I am a current accounting student at LU.
The collaborative project is no big deal. Basically, there are 4 or 5 (or less) people assigned to a group. You pick a topic of interest, make an outline, and each member researches that particular area. One person is responsible for putting all the parts together. The papers are in APA format, so grab a manual if you aren't familiar with that format. The profs I've had typically weight your grade heavily on your contribution to the paper, so you don't get penalized for someone else slacking off.
I've had a great experience at LU and I plan on staring the M.S. of Accountancy this fall.