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College
Bulletin Course Descriptions: Providence
College's Mission: The College actively cultivates intellectual, spiritual, ethical, and aesthetic values within the context of the Judaeo-Christian heritage. These values are nurtured by the unique tradition of the Dominican Order which emphasizes quality teaching and scholarship. Providence College recognizes the unity of the human family that proceeds from its one Creator. It therefore encourages the deepest respect for the essential dignity, freedom, and equality of every person and welcomes qualified women and men from all religious, racial, and ethnic backgrounds. Providence College prepares its students to be responsible and productive citizens to serve in their own society and the greater world community. PC
School of Business' Mission: We provide an education that prepares students to be life-long learners, ethical professionals and effective agents of change. Our programs of study develop well-rounded, socially responsible individuals with an appreciation for the challenges and opportunities of diversity and globalization. The curriculum aims to provide students with competencies in their chosen fields of study as well as in such core areas as critical thinking, leadership, teamwork, communication, and information technology. Our faculty are fully committed to excellence in teaching and research, as is the School in supporting that enterprise. We actively encourage those intellectual and professional contributions that would vitalize teaching and service.
Accountancy
Major Learning Goals & Objectives Intermediate
Accounting Course Specific Learning Goals & Objectives GOAL #2: COMPETENCE IN MAJOR B. Broad Business Perspective Accountancy majors will develop broad business perspective competencies relating to the context in which accounting professionals perform their services. Accountancy majors will consider both the internal and external business environments and how their interactions determine success or failure, and they will be conversant with the overall realities of the business environment. The following competencies will be developed:
LEVEL 1: Identifies the economic, broad business, and financial risks of the industry/sector; LEVEL 2A: Identifies and describes competitive advantages and disadvantages; LEVEL 2B: Describes market forces that make a given organization a candidate for merger, acquisition, and/or strategic alliance; LEVEL 3A: Communicates the financial and nonfinancial performance of an organization’s operational processes; LEVEL 3B: Recommends courses of action that take advantage of an organization's key competitive advantages and disadvantages; LEVEL 4: Recommends courses of action that take advantage of an organization's key competitive advantages and disadvantages. B. Broad Business Perspective - 2. International/Global Perspective: Individuals entering the accounting profession should be able to identify and communicate the variety of threats and opportunities of doing business in a borderless world. The accounting professional of the future must provide services to support and facilitate commerce in the global marketplace. LEVEL 1A: Identifies global issues relevant to a business decision; LEVEL 1B: Describes uncertainties about the cultural and financial impacts of moving into new markets, and expanding existing markets; LEVEL 2A: Analyzes global customer and supplier demographics; LEVEL 2B: Identifies and analyzes the social costs and benefits of relevant decisions, including human and financial resource management, in the global marketplace/ environment; LEVEL 2C: Analyzes the cultural and financial impacts of moving into new markets, and expanding existing markets; LEVEL 3A: Modifies communications as appropriate for global settings; LEVEL 3B: Objectively considers and prioritizes global issues in reaching business decisions; LEVEL 4 Develops, implements, and monitors global business strategies. B. Broad Business Perspective - 3. Legal / Regulatory Perspective: Regulatory forces are being shaped by collaboration, migration, and reform as the various stakeholders globalize, share information, and force their particular needs and viewpoints onto political agendas. Individuals preparing to enter the accounting profession need to be capable of describing the legal and regulatory environment and analyzing the impact of changes in relevant requirements, constraints, and competitive practices. LEVEL 1A: Identifies uncertainties about how an organization should respond to a legal/regulatory issue; LEVEL 1B: Identifies reasons why the legal/regulatory environment might change; LEVEL 2A: Identifies and explains the political and environmental forces impacting both the accounting standard setting process and the regulation of the profession; articulates the dynamic nature of these processes and recognizes their implications for organizations and the ways in which they operate; LEVEL 2B: Describes the legal and governmental/regulatory environment in which entities operate and the significant costs and benefits of regulation; LEVEL 3: Develops reasonable policies and responses for legal/regulatory matters; LEVEL 4: Develops, monitors, and implements strategies for addressing potential threats and opportunities for the organization from changing legal requirements. B. Broad Business Perspective - 4. Leverage Technology: Technology alters how organizations operate. To provide the greatest value, today’s accounting professional