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Thomas L. Zeller

Professor, Accounting and Business Law

Thomas L. Zeller: Professor, Department of Accounting and Business Law in the Quinlan School of Business at Loyola University Chicago.

He has published numerous articles and books. His research appears in a wide variety of academic and practitioner journals, such as Strategic Finance, Journal of Accounting and Public Policy, Journal of Applied Business Research, Business Horizons, Healthcare Financial Management, and Issues in Accounting Education. Current research interests are in financial ratio analysis and case development.

He teaches graduate and undergraduate level courses. He is a member of the American Accounting Association, Illinois CPA Society and, American Institute of Certified Public Accountants.

Education

  • PhD Business Administration - Accounting, Kent State University
  • MBA General Business, University of Wisconsin - Oshkosh
  • BBA Professional Accounting, Eastern Washington University

Research Interests

  • Rolling forecast practices linking theory to practice
  • Annual report trends and techniques
  • Case writing linking practice techniques to academic development
  • Activity-based costing
  • Tools and techniques to improve student level of learning

Professional/Community Affiliations

  • American Institute of Certified Public Accountants 
  • American Accounting Association 
  • Board member of the Illinois CPA Society
  • Consulting: business measurement issues
  • Consulting: Activity-based costing in health care and e-business

Courses Taught

  • Accounting information systems at the graduate and undergraduate levels
  • Cost/Managerial accounting at the graduate and undergraduate levels
  • Strategic Management at the undergraduate level
  • Executive MBA program – teaching financial and strategic cost management
  • Executive MBA program – coordinate and teach first and last residency weeks with a strategic management focus
  • Executive MBA program – co-coordinate international trip to China
  • Performance measurement and capital budgeting techniques for the Center for Corporate Financial Leadership, a division of the Illinois CPA Society
  • Various financial/managerial accounting and strategic management courses in the Executive and Professional Education Center
  • Financial accounting at the undergraduate level, 1991 - 1994
  • CPA review program

Publications/Research Listings

Research Listings

Refereed Articles

Zeller, T. L., Kostolansky, J. W., Bozoudis, M. (2020). Do IFRS-based and U.S. GAAP-based ratios render equivalent attributes.

Zeller, T. L., Stanko, B. B. (2019). MECHANICAL MACHINERY: A Strategic Decision Making and Risk Analysis Case. Journal of Finance Case Research (2nd ed., vol. 18, pp. 17-31). 

Zeller, T. L., Kostolansky, J. W., Bozoudis, M. (2019). An IFRS-Based Taxonomy of Financial Ratios. Accounting Research Journal, 32(1), 20-35.

Zeller, T. L., Bozoudis, M. (2017). Adaptive mesh relocation refinement on Kim’s method: enhanced approximations and upper bounds for American options. International Journal of Bonds and Derivatives, 3(4), 335-364. http://www.inderscience.com/offer.php?id=91628

Zeller, T. L., Kostolansky, J. W., Bozoudis, M. (2017). A Changed Taxonomy of Retail Financial Ratios. Journal of Applied Business Research, 33(60. 1069-1079. https://www.cluteinstitute.com/ojs/index.php/JABR/article/view/10046

Zeller, T.L., Kostolansky, J., Bozoudis, M. (2016). Have changes in business practices and reporting standards changed the taxonomy of financial ratios? American Journal of Business, 31(2), 85-97.

Zeller, T.L., Stanko, B.B., Tressler, A. (2016). How Risky are Your Lease vs. Buy Decisions? Management Accounting Quarterly, 17(1),10. https://www.imanet.org/-/media/1e8d72234c7c4b5db300f4f2b32b44f6.ashx 

Stanko, B. B., Zeller, T. L., Melena, M. (2014). "Human Asset Accounting and Measurement: Moving Forward". Journal of Business & Economics Research, 12(2), 93-104.

Zeller, T. L., Metzger, L. M. “Good Bye Traditional Budgeting, Hello Rolling Forecast: Has The Time Come?” American Journal of Business Education, (2013). 6(3), 13. 

