In this paper, we introduce the concept of a moral panic, widely applied in the sociology literature, to the accounting literature.  We believe the concept is useful to accounting researchers as it can provide some theoretical underpinnings for the extensive media coverage and the public’s reaction to matters that affect accounting research and accounting practice.  To operationalize how moral panics develop, we use a subject that directly concerns all accounting educators – our students – the Millennials.  We also suggest some other media events affecting accounting research and practice that might correctly be labeled as moral panics.  We believe it is important for accounting researchers and practitioners to understand the moral panic concept and be able to identify possible moral panics in our field as the sociology literature repeatedly indicates that where a moral panic exists, resources and efforts are often misdirected and even wasted fighting a nonexistent demon.