must understand and appreciate the effects of technology on the broader business environment. LEVEL 1A: Recognizes commonly used information architectures; LEVEL 1B: Recognizes business opportunities and risks associated with electronic commerce; LEVEL 2: Mines electronic data sources for business and industry information; LEVEL 3: Develops and communicates reasonable recommendations for technology use in an organization; LEVEL 4 Uses technology to develop and present strategic information; LEVEL 4: Adopts new technology over time. B. Broad Business Perspective - 5. Marketing / Client Focus: Individuals who are marketing- and client- focused are better able to anticipate and meet the changing needs of clients, employers, customers, and markets. This involves both the ability to recognize market needs and the ability to develop new markets. LEVEL 1A: Identifies factors that motivate internal and external customers to enter into relationships or continue doing business with an organization; LEVEL 1B: Articulates uncertainties about relationships with internal and external customers; LEVEL 2: Recognizes and understands employer/client protocol and expectations; LEVEL 3: Develops an effective plan for addressing a particular employer/client need; LEVEL 4 Generates new engagements for services over time; LEVEL 4: Builds good working relationships over time. B. Broad Business Perspective - 6. Resource Management: The ability to appreciate the importance of all resources (human, financial, physical, environmental, etc.) is critical for success. Individuals entering the accounting profession should be able to apply management and human resources development theories to human resource issues and organizational problems. Individuals preparing to enter the accounting profession should be able to identify sources of capital, and analyze the impact of participation in the global capital markets. LEVEL 1A: Explains why there are uncertainties about the availability and alternatives uses of resources; LEVEL 1B: Identifies resources available to an organization; LEVEL 2A: Identifies the effects of market forces on organizations’ costs of capital, labor, commodities, etc.; LEVEL 2B: Analyzes the implications of an organization’s lack of access to supply sources, financial markets, and intellectual capital (barriers to entry, expansion, or survival); LEVEL 2C: Articulates how organizations make decisions to allocate scarce resources, including recognition of both quantitative and qualitative constraints on these decisions (Specific examples include decisions regarding capacity and resource utilization.); LEVEL 3A: Identifies both traditional and non-traditional performance criteria and measurement methods by selecting appropriate success factors and measures of their achievement (see functional competencies); LEVEL 3B: Identifies and addresses the social costs and benefits of business decisions and evaluates the fiduciary performance of public sector and not-for-profit management; LEVEL 3C: Articulates how resource availability affects the organization’s business functions, processes and administrative procedures; LEVEL 4: Facilitates analysis of the organization and applies continuous improvement principles to the organization. B. Broad Business Perspective - 7. Strategic / Critical Thinking: Critical thinking encompasses the ability to link data, knowledge, and insight together from various disciplines to provide information for decision-making. Being in tune with the “big picture” perspective is a necessary component for success. Individuals entering the accounting profession should be able to communicate to others the vision, strategy, goals, and culture of organizations. LEVEL 1A: Identifies uncertainties about an organization’s strengths, weaknesses, opportunities, and threats; LEVEL 1B: Articulates the principles of the strategic planning process; LEVEL 1C: Identifies and gathers data from a wide variety of sources for decision-making; LEVEL 2A: Transfers knowledge from one situation to another; LEVEL 2B: Analyzes strategic information (e.g., market share, customer satisfaction, competitor actions, product innovation, etc.); LEVEL 3: Considers strengths, weaknesses, opportunities, and threats in reaching conclusions; LEVEL 4: Develops, monitors, implements, and transforms business strategies over time. C. Functional Competencies Accountancy majors will develop functional competencies as they relate to the technical competence expected in the accounting profession in the following areas: C. Functional Competencies - 1. Decision Modeling: Individuals preparing to enter the accounting profession must be able to use strategic and critical approaches to decision-making. They must objectively consider issues, identify alternatives, and choose and implement solution approaches in order to deliver services and provide value. LEVEL 1: Identifies problems, potential solution approaches, and related uncertainties; LEVEL 2A: Organizes and evaluates information, alternatives, cost/benefits, risks and rewards of alternative scenarios; LEVEL 2B: Employs model-building techniques to quantify problems or test solutions; LEVEL 2C: Uses quantitative techniques to explore the likelihood of alternative scenarios; LEVEL 2D: Objectively identifies strengths, weaknesses, opportunities, and threats associated with a specific scenario, case, or business activity; LEVEL 3: Links data, knowledge, and insights together for decision-making purposes; LEVEL 4A: Engages in continuous improvement