Accounting Policies

    Policies and Guidelines for Students

  • Prerequisites: Students who do not have the course prerequisites must obtain an Accounting
    Prerequisite Exemption Form with the signature of the Accounting Department Head. The
    form can be obtained from the Accounting Department located at 2303 UH. If the department
    does not have the signed exemption form by the Friday of the first week of the term (first day
    in summer), the student will be dropped from the course.

  • Entering the BS-Accounting Program: Students must satisfy one of the following conditions
    to major in accounting:
    1. "B" average in Accounting 210 and 211 at UIC.
    2. A "Pass" in the Accounting Placement Examinations (APE).

  • Continuing in the BS-Accounting Program: Students must earn a "C" or better in Accounting
    315 and 326 to be eligible to continue as an accounting major. Only one repeat, after initial
    registration, of Accounting 315 and 326 will be allowed for a student to remain an accounting
    major. The department will drop accounting majors from other accounting courses if they do not
    meet these conditions.

  • GPA Requirement for Graduation: To be eligible for graduation, undergraduate accounting
    majors must maintain a minimum overall "C" average in all courses and "C" average in
    accounting major courses. Graduate accounting students must maintain a "B" average in all

  • Drop Deadline: The last day for dropping a course without penalty is the tenth class day of the
    semester. Students who miss the first three classes of the semester may be dropped from the
    roster. Accounting courses cannot be taken as Pass/Fail nor audited.

  • Attendance: Class attendance is essential. Students are responsible for the course materials
    covered during the class session missed. Examinations and/or projects may include material
    covered in the lecture only and not found elsewhere in the text or readings.

  • Make-Up Examinations: Make-up examinations will not be administered without the prior
    approval of the instructor and after the scheduled test date.

  • Homework: Students are responsible for completing all reading and written homework
    assignments prior to the assigned class. The instructor may collect homework without prior
    notice and may elect not to accept late work.

  • Academic Integrity: Academic dishonesty will not be tolerated. The department subscribes to
    UIC guidelines regarding academic integrity and the Honor Code for the College of Business
    Administration. After an alleged incident of academic dishonesty, before the next class session, a
    meeting will be held with the instructor, the accused student and possibly an observer. The
    instructor can award zero points for the component of the course upon which the student is
    accused of cheating or for the entire course points. If the student disputes this settlement, or if the
    professor wants to inflict a higher penalty, the case will be referred to the Office of Student
    Judicial Affairs
    for Student Disciplinary Procedure.

  • Credit based Independent Study in Accounting
    When you take accounting courses you may come across a topic or area that excites you. If you find that
    there is no course that satisfies your need to study that area of interest, the Department offers an
    opportunity to further your learning through independent study, ACTG 396.
    You must study the basic materials in that area and develop a preliminary study plan. After that, contact
    a professor to act as your supervisor. It will be easier if you choose a professor who has already taught
    you in the past. If the professor's interests do not match your topic, or if the professor is unable to
    supervise you, you may search through other professors' areas of expertise by looking at our faculty and
    their areas of interest.
    Please do not approach any professor without some knowledge of your area of interest and a plan. Once
    the professor agrees, please fill the form: Independent Study Form
    Follow instructions listed therein and turn it in to the Accounting Department Head for his approval and
    signature. If the Department Head approves your request, the department staff will give you an approval
    to register for the course.
    Please try to do all this before the beginning of the term. You have to be registered by the second week
    of every term. This option is not for students who find at the beginning of the term they need a few more
    hours to fill up their schedule or to graduate. Genuine interest in a subject matter should drive the
    request to pursue an independent study course. Some recent Independent study topics have been:
    • Analyst earnings forecast revisions
    • Accounting practices in the real estate industry
    • Abnormal returns based on accounting information screens
    • Tax system in Taiwan
    • Bank call report standards vs GAAP
    • Accounting for Acquired In-process Research and Development

  • Other requirements:
    • Students must have a cumulative GPA of at least 3.0.
    • Only tenure track faculty may approve Independent Study course.
    • A minimum of 150 hours of work is expected.
    • Written Proposal: students are required to submit to the professor a 2-page proposal outlining the
    work to be done, the rationale for the project, and a timetable for submission of finished work.
    • Independent Study requests should be prepared prior to the start of the semester or in the first
    week of classes to allow registration in another course if approval is denied.

  • Illinois CPA Requirements
    The educational requirements for the Illinois CPA exam will change in July 2013. Candidates who
    apply to sit for the CPA exam after July 1, 2013 must meet the following requirements:
    ● Have a bachelors degree in any field
    ● 150 semester hours of college credit
    ● Specific courses: 30 hours of accounting credit; 24 hours of business courses other than
    accounting. Within the 30 accounting hours, there must be 2 hours of accounting research.
    Candidates must also have 3 hours of business ethics class.
    For more information, visit the Illinois CPA Board of Examiners
    website. You can read the full administrative code.
    More information on the Uniform CPA Exam can be found here.

  • CPA Pass Rates
    UIC accounting students have one of the highest pass rates in the United States in the uniform CPA
    In 2011, CBA graduates' average score was the third highest and the pass rate fourth highest among
    more than 50 universities in Illinois.
    2011 CPA pass rates at Illinois Board Site:
    2011 CPA pass rates sorted by performance: CPA Illinois pass rate 2011

  • CPA Review
    Becker CPA Review Courses
    NIU Review course
    Gleim Accounting
    Kaplan Schweser CPA Review

  • CPA Sites
    CPA Exam Review Materials, Study Guides and Audio Materials

  • Courses Recommended for the CPA Exam

  • Six courses are required in the undergraduate accounting program

    Actg 315 Intermediate Financial Accounting I
    Actg 316 Intermediate Financial Accounting II
    Actg 326 Cost Accounting
    Actg 435 Auditing
    Actg 445 Federal Income Tax I
    Actg 474 Accounting Information Systems

  • In the graduate program the equivalent courses are:

    Actg 502 Intermediate Accounting I
    Actg 503 Intermediate Accounting II
    Actg 506 Management Accounting
    Actg 435 Auditing
    Actg 508 Federal Income Tax
    Actg 474 Accounting Information Systems

  • In addition to the required courses, the following courses are recommended to students who
    intend to sit for the CPA exam:

    Actg 355 (undergraduate) or 509 (graduate) - Business Law
    Actg 417 Advanced Financial Accounting
    Actg 446 Federal Income Tax II
    Actg 456 Business Law II
    Actg 465 Government and Non-profit Accounting
    Actg 516 Financial Statement Analysis
    Actg 593 Accounting Research
    Actg 590 Case Studies in Accounting

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