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Accounting Courses

Accounting: Make Your Future Count!

Undergraduate Students: You can major in Accounting or enroll in our Certificate of Advanced Accountancy Program. You can also concentrate in Accounting while majoring in Management, Finance or Marketing, or you can minor in Accounting while majoring in Industrial Management or Economics. A minor in Accounting is also available in conjunction with other undergraduate majors.

Masters of Science (Accounting) Students: Our MS(A) curriculum includes advanced accounting electives, and courses in law and communications designed for the professional accountant.

MBA and Specialty Masters Students: We help you develop your managerial skills by offering courses in Financial Reporting, Managerial Accounting, Financial Statement Analysis and Tax Strategy.

Doctoral Students: We offer a Ph.D. in Management with a specialty in Accounting. For more information on our doctoral program, follow the Doctoral Program link on the right.

Undergraduate Courses 

Information about Accounting Major

Introductory Accounting (MGMT 20000) The objectives of the courses are to help students:(1) understand what is in financial statements and what the statements say about a business, (2) identify the business activities that were responsible for the amounts that appear in the statements, and (3) understand how, when, and at what amount the effects of manager and employee actions will appear in the statements. Frank Kane, CPA

Introductory Accounting for Non-Management Majors (MGMT 20010) This is a special section tailored to the needs of non-Krannert students. Frank Kane, CPA

Management Accounting (MGMT 20100) An introduction to accounting for management planning and control, including cost accounting, budgeting, accounting control system, and use of accounting information in management decisions. Professor Thoman, David Scott, CPA

Intermediate Accounting I (MGMT 35000) Financial reporting for interested external parties. This course emphasizes asset valuation, income measurement, preparation of financial statements, and develops an appreciation of discretion available to preparers. Professors Black, Hoffman, Janes and David Scott, CPA

Intermediate Accounting II (MGMT 35100) Continuation of Intermediate Accounting I. An examination of additional problems in financial reporting, including cash flows, liabilities, owners' equity, leases, and pensions. Professor Goodman and David Scott, CPA

Financial Reporting Frameworks (MGMT 49000): David Scott, CPA

Graduate & Upper Level Undergraduate Courses 

Advanced Accounting (MGMT 50300) (MGMT 59000) This course is an advanced course in financial accounting. A range of contemporary issues in financial reporting such as business combinations, investments, consolidations, inflation, multinationals, and tax allocation are covered. Both technical proficiency and user applications are emphasized in this course. Professors Kregar and Watts

Introductory Tax Accounting (MGMT 50400) This course is a one-semester course in federal income taxes, emphasizing the conceptual framework of the law. We pay particular attention to the 1) taxation of individuals, 2) income and deduction definitions, 3) the income and expenses of businesses, and 4) property transactions; including acquisition, depreciation and disposal. Thomas Godwin, CPA

Advanced Management Accounting (MGMT 50500) The competitive success of organizations is dependent on the quality of information about the various elements in the value chain. This course deals with the use of cost information in achieving strategic objectives of firms. Cost information can play a strategic role in pricing, product development, customer focus and process improvements. Obsolete or inadequate cost systems can impair overall corporate strategy and competitiveness. The objective of this course is to understand the role of cost analysis in the value creating process. In particular, we will study how cost measurement can affect strategic decisions, the design of modern cost systems, how cost information can lead to process improvement and value creation, how performance measurement and control systems work and create value. Professor Menon

Auditing (MGMT 50600) In this class, we study the concepts and procedures of auditing, which is the systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events. Primary emphasis is on audits conducted by independent Certified Public Accountants, but topics apply to internal auditing as well. Professor Janes and Paula Conroy, CPA

Advanced Tax Accounting (MGMT 50700) This course builds on previously learned material and introduces new concepts in taxation to develop an understanding of the role of income taxes in firms strategy. Within this framework, we examine advanced topics in Federal income taxation, including determination of appropriate tax treatment for events and transactions through tax research. Additionally, we explore contemporary issues in tax accounting, such as entity reconciliation and income earned in foreign jurisdictions. The course culminates in completion of a Federal corporate income tax return involving elements of each topic. (not offered in 2016-2017)

Advanced Taxation (MGMT 59000) Mary Horn, CPA

International Accounting (MGMT 50900) This course introduces upper level undergraduate and master’s students to the international aspects of accounting. Topics include the development of international accounting standards; the diversity of accounting practices across countries; and accounting issues specific to multinational enterprises, such as translation and consolidation of foreign operations and international transfer pricing and taxes. Professor Kregar

Financial Statement Analysis (MGMT 53000) The course is designed to help students: (a) understand the content of corporate financial reports and analyze the information therein, (b) use the information for evaluating the financial health, operating performance, and growth prospects of corporation-type companies, and (c) learn the various company valuation models available and estimate the value of such a company using those models and the information abstracted from the financial reports. The topics to be covered include the corporate financial statements and their relationships, ratio analysis for profitability and risk evaluation, assets/liabilities/owners’ equity analysis, intercompany investments, forecasting financial statements, and company valuation models. In general, what is covered in the course is similar to what financial analysts do in evaluating and valuing a company. Professor Goodman

Accounting For Nonprofit and Governmental Entities (MGMT 53100) This course is intended to provide comprehensive coverage of accounting and financial reporting for governmental and not-for-profit entities that follow the relatively new financial reporting models prescribed by GASB. This course will examine the accounting and financial reporting issues of federal government agencies, the federal government at state and local levels, and not-for-profit organizations as they demonstrate accountability for financial and operational performance and compliance with regulations to resource providers and other interested parties. David Scott, CPA