and constructs new models over time; LEVEL 4B: Makes decisions over time as a result of engaging in continuous improvement and constructing new models. C. Functional Competencies - 2. Leverage Technology: Technology is pervasive in the accounting profession. Individuals entering the accounting profession must acquire the necessary skills to use technology tools effectively and efficiently. These technology tools can be used both to develop and apply other functional competencies. LEVEL 1A: Identifies risks associated with technology and automated business processes; LEVEL 1B: Accesses appropriate electronic databases to obtain decision-supporting information; LEVEL 2A: Appropriately uses electronic spreadsheets and other software to build models and simulations; LEVEL 2B: Uses technology assisted tools to assess and control risk and document work performed; LEVEL 3: Assesses the degree of risk of technology and automated business processes; LEVEL 4A: Develops strategic uses of technology for enhancing work performance; LEVEL 4B: Adopts new technology over time. C. Functional Competencies - 3. Measurement: Measures used should be both relevant (that is, bear on the decision to be made) and reliable (consistently measure what they purport to measure). Various measurement and disclosure criteria used by accounting professionals—such as GAAP, OCBOA (Other Comprehensive Basis of Accounting) and tax reporting—have been codified to some degree. Other performance measures (such as Economic Value Added) or stated criteria (for example, investment performance) are used for special purposes. Some measurement criteria (such as effectiveness of internal control) are measured qualitatively, rather than quantitatively. LEVEL 1A: Appropriately applies a given measurement method; LEVEL 1B: Identifies what needs to be measured; LEVEL 1C: Describes uncertainties about data and how items should be measured; LEVEL 2A: Describes the pros and cons of alternative methods of measurement; LEVEL 2B: Describes the implications of ambiguities when estimates are required; LEVEL 3A: Presents the measurement results objectively using applicable standards of disclosure or reporting; LEVEL 3B: Determines an appropriate, relevant and reliable measure for the intended use; LEVEL 4: Recognizes changing circumstances and reconsiders measurement methods and estimates as appropriate. C. Functional Competencies - 4. Reporting: Communicating the scope of work and findings or recommendations is an integral part of a professional service. An accounting professional in public practice might issue an audit or attestation report, recommendations for improved services, or tax or financial planning advice. An accounting professional in business, industry, or government might analyze operations or provide communications to the board of directors. Communicating clearly and objectively the work done and the resulting findings is critical to the value of the professional service. Some forms of communication are governed by professional standards (such as the form and content of the standard auditor's report or the required communications to the audit committees) or law. Others are based on the service applied and the needs of those to whom the accounting professional reports. LEVEL 1: Lists types of information relevant to a given report; LEVEL 2: Considers the pros and cons of alternative contents and formats in preparing written and oral presentations; LEVEL 3A: Describes work performed and conclusions reached in a manner that enhances the reports’ usefulness; LEVEL 3B: Using appropriate media, prepares reports with objectivity, conciseness and clarity; LEVEL 4A: Continuously monitors and updates reports, as needed; LEVEL 4B: Serves as spokesperson for an organization. C. Functional Competencies - 5. Research: Although accounting professionals need a foundation in standards and other relevant rules, such guidance is constantly evolving. Many accounting profession functions depend on obtaining information from within and outside of an entity. Accordingly, the individual preparing to enter the accounting profession needs to have strong research skills to access relevant guidance or other information, understand it, and apply it. LEVEL 1A: Accesses relevant standards, rules, and other information; LEVEL 1B: Identifies relevant information such as industry trends, internal performance history, benchmarks, and best practices; LEVEL 1C: Explains why there are uncertainties about the interpretation of information, including existing rules; LEVEL 1D: Employs relevant research skills for locating data; LEVEL 2A: Articulates assumptions and reasoning associated with application of existing rules to a given problem; LEVEL 2B: Qualitatively interprets research findings from a variety of viewpoints; LEVEL 3A: Articulates general concepts from existing rules and explains how those concepts apply across a range of problems, including problems not explicitly described; LEVEL 3B: Develops and uses reasonable guidelines for drawing conclusions in light of conflicting or ambiguous data; LEVEL 4: Employs relevant research skills over time to generate new information. C. Functional Competencies - 6. Risk Analysis: Risk analysis and control is fundamental to professional service delivery. The identification and management of audit risk (that is, the risk that the auditor will fail to detect a misstatement, caused by inadvertent error or fraud, that is material to financial statements) is the basis for the conduct of a GAAS