Stanko, B. B., Zeller, T. L., Jin, H. “Investigating Presentation Change in Company Annual Reports,". Academy of Accounting and Financial Studies Journal, (2012). 16(3)  www.alliedacademies.org/public/journals/JournalDetails.aspx?jid=21

Zeller, T. L., Palzer, T., Tressler, A. “Fire the Big Box!?” Issues in Accounting Education, (2011). 26(2), 421-438.

Zeller, T. L.. Stanko, B. B. "The Arrival of A New GAAP: International Financial Reporting Standards." Journal of Business & Economics Research (2010).

Zeller, T.L., Stanko, B. "Risk Manage Capital Investment Decisions: A Lease vs Purchase Illustration." Journal of Applied Business Research, 25. 3 (2009).  

Zeller, T. L., Stanko, B., Werner, C. "Sexual Harassment in the Public Accounting Profession: Ten Years Later." Journal of Accounting, Ethics & Public Policy, 10. 2 (2009).  

Zeller, T. L., Stanko, B. "Quality Engineering Services: A Capital Investment Decision." Issues in Accounting Education (2008). 

Zeller, T.L., Hill, J. "The New Value Imperative for Privately Held Companies The Why, What, and How of Value Management Strategy,." Business Horizons (2008).  

Zeller, T. L., Stanko, B. "MIRR-acle Measure:Modified internal rates of return could be your key to making the right cap-X decisions." Insight (2007).  

Zeller, Thomas., Stanko, B. "How Risky Are Your Capital Expenditures?" Strategic Finance (2005).  

"The New Age of Financial Reporting," Business & Economic Review , 50, no. 3 (Apr-Jun 2004): p. 3-12 2004 , Co-Authors: Stanko, Brian B

"Strategic Alignment Map: A Program Management Tool ," Journal of Executive Education, Volume 2, Number 1 2003 , Co-Authors: Paul Jensen, Roberta Jannsen, Enrique Venta

"Focused E-tail Measurement and Resource Management," Business Horizons, Jan-Feb, Vol. 45, No. 1 2002 , Co-Authors: D. Kublank

"How art.comTM Uses ABC to Succeed," Strategic Finance, Vol. LXXXII, No. 9 2001 , Co-Authors: D. Kublank, P. Makris

"Activity-Based Cost Accounting for the Practicing Surgeon: A Primer," Seminars in Colon & Rectal Surgery, Vol. 11, No. 2 2000 , Co-Authors: A. Senagore

"Measuring and Managing E-Retailing with Activity-Based Costing," Journal of Cost Management, Vol. 14, No. 1, January/February 2000

"Using Activity-based Costing to Track Resource Use in Group Practices," Healthcare Financial Management, Vol. 53, No. 9 1999 , Co-Authors: G. Siegel, G. Kaciuba, A. Hing Ling Lau

"Manage Indirect Practice Expense The Way You Practice Medicine: With Information," Diseases of the Colon and Rectum, Vol. 42, No. 5 1999 , Co-Authors: A. Senagore, G. Siegel

"Purchasing Power Parity and the Foreign Currency Translation Problem," Corporate Controller, Vol. 11, No. 2 1999 , Co-Authors: B. Stanko, S. Makar

"The ABCs of EPS," Business & Economic Review, Vol. 44, No. 3 1998 , Co-Authors: B. Stanko

"A New Perspective on Hospital Financial Ratio Analysis," Healthcare Financial , Vol. 51, No. 11 1997 , Co-Authors: B. Stanko and W. Cleverley

"The Role of Supply Management in Achieving World-Class Manufacturing," Target: Innovation At Work, Vol. 13, No. 4 1997

"Health Care Industry Cash Flow Ratio Analysis: An Efficiency and Sufficiency Perspective," Hospital Cost Management and Accounting, Vol. 8, No. 10 1997 , Co-Authors: B. Stanko

"Reliability of Foreign Currency Translation Information Under the Temporal Rate Method: A Problem with SFAS No. 52," International Advances in Economic Research, Vol. 2, No. 4 1996 , Co-Authors: S. Makar and B. Stanko

