prerequisites: Economics 111, 112. One unit.

Economics
229
Annually

Applies economic tools to study the field of professional and collegiate sports. Topics include the organization of sports leagues, profit maximization by teams, the application of antitrust to sports, competitive balance, labor relations, gender and racial discrimination, the tension between academics and athletics at universities and the economic impact of sports on local economies. Special emphasis is placed on the relationship between law and economics in sports and the regulation of leagues and athletes. Prerequisites: Economics 111, 112. One unit.

Economics
230
Annually

A basic introduction to the main features of financial institutions and markets in the United States. First part covers interest rates, including rate of return calculations, how markets determine the overall level of interest rates and why different securities pay different interest rates. Second part covers financial markets and the assets that are traded on those markets, including the money, bond, stock and derivatives markets. Last section details workings of some financial institutions, including banks, mutual funds and investment banks. When discussing these institutions, particular attention is paid to conflicts of interest. Prerequisites: Economics 111, 112. One unit.

Statistics and Intermediate Theory
Economics
249
Fall, spring

An introduction to statistical methods emphasizing the statistical tools most frequently used in economic analysis. Topics include descriptive statistics, probability theory, random variables and their probability distributions, estimation, hypothesis testing and linear regression analysis. Students may take MATH 376 in place of this course but may not take both courses. Prerequisites: Economics 111 or 112. One unit.

Economics
255
Fall, spring

Analyzes the economic behavior of households and firms and their interrelations within the market. Price and resource allocations in the following market structures are considered: pure competition, monopolistic competition, oligopoly, monopoly and monopsony. Concludes with a discussion of general equilibrium and its welfare implications. Prerequisites: Economics 111, 112; the Calculus requirement described above. One unit.

Economics
256
Fall, spring

Studies aggregate economic behavior as determined by interactions among the product, financial and labor markets. Variables focused upon are the general levels of prices, of national income and of employment. Applications of the theory are made and policy inferences are drawn with respect to employment and price stability, growth and development, trade and the global economy. Prerequisites: Economics 111, 112; the Calculus requirement described above. One unit.

200-Level Electives
Economics
299
Alternate years

Courses explore various topics. The subject and format varies by offering. One unit.

300-Level Electives
Economics
302
Alternate years

Studies the theoretical and empirical relationships among market structure, conduct and performance in American industry. The knowledge gained is used to evaluate U.S. antitrust policy. A number of industry case studies and landmark court decisions are read. Prerequisite: Economics 255. One unit.

Economics
303
Alternate years

Analyzes the labor market and the allocation of human resources. Topics include theories of unemployment and job search, wages, unions, income inequality and poverty, education, discrimination, immigration, household economics, and major issues of public policy. Prerequisite: Economics 249, 255. One unit.

Economics
304
Annually

Examines the relative efficiency of alternative legal arrangements using microeconomics as the basic investigative tool. Core of the course consists of a thorough analysis of the common law. Special emphasis is given to the areas of property, contract, liability and criminal law. Prerequisite: Economics 255. One unit.

Economics
307
Alternate years

Examines the causes and consequences of the trade of goods and services among nations. Attention is given to the principle of comparative advantage, the Ricardian model of trade, the factor endowments theory of trade, the specific factors model, new theories of trade, the causes and consequences of trade restrictions, economic growth and trade, international factor movements and economic integration. Policy implications are emphasized. Prerequisites: Economics 255, 256. One unit.

Economics
309
Alternate years

First segment develops an analytical framework for the comparison of economic systems. Second segment uses this framework to examine and compare the economic systems of various countries including the United States, Germany, France, Japan, China, the former Soviet Union and other East European states. Prerequisites: Economics 255, 256. One unit.

Economics
312
Alternate years

This course builds a model of the financial sector of the economy, uses it to gain an understanding of the workings of the financial system, and makes predictions of the effects of events on the financial system and economy as a whole. Particular emphasis is placed on understanding the workings of the Federal Reserve System and monetary policy. Thus, this course provides an understanding of the role and measurement of money; the theories of money demand and money supply; the workings of the banking system; interest rate determination; how prices of stocks, bonds and other assets are determined; and the role the financial system plays in the macroeconomy. Prerequisites: Economics 255, 256. One unit.

Economics
314
Fall, spring

Studies statistical methods used to estimate and test economic models. After a review of basic probability and statistics, the method of ordinary least squares regression is examined in detail. Topics include the Gauss-Markov theorem, inference, multicollinearity, specification error, functional forms, dummy variables, heteroskedasticity and autocorrelation. Simultaneous equations and qualitative dependent variables may also be considered. A quantitative research paper is required. Prerequisites: Economics 249, 255. One unit.