audit. The understanding of business risk (that is, the risk that an entity—either a client or the prospective accounting professional’s employer—will fail to achieve its objectives) affects how business strategy is created and implemented. LEVEL 1: Explains why controls cannot completely eliminate risk of negative outcomes; LEVEL 2A: Describes the pros and cons of controls that mitigate risk of negative outcomes through prevention or detection and correction; LEVEL 2B: Identifies risks of negative outcomes (including fraud) for particular scenarios; LEVEL 3A: Communicates the impact of identified risks and recommends corrective action; LEVEL 3B: Assesses and controls unmitigated risks through, for example, designing, applying, and drawing conclusions from tests; LEVEL 4A: Develops and monitors strategies for managing risk over time; LEVEL 4B: Implements appropriate corrective action over time. Course specific: Students completing the course should be able to comprehensively and integratively describe the audit process from the earliest stage through final completion, including thorough discussion of the key elements. D. Personal Competencies Accountancy majors will develop their personal competencies relating to the attitudes and behaviors of individuals preparing to enter the accounting profession. Developing the following personal competencies will enhance the way professional relationships are handled and facilitate individual learning and personal improvement. D. Personal Competencies - 1. Communication: Accounting professionals are called upon to communicate financial and non-financial information so that it is understood by individuals with diverse capabilities and interests. Individuals entering the accounting profession should have the skills necessary to give and exchange information within a meaningful context and with appropriate delivery. They should have the ability to listen, deliver powerful presentations and produce examples of effective business writing. LEVEL 1A: Identifies uncertainties about the best way to communicate; LEVEL 1B: Expresses information and concepts with conciseness and clarity when writing and speaking; LEVEL 2A: Selects appropriate media for dissemination or accumulation of information; LEVEL 2B: Places information in appropriate context when listening, reading, writing and speaking; LEVEL 3A: Organizes and effectively displays information so that it is meaningful to the receiving party; LEVEL 3B: Receives and originates direct and indirect messages as appropriate when listening, reading, writing and speaking; LEVEL 4A: Uses interpersonal skills to facilitate effective interaction over time; LEVEL 4B: Communicates decisions appropriately over time. D. Personal Competencies - 2. Interaction: Accounting professionals must be able to work with others to accomplish objectives. This requires them to act as valuable business partners within organizations and markets and work in teams to provide business solutions. Thus, individuals entering the accounting profession should demonstrate an ability to work productively with individuals in a diversity of roles and with varying interests in the outcome. LEVEL 1A: Identifies uncertainties about interactions with others; LEVEL 1B: Accepts suggestions and guidance of team leaders and other members; LEVEL 1C: Commits to achievement of common goals when working on a team; LEVEL 2A: Interacts and cooperates productively and maturely with others; LEVEL 2B: Recognizes the value of working within diverse, cross-functional teams; LEVEL 2C: Recognizes and accommodates the protocols and expectations of teams; LEVEL 3: Facilitates free expression and constructive activities of others; LEVEL 4: Coaches or mentors in appropriate circumstances. D. Personal Competencies - 3. Leadership: Individuals entering the accounting profession should be able to effectively lead in appropriate circumstances. This involves acquiring the skills needed to influence, inspire, and motivate individuals and groups to achieve results. LEVEL 1A: Describes why there is no single, “correct” way to perform as a leader; LEVEL 1B: Identifies the various leadership styles; LEVEL 2A: Analyzes potential ways to reach a consensus or compromise from alternative points of view; LEVEL 2B: Recognizes and controls for own biases when receiving input from others; LEVEL 2C: Relates leadership styles to different situations; LEVEL 3A: Facilitates decisions that involve consensus or compromise as appropriate; LEVEL 3B: Motivates others to achieve excellence; LEVEL 3C: Persuades and rallies the support of others to a course of action by reasoning or incentive; LEVEL 4A: Practices principles of effective governance over time; LEVEL 4B: Effectively chairs teams or volunteers for projects. D. Personal Competencies - 4. Leverage Technology: Technological adaptability is a requirement for today’s accounting professional. As technology advances, the accounting professional must acquire new skills and determine how new technologies should be best incorporated into their practices. This commitment to continual technological learning will enhance the development and application of other personal competencies. LEVEL 1A: Exchanges information using appropriate communication technologies such as e-mail, discussion boards and video-conferencing; LEVEL 1B: Acquires skills through technology-based learning modules when available and appropriate; LEVEL 2A: Describes risks and other issues about privacy, intellectual property rights and security issues