"A Revised Classification Pattern of Hospital Financial Ratios," Journal of Accounting and Public Policy, Vol. 15, No. 2 1996 , Co-Authors: B. Stanko and W. Cleverley

"Financial Reporting of Environmental Liabilities: Implications for Commercial Carriers," Journal of Transportation Management, Vol VIII, No. 1 1996 , Co-Authors: B. Stanko

"Integrating Cash Flow and Accrual Accounting in the Classroom: Why, When and How.," Communicator, May 1996 , Co-Authors: G. Porter

"Comprehensive Course Planning: An Illustration," Accounting Instructor's Report, Vol. XVI, Spring 1996 , Co-Authors: Ivo Ph. Jansen

"Environmental Liability in Financial Reporting," Business & Economic Review, Vol. 41, No. 2 1996 , Co-Authors: B. Stanko

"Achieving Market Excellence Through Quality: The Case of Ford Motor Company," Business Horizons, Vol. 38, No. 3 1995 , Co-Authors: D. Gillis

"Measures To Help You Competitively Walk That Talk," Target: Innovation At Work, Vol. 10, No. 6, 1994

"Operating Cash Flow Ratios Measure A Retails Firm's ," The Journal of Applied Business Research, Vol. 10, No. 4 1994 , Co-Authors: B. Stanko

"Financial Ratios for the Commercial Banking Industry: Do They Measure What You Think?," Journal of Business and Economic Perspectives, Vol. XX , No.1 1994 , Co-Authors: B. Stanko

"ABCs of ABC," Target: Innovation At Work, Vol. 10, No. 2 1994

"Cash Flow and the New Taxonomy of Financial Ratios for Manufacturing Firms," The Southern Business and Economic Journal, Vol. 17, No. 2 1994 , Co-Authors: B. Stanko

"Cash Flow Ratios To Measure Liquidity And Performance For Transportation Manufacturing Firms," Journal of Transportation Management, Vol. V, No. 2 1993 , Co-Authors: B. Stanko

"Estimating Investment Growth Rate and Conditional Internal Rate of Return," The Journal of Applied Business Research, Vol. 9, No. 4 1993 , Co-Authors: H. K. McMath

"Activity-Based Management: An Approach to Managing Your Organization," Target: Innovation At Work, Vol. 9, No. 3 1993 , Co-Authors: L. Tonkin

"An Analysis Of Performance, Liquidity, Coverage and Capital Ratios From The Statement Of Cash Flows," Akron Business and Economic Review, Vol. 22, No. 1 1991 , Co-Authors: R. Figlewicz

"New Investing and Financing Activity Ratios from the Statement of Cash Flows Enhance Traditional Ratio Analysis in Assessing Future Cash Flows," Mid-Atlantic Journal of Business: Special Accounting & Tax Issue, Vol. 26, No. 2 1990 , Co-Authors: R. Figlewicz

"Ratios from The Statement of Cash Flows Complement Traditional Analysis," Financial Management, Vol. 17, No. 4 1988 , Co-Authors: R. Figlewicz

Non-Refereed Journal Articles

Zeller, T. L., Faust, D. R., Phan, R. D. (2018). Sustainability Reporting Rising. Insight, Digital Exclusive - 2018. https://www.icpas.org/information/copy-desk/insight/article/digital-exclusive-2018/sustainability-reporting-risin

Manual 

Zeller, T. L., Stanko, B. B. (2019). BUSINESS & ACCOUNTING ESSENTIALS: A McDonald’s E-Learning Project 2018 Annual Report (8th ed., pp. 44). Illinois: Applied Accounting Analytics. appliedaccountinganalytics.com/

Zeller, T. L., Stanko, B. B. (2017). BUSINESS & ACCOUNTING ESSENTIALS: A McDonald’s E-Learning Project 2015 Annual Report (7th ed., pp. 44). Illinois: Applied Accounting Analytics. appliedaccountinganalytics.com/

Stanko, B. B., Zeller, T. L. (2017). INTRODUCTION TO THE CORPORATE ANNUAL REPORT: A Business Application with IFRS Content (5th ed., pp. 72). Illinois: Applied Accounting Analytics. appliedaccountinganalytics.com/

Stanko, B. B., Zeller, T. L. (2016). SUSTAINABILITY and CORPORATE RESPONSIBILITY REPORTING: A McDonald’s E(arth)-Learning Project with International Application (4th ed.). Illinois: Applied Accounting Analytics.