Forensic Accounting and Fraud Examination (MGMT 53200) This course is designed to help students apply their accounting, auditing, information systems and communication skills to detect financial fraud and unauthorized reporting acts and to prepare and present a fraud case for criminal proceedings or civil litigation. These skills are highly valued in the rapidly growing field of forensic accounting. Upon completing this course, students will understand the role of forensic accountants in examining financial records for fraud and detecting insurance fraud; in providing litigation support; and in capturing digital evidence. The course will also review material related to the Certified Fraud Examiner (CFE) exam. Throughout the course, students will have opportunities to improve their written and oral communication skills, particularly as they relate to communication in the legal settings associated with investigative accounting. Professor Janes

Practicum in Taxation (MGMT 59000) This experiential, service-learning course gives students the opportunity to learn and apply tax preparation skills for low- to moderate-income taxpayers by completing individual income tax returns.  Students first obtain IRS certification through instructor-led and online training and complete practice exercises.  After certification, students work face to face with clients on or off campus, becoming not only competent tax preparers, but better communicators and professionals.  Students also complete tax research assignments to build competency in addressing more complex tax issues for clients.  Class hours are arranged to meet student and tax preparation site needs. 

Consulting for Start-Ups and Not-for-Profits (MGMT 59000)  This is an experiential, service learning course designed to get students involved in real-world accounting projects that will give them the opportunity to apply some of the knowledge that they have spent years acquiring.  Students will be organized in small teams working on accounting projects for local start-up businesses and non-profit organizations.  The first three weeks will be spent in a classroom setting, with presentations on how to conduct client service engagements and how to successfully carry out the projects that are available.  After the initial classroom sessions, student teams will, with faculty guidance, run a consulting engagement, meeting with the clients to determine their needs and expectations, doing the agreed-upon work, and delivering the output to the client organization. Professor Janes

MS (Accounting) Courses 

Advanced Auditing and Professional Practice (MGMT 63900)This course is designed to help students prepare for their professional careers by strengthening their understanding of the CPA’s attest function and familiarizing them with current assurance issues. After finishing the course, students should understand the current state of Enterprise Risk Management and tools for risk evaluation, be able to identify best practices related to external audit, be prepared to manage an audit group, understand the key aspects of being an audit consultant and be able to work with all levels of internal and external audit professionals. Throughout the course, students will have opportunities to improve their written and oral communication skills, particularly as they relate to communication in the audit setting. The course will also emphasize the impact of recent and current regulatory actions, including the Sarbanes-Oxley Act of 2002, on the audit profession. Students are expected to have already taken MGMT 50600, Auditing, or its equivalent. Professor Janes

Business Law for Accountants (MGMT 63400) This course is designed to help prepare students for their professional careers by familiarizing them with aspects of the law that are directly relevant to the practice of accounting. These topics are not only at work every day in business but are also tested on professional examinations such as the Uniform Certified Public Accounting (CPA) Exam. Specific topics include, but are not limited to, contract law, relevant provisions of the Uniform Commercial Code, bankruptcy, and the legal liability of accountants. The course will be taught through a mixture of lectures and class discussions. Cara Putman, J.D.

Communications for Accountants (MGMT 63410) Accountants spend much of their time designing and writing reports, narratives, memos, etc. and explaining those communications to others. They communicate regularly with external investors and creditors, regulators, clients and fellow professionals. This course is designed to help accounting students prepare for their professional careers by helping them develop their written and oral communication skills. The course begins with an overview of the writing process and then moves to document organization and design and how to write with conciseness and clarity. The last half of the course focuses on specific forms of written communication (e.g., letters, memos, reports, email, essays on professional exams) and oral presentations. Cara Putman, J. D.

Accounting Information Systems (MGMT 63500) The purpose is to provide a solid background in the integration of information systems and accounting business processes.  Students will listen to presentations by guest speakers conversant with multiple dimensions of accounting information systems creation and use.  They will learn how to utilize technology applications to meet business requirements by applying their knowledge of accounting operations.  While there is not a heavy emphasis on specific hands-on programming, students will have the opportunity to learn the Microsoft Dynamics AX financial system and will work in the system during in-class lab exercises.  (not offered 2016-2017)

International Taxation (MGMT 59000):  The course on International Tax will provide an overview of the taxation of U.S. businesses and individuals involved in international commerce. In particular the course will examine the fundamentals of transfer of assets abroad, transfer pricing between related parties in cross border transactions, impact of tax planning on the effective tax rate of companies and the fundamentals of the foreign tax credit among other topics. The course will also review the taxation of U.S. citizens living abroad and foreign nationals resident in the U.S. Prior courses in corporate and/or personal income tax would be helpful but not required.  Robert Wingerter, CPA

MBA Courses 

Accounting for Managers (MGMT 60000) The objective of this course is to enable consultants, investment bankers and managers at all levels to appreciate, understand and use accounting numbers. The major focus of this class is acquiring an understanding of financial (external) reports prepared in accordance with domestic generally accepted accounting principles (GAAP). The course will also introduce managerial accounting concepts generally used for internal decision-making. Professor Nan

Managerial Accounting (MGMT 60100) This course examines the firm's internal systems of costing products or services and their interpretation. A variety of manufacturing and service industries are studied to demonstrate design of flexible cost systems to match the firm's technological, competitive and/or multinational environments. Applications to budgeting, variance analysis, pricing models, performance evaluation and incentives are demonstrated. Case discussion and analytical "what if" modes of instruction are used to enhance managerial skills of students. Design and use of accounting data are linked to other subjects in the program core and to ethical aspects of accounting policy issues. Professor Thoman

Financial Statement Analysis: Applied Valuation (MGMT 60200) Financial Statement Analysis is a course in how to use accounting information to make business and investment decisions. Users of a firm’s financial statements include the corporation’s own management team, corporate boards of directors, creditