ACC - Accounting

Examines and evaluates the theories underlying the practice of accounting and financial reporting. The conceptual basis of U.S. generally accepted accounting principles(U.S. GAAP)  is reviewed within the context of policy setting, the economics of reporting regulation, and in comparison with International Financial Reporting Standards (IFRS). A historical perspective on the evolution of the theories is provided as part of the rationale for the treatment of the financial statement elements.  Cross-listed with ACC 7000.  Advisor Approval required to enroll.

Analyzes and distinguishes between the reporting requirements of large, generally multinational, corporations focusing on foreign currency transactions, segment reporting, and business combinations, including an emphasis on International Financial Reporting Standards (IFRS). Further concentrates on the rational and critical review of economic data presentation and emerging issues in financial accounting and reporting. Cross-listed with ACC 7100  Advanced Financial Accounting and Reporting.

Analyzes and distinguishes between the studies of federal taxation as it applies to sole proprietorships, partnerships and corporations, including the tax implications and/or consequences of forming, operating, liquidating, and reorganizing such entities. The complex topics of financial tax accounting concepts (e.g., cash and accrual methods of tax accounting, time value of money effects, deferred tax assets/liabilities, permanent/temporary differences, net operating loss carryforwards/carrybacks, etc.), employee compensation, related party transactions, shareholder taxation, and tax planning are also addressed. Prerequisite: ACC 20464 Financing and Investing Activities.  Cross-listed with ACC 7200 Advanced Income Taxation.

Examines and evaluates the theories underlying the practice of accounting and financial reporting. The conceptual basis of U.S. generally accepted accounting principles(U.S. GAAP)  is reviewed within the context of policy setting, the economics of reporting regulation, and in comparison with International Financial Reporting Standards (IFRS). A historical perspective on the evolution of the theories is provided as part of the rationale for the treatment of the financial statement elements.  Cross-listed with ACC 5000 Accounting Theory.

Analyzes and distinguishes between the reporting requirements of large, generally multinational, corporations focusing on foreign currency transactions, segment reporting, and business combinations, including an emphasis on International Financial Reporting Standards (IFRS). Further concentrates on the rational and critical review of economic data presentation and emerging issues in financial accounting and reporting. Cross-listed with ACC 5003 Advanced Financial Accounting and Reporting.

Analyzes and distinguishes between the studies of federal taxation as it applies to sole proprietorship, partnerships and corporations, including the tax implications and/or consequences of forming, operating, liquidating, and reorganizing such entities. The complex topics of financial tax accounting concepts (e.g., cash and accrual methods of tax accounting, time value of money effects, deferred tax assets/liabilities, permanent/temporary differences, net operating loss carry-forwards/carry-backs, etc.), employee compensation, related party transactions, shareholder taxation, and tax planning are also addressed.

Examines and analyzes elements of the legal environment relevant to the accounting profession. Topics of study include professional, ethical, and legal responsibilities in accounting practice applicable to partnerships, corporations and other business organizations, contracts (e.g., debtor-creditor relationships), government regulation, and aspects of the uniform commercial code (UCC) including negotiable instruments and secured transactions.

Examines the use of accounting information to assist management planning, analyzing, and implementing processes for business and strategic decision making. Analyzes and evaluates cost information for management planning and control, including a study of traditional management accounting systems (e.g. job order and process costing, standard costing, and activity-based costing systems) and their limitations. The application of analysis techniques to assist in finding solutions to accounting management issues are emphasized.

An in-depth exposure and coverage of auditing and forensic accounting topics. Coverage will include examining and assessing the auditor's attest function and its practical application, emphasizing auditing standards (e.g. concepts of independence and professional judgement), auditing methodology and procedures as well as professional and reporting responsibilities. The mechanics of an external audit are covered, including documentation, evaluation of internal controls, and the design and implementation of corroborative substantive tests. Other topics include statistical methods, governmental, internal, and operational auditing, audit management, information systems auditing, and current issues.

Provides an overview of the development, implementation, and evolution of accounting information systems (AIS). Relevant theoretical and applied research are integrated into topical coverage to further provide the conceptual, analytical, and technical knowledge and understanding necessary for accounting professionals to work efficiently and productively in a computer-based information environment. Topics discussed include the impact of technology, control issues, and behavioral aspects of the AIS process, including the relationship between the AIS and the flows of accounting information (both internal and external to business operations) for decision-making. In addition to AIS auditability concerns, other attributes of internal and external auditing, such as professional ethics, evidence gathering and evaluation, risk assessment, and reporting options will be examined.

This is the capstone course in the MAcc program.  It concentrates on case study analysis not only to apply knowledge from previous accounting coursework, but also to develop and improve critical thinking and analytical skills in the use of accounting information for decision-making purposes. The course will discuss applied accounting issues surrounding five themes including (a) the role of accounting, (b) the importance of professional research, (c) emerging and contemporary issues, (d(d) professional auditing, and (e) consulting and other accounting services. This capstone course will provide the foundation for a broad-based, comprehensive business analysis of accounting and its practical application.