Zeller, T. L., Stanko, B. B. (2016). BUSINESS & ACCOUNTING ESSENTIALS: A McDonald’s E-Learning Project 2015 Annual Report (5th ed.). Illinois: Applied Accounting Analytics.

Stanko, B. B., Zeller, T. L. (2015). SUSTAINABILITY and CORPORATE RESPONSIBILITY REPORTING: A McDonald’s E(arth)-Learning Project with International Application (4th ed.). Illinois: Applied Accounting Analytics.

Zeller, T. L., Stanko, B. B. (2015). BUSINESS & ACCOUNTING ESSENTIALS: A McDonald’s E-Learning Project 2014 Annual Report (5th ed.). Illinois: Applied Accounting Analytics.

Stanko, B. B., Zeller, T. L. (2014). SUSTAINABILITY and CORPORATE RESPONSIBILITY REPORTING: A McDonald’s E(arth)-Learning Project with International Application (3rd ed.). Illinois: Applied Accounting Analytics.

Zeller, T. L., Stanko, B. B. (2014). BUSINESS & ACCOUNTING ESSENTIALS: A McDonald’s E-Learning Project 2013 Annual Report (4th ed.). Illinois: Applied Accounting Analytics.

Stanko, B. B., Zeller, T. L. (2014). INTRODUCTION TO THE CORPORATE ANNUAL REPORT: A Business Application with IFRS Content (4th ed.). Illinois: Applied Accounting Analytics.

Zeller, T. L., Stanko, B. B. (2013). BUSINESS & ACCOUNTING ESSENTIALS: A McDonald’s E-Learning Project 2012 Annual Report (3rd ed.). Illinois: Applied Accounting Analytics.

Stanko, B. B., Zeller, T. L. (2013). SUSTAINABILITY and CORPORATE RESPONSIBILITY REPORTING: A McDonald's (E)arth Learning Project with International Application (2nd ed.). Illinois: Applied Accounting Analytics.

Zeller, T. L., Stanko, B. B. (2012). BUSINESS & ACCOUNTING ESSENTIALS: A McDonald’s E-Learning Project 2011 Annual Report (2nd ed.). Illinois: Applied Accounting Analytics.

Stanko, B. B., Zeller, T. L. (2012). SUSTAINABILITY and CORPORATE RESPONSIBILITY REPORTING: A McDonald's (E)arth Learning Project with International Application (1st ed.). Illinois: Applied Accounting Analytics.

Zeller, T. L., Stanko, B. B. (2011). BUSINESS & ACCOUNTING ESSENTIALS: A McDonald’s E-Learning Project 2010 Annual Report (1st ed.). Illinois: Applied Accounting Analytics.

Stanko, Brian. B. and Thomas Zeller, Introduction to the Corporate Annual Report: A Business Application, third edition. (2011).

Stanko, Brian. B. and Thomas Zeller, Introduction to the Corporate Annual Report: A Business Application, second edition. (2007). 

Book Chapters 

Zeller, T. L., Stanko, B. B. (2019). BUSINESS & ACCOUNTING ESSENTIALS: A McDonald's E-Learning Project 2018 Annual Report. (8th ed.). Illinois: Applied Accounting Analytics.

Zeller, T. L., Stanko, B. B. (2017). BUSINESS & ACCOUNTING ESSENTIALS: A McDonald’s E-Learning Project 2015 Annual Report (7th ed., pp. 44). Illinois: Applied Accounting Analytics. appliedaccountinganalytics.com/

Stanko, B. B., Zeller, T. L. (2017). INTRODUCTION TO THE CORPORATE ANNUAL REPORT: A Business Application with IFRS Content (5th ed., pp. 72). Illinois: Applied Accounting Analytics. appliedaccountinganalytics.com/

Stanko, B. B., Zeller, T. L. (2016). SUSTAINABILITY and CORPORATE RESPONSIBILITY REPORTING: A McDonald’s E(arth)-Learning Project with International Application (4th ed.). Illinois: Applied Accounting Analytics.

