Advanced Placement: A score of 4 or 5 in Principles of Microeconomics and Principles of Macroeconomics earns credit toward ECON 110 (Principles of Economics) and counts toward the social science common area requirement. Prospective majors with AP credit in just one of the two AP economics courses must complete the one semester course at Holy Cross. A score of 6 or 7 on the higher-level economics IB exam earns credit toward ECON 110 (Principles of Economics) and counts toward the social science common area requirement. A score of 4 or 5 in Statistics earns credit for ECON 249 (Statistics) and counts toward the mathematical science common area requirement. Students with AP or IB credit for both principles will forfeit the credits if they enroll in ECON 110. Students with AP credit for statistics will forfeit that credit if they enroll in ECON 249.
Majors: Students considering a major in accounting must enroll in ACCT 181 (Financial Accounting) in the fall of their first or second year. Once they have successfully completed ACCT 181, they may declare the major. First year students are eligible to declare majors in February of their first year.
Advisory Note: Mathematics and quantitative reasoning play an important role in accounting. Accounting majors are required to complete one semester of college calculus or the equivalent. The calculus requirement may be fulfilled by advanced placement (a score of 4 or higher on the AB exam) or the completion of the first course in calculus (either MATH 133 or 135). Please see the listing under Mathematics for further guidance.
Students interested in the accounting major have several options for structuring their first year program, with combinations of Financial Accounting, Calculus, and Principles of Economics.
Please contact the Accounting Coordinators, Professor Steven DeSimone with any questions regarding course selections in accounting.
Courses
ACCT 181
Financial Accounting
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.