related to electronic communications; LEVEL 2B: Explores the implications of uncertainties when adopting a new technology; LEVEL 3: Uses technology appropriately to interact with others; LEVEL 4A: Adopts new technologies over time; LEVEL 4B: Explores new technologies and their application to business and accounting scenarios. D. Personal Competencies - 5. Problem Solving / Decision Making: Accounting professionals are often asked to discern the true nature of a situation and then determine the principles and techniques needed to solve problems or make judgments. Thus, individuals entering the accounting profession should display effective problem solving and decision-making skills, good insight and judgment, as well as innovative and creative thinking. LEVEL 1A: Lists information and evidence that is relevant for a problem; LEVEL 1B: Identifies uncertainties about the interpretation or significance of information and evidence; LEVEL 2A: Considers unconventional approaches and solutions to problems; LEVEL 2B: Makes valid and reliable evaluations of information, including the significance of evidence or facts for problem definition and solution; LEVEL 2C: Analyzes the impact, pros, and cons of potential solutions or actions; LEVEL 2D: Analyzes the quality of information and evidence, including validity, reliability, and significance; LEVEL 3A: Reasons carefully and thinks effectively in abstract terms or generalizations; LEVEL 3B: Seeks consensus where appropriate; LEVEL 3C: Knows when to follow directions, question plans or seek help; LEVEL 3D: Uses experience and comparison in forming opinions; LEVEL 3E: Synthesizes novel or original definitions of problems and solutions as circumstances dictate; LEVEL 4A: Adapts to new contexts and promotes constructive change; LEVEL 4B: Strategically considers contingencies and future developments. D. Personal Competencies - 6. Professional Demeanor: The accounting profession is committed to maintaining a public reputation for excellence in the performance of important roles in business and society. Individuals entering the accounting profession should behave in a manner that is consistent with the character and standards of the discipline of accounting, as well as the norms of the environment in which they interact. This competency involves demonstrating objectivity, integrity, and ethical behavior. It also includes a commitment to stable work performance, as well as a commitment to continuously acquire new skills and knowledge. LEVEL 1A: Identifies career and personal goals; LEVEL 1B: Accepts professional development as an uncertain and life-long process; LEVEL 1C: Commits to confidentiality, quality, efficiency, growth in personal conduct and capabilities, and ethical behavior; LEVEL 1D: Identifies ethical dilemmas; LEVEL 2A: Considers the impact of alternative solutions on various stakeholders in an ethical dilemma; LEVEL 2B: Evaluates information, including others’ professional criticism and evaluation, in a manner free of distortions, personal bias or conflicts of interest; LEVEL 2C: Relates lessons learned from prior mistakes to new situations; LEVEL 3A: Conducts oneself with honesty; LEVEL B3: Objectively considers others’ professional criticism or evaluation when making decisions; LEVEL 3C: Adheres to a level of personal appearance appropriate to the environment; LEVEL 3D: Recognizes situations where professional ethical standards apply and behaves accordingly; LEVEL 3E: Prioritizes career and personal goals; LEVEL 3F: Uses appropriate ethical values in making decisions; LEVEL 4A: Takes appropriate action to gain competencies; LEVEL 4B: Manages stress and performs reliably under changing or unusual demands; LEVEL 4C: Measures oneself against evolving standards and meets or exceeds those standards. D. Personal Competencies - 7. Project Management: Accounting professionals must successfully manage a diversity of projects throughout their career. Individuals entering the accounting profession should demonstrate the ability to effectively control the course of a multi-dimensional, multi-step undertaking. This includes managing project assets, including human, financial, property, and technical resources. LEVEL 1A: Identifies uncertainties related to time and resource requirements for a project; LEVEL 1B: Identifies project goals; LEVEL 1C: Lists information relevant to managing a project; LEVEL 2A: Organizes the various aspects of a project in order to allocate resources for optimum results; LEVEL 2B: Utilizes methods to measure project progress; LEVEL 2C: Develops alternative estimates of time and resource requirements for a project; LEVEL 3A: Recognizes situations where prompt and determined actions are needed and responds accordingly; LEVEL 3B: Sees projects through to completion or orderly transition; LEVEL 3C: Prioritizes and delegates as needed; LEVEL 4A: Effectively facilitates and controls the project process and takes corrective action as needed; LEVEL 4B: Effectively manages human resources that are committed to the project. Course Format: This course will achieve the aforementioned learning objectives, primarily by reading; lectures; individual student completion of exercises, problems and short cases between class meetings and during in class group learning activities; in class student recitation and discussion of solution development; quizzes and examinations that focus on the functional competency of measurement. This will include the following:
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