Economics
315
Annually

This course examines both the inherent limitations of the market and the role public policy plays in achieving social efficiency. In addition to models of externalities and public goods, this course analyzes voting systems, lobbying, redistribution, and optimal taxation. These models are applied to the pollution market, auctions, and insurance. Prerequisites: Economics 255, 256. One unit.

Economics
318
Annually

Introduces and develops various concepts in the field of game theory with an emphasis on applications to economic problems. Game theory is the study of the behavior of rational, strategic agent-players who must attempt to predict and to influence the actions of other participants. Numerous solving techniques are developed to identify and refine the equilibria in a broad range of “games,’’ including competitive games, cooperative games, bargaining games, games of incomplete and asymmetric information, repeated games, and auctions. Applications will be drawn from diverse fields, including labor economics, finance, industrial organization, and political economy. Prerequisites: Economics 249, 255. One unit.

Economics
320
Alternate years

Surveys the thoughts and ideas of philosophers and economists throughout history who attempted to understand the workings of what we now call the economy. A long time span is covered, going briefly as far back as the ancient Greek writers, moving through the Scholastics, Mercantilists and Physiocrats, but with a particular focus on the pivotal contributions of the Classical writers including Adam Smith, David Ricardo and Karl Marx. Neoclassical thought is contrasted with institutional and historical critics, leading to the great debate between capitalism and socialism. Changes in macroeconomic theory associated with John Maynard Keynes, the post-Keynesian views of macro and the more modern formulation of microeconomics with its emphasis on econometric analysis round out the course. Prerequisites: Economics 255, 256. One unit.

Economics
324
Alternate years

This course will allow students to develop an understanding of many fields of economics that relate to energy including finance, game theory, microeconomics, and environmental economics. Particular attention will be paid to current day, real-world applications of economics in the energy world. Topic covered include global warming, cartel behavior, cap-and-trade legislation, options and future markets, and the economics of renewable energy sources. Prerequisite: Economics 255. One unit.

300-Level Electives
Economics
325
Alternate years

This course examines the role of the government in the economy. We will focus primarily on the microeconomic functions of government, investigating tax and spending policies and the impact of these policies on private agents. This course covers a wide range of public policy issues including tax reform, education policy, public health insurance and health care reform, Social Security, and cash welfare. Prerequisites: Economics 249, 255. One unit.

Economics
326
Alternate years

Examines the markets for the performing and visual arts in the United States. The course begins by utilizing economic tools to analyze supply and demand in these markets, and then covers a number of special topics. Issues considered include copyrights, ticket scalping, performer wages and labor unions, government subsidization of the arts, auctions, art as an investment and the political economy of the arts sector. Prerequisites: Economics 249, 255. One unit.

Economics
328
Annually

This course presents psychological and experimental economics research demonstrating departures from perfect rationality, self-interest, and other classical assumptions of economics. It explores the implications of these departures and the ways that psychological phenomena can be mathematically modeled and incorporated into mainstream positive and normative economics. Prerequisites: Economics 249, 255. One unit.

300-Level Elective
Economics
330
Annually

Studies large-scale economic interactions among interdependent economies using advanced theoretical and empirical tools from economics. Addresses topics such as the role of financial traders in exchange rate determination, the impact of monetary and fiscal policies on the international asset position of a country, the role of the International Monetary Fund in promoting economic development and stability around the globe, and the effects of macroeconomic policies of advanced nations on third world and emerging market economies. Prerequisite: Economics 249, 256.  One unit.  

Economics
399
Alternate years

Courses explore various topics. The subject and format varies by offering. One unit.

Economics
400
Annually

A program in reading and research in a specific topic open to majors with a minimum GPA of 3.25. Permission of the instructor is required. One unit.

Honors Program
Economics
460
Spring

A department honors seminar that examines the methodology used by economists. Students learn what the economist does by examining specific economic studies. The steps involved in undertaking research and alternative methodological approaches are treated. A high level of student participation is expected. By the end of the seminar the students settle upon topics that they will research in the fourth year and write a prospectus. Counts toward the major as the equivalent of a 200-level economics elective. Prerequisite: Acceptance into the program. One unit.

Economics
461
Spring

This is a continuation of Economics 460 and 462. Fourth-year honors students participate for a second time in the seminar by presenting their completed research projects and by serving as resource persons for other honors students. Prerequisites: Economics 460, 462. One-half unit.

Economics
462
Fall

Honors students undertake a research project under the direction of a department faculty member. The results are presented in the form of a thesis. Counts toward the major as the equivalent of a 300-level economics elective. Prerequisite: Economics 460. One unit.