Zeller, T. L., Stanko, B. B. (2016). BUSINESS & ACCOUNTING ESSENTIALS: A McDonald’s E-Learning Project 2015 Annual Report (5th ed.). Illinois: Applied Accounting Analytics.

Stanko, B. B., Zeller, T. L. (2015). SUSTAINABILITY and CORPORATE RESPONSIBILITY REPORTING: A McDonald’s E(arth)-Learning Project with International Application (4th ed.). Illinois: Applied Accounting Analytics.

Stanko, B. B., Zeller, T. L. Business and Accounting Essentials: A McDonald's E-Learning Project, 2nd Edition (2nd ed.). Illinois: Applied Accounting Analytics. (2013).

Stanko, B.B., Zeller, T.L. Sustainability and Corporate Responsibility Reporting: A McDonald's (E)arth Learning Project, First Edition (1st ed.). Palatine, Illinois: Applied Accounting Analytics. (2013).

Zeller, Thomas. L. , "Statement of Cash Flows.",  Managerial Accounting, Third Edition. Ed. John Wiley & Sons, (2007).  

Teaching Cases

Zeller, T. L., Stanko, B. B. (2019). MECHANICAL MACHINERY: A Strategic Decision Making and Risk Analysis Case (2nd ed., vol. 18, pp. 17-31).

Stanko, B.B. Business and Accounting Essentials: A McDonalds E-Learning Project, 3rd Edition (3rd ed.) Palatine, Illinois: Applied Accounting Analytics. www.appliedaccountinganalytics.com (2013).

Zeller, T. L., Stanko, B. B. Business and Accounting Essentials: A McDonald's E-Learning Project - 2nd Edition. Palatine, IL: Applied Accounting Analytics. (2007).     http://www.appliedaccountinganalytics.com/products/

Stanko, B. B., Zeller, T. L. Introduction to the Corporate Annual Report: A Business Application, 3rd edition. Palatine, IL: Applied Accounting Analytics. (2007).           http://www.appliedaccountinganalytics.com/products/

Stanko, B.B. Sustainability and Corporate Responsibility Reporting: A McDonald's (E)arth Learning Project, 2nd Edition (2nd ed.) Palatine, Illinois: Applied Accounting Analytics. www.appliedaccountinganalytics.com (2013).

Presentation of Refereed Papers 

"Investing Presentation Change in Company Annual Reports has been accepted for publication in the Academy of Accounting and Financial Studies Journal. Source e-mail dated 10/19/2011.  Co-authors – Stanko, B, Jin H.

“Customer Profitability Analysis,” Academy of Business Discipline Conference, November 2010, recognized as the best case at the conference.

Zeller, Thomas. "Using Annual Report Projects to Improve Financial Statement Understanding." AAA National Meeting, San Francisco, California. (2005).

Zeller, Thomas. "Customer Profitability Analysis." Illinois, Indiana, and Texas Controllers Conference, Chicago, Illinois. (2009).

Zeller, Thomas. "Balance Growth and Performance." Illinois, Indiana and Texas Controllers Conference, Chicago, Illinois. (2007).

Zeller, Thomas. "Evaluating Risk and Capital Investments." CPA Society Technology Conference, Chicago, Illinois. (2006).

Awards

  • 2001-2002 Quinlan School of Business Undergraduate Faculty Member of the Year Award
  • Dean's List as one of the Top MBA Faculty - post 1996: 1997, 1998, 1999, 2000, 2001
  • Dean's List as one of the Top Third Undergraduate Faculty - post 1996: 1997, 1998, 2000, 2001, 2002
  • 1995-1996 Arthur Andersen & Company Alumni Faculty Fellow
  • Loyola University Chicago faculty representative at the American Accounting Association 1992 New Faculty Consortium
  • Kent State University doctoral candidate representative at the American Accounting Association 1990 Doctoral Consortium
  • Beta Gamma Sigma - International Business Honor Society; 1982