Accounting Courses

Accounting Courses
Accounting
120
Fall

Explores contemporary problems in finance, accounting and economics while providing students with opportunities to develop and expand their financial vocabulary and quantitative reasoning skills. Introduces the problem solving strategies and tools used in stock and bond valuation and evaluation of corporate financial performance. One unit. 

Accounting Courses
Accounting
181
Fall, spring

Introduces the fundamentals of the accounting process. Presents an overview of the accounting cycle, leading to preparation of basic financial statements including the income statement and balance sheet. Examines the proper accounting treatment of the major assets of merchandising and service companies including cash, accounts receivable, inventory, property, plant and equipment. Also includes an examination of economic activity related to liabilities and stockholders’ equity. Introduces the cash flow statement and analysis of basic financial statements. One unit.

Accounting
226
Alternate years

Acquaints students with decision-making and application of mathematical and statistical techniques to economic problems. Emphasizes optimization of an objective, subject to constraints upon available action. Linear optimization models are treated in depth. Prerequisites: Accounting 277 or Economics 111 and 112. One unit.

Accounting
270
Alternate years

Studies accounting and management issues pertinent to state and local government, voluntary health and welfare organizations, other nonprofit organizations, colleges and universities, and private nonprofit hospitals. Prerequisites: Accounting 277. One unit.

Accounting
275
Annually

Provides an overview of two important questions posed to corporate financial managers: 1) what long-term investments should the company make? and 2) how will the company finance those investments? Topics include: stock and bond valuation, financial markets, risk and return, project analysis, capital, dividends and leverage. Prerequisites: Accounting 277 or Accounting 181 and Economics 111 or 112. One unit.

Accounting
277, 278
Annually

Offers a thorough study of the proper valuation of assets, liabilities and stockholders’ equity and the related problems of the proper matching of revenues and expenses. Emphasis is given to the preparation, analysis and interpretation of financial statements. Prerequisites: Accounting 181. One unit.

Accounting
282
Annually

Considers the theory and practice of auditing, including professional ethics, professional standards and procedures and the legal environment in which the auditor functions. Emphasis is placed on the audit process as students gain an understanding of how to plan, design and execute an audit. Other topics include internal control, the nature of evidential matter and the auditor’s reporting responsibilities. Prerequisites: Accounting 277. One unit.

Accounting
285
Annually

Introduces students to the theory and terminology of information systems, investigates internal controls, security, privacy and ethics in the design, development and usage of information systems and provides students with tools to document and assess existing information systems. Also provides practical experience using database software. Prerequisites: Accounting 277. One unit.

Accounting
292
Annually

A study of the federal income tax laws as they relate primarily to individuals. Consideration is also given to the history of the federal income tax, various proposals for tax reform, the use of tax policy to achieve economic and social objectives and tax planning. Prerequisites: Accounting 277. One unit.

Accounting
360
Annually

The course examines topics of current interest in organizational and professional ethics with particular attention focused on accountancy. The role of moral philosophy from the perspective of multiple ethical frameworks is discussed in terms of individual and public debates about controversial issues, such as the professional obligation, the responsibilities of individuals in government and corporations, and the role of the corporation as a “legal person." The goal of the course is to help students think, speak, and write clearly in the form of organizational and professional ethics. Prerequisites: Accounting 278. One unit.

Accounting
387, 388
Annually

(Based on the Uniform Commercial Code) Includes contracts, agency, sales, negotiable instruments, the legal aspect of business associations, insurance and property, both real and personal. Prerequisites:  Accounting 277. One unit each semester.

Accounting
389
Annually

A study of cost systems, activity-based management and management evaluation systems. Emphasis is on managerial control through the use of accounting data. Prerequisites: Accounting 277. One unit.

Accounting
390
Annually

Covers advanced problems relating to partnership formation, operation and liquidation; a study of corporate business combinations and consolidated financial statements under the acquisition method; and other accounting topics such as accounting for derivatives and foreign currency transactions, consolidation of foreign subsidiaries, segment reporting and governmental and not-for-profit accounting. Prerequisites: Accounting 278. One unit.

Accounting
400
Annually

A program in reading and research in a specific topic open to majors with a minimum GPA of 3.25. Permission of the instructor is required. One unit.

Accounting
ACCT 185
Annually

Offers an opportunity to use Excel spreadsheet tools to explore financial statements, build financial models, value transactions and evaluate economic opportunities. Provides additional development of the quantitative reasoning and technical skills introduced in the financial accounting coursework. Overload. One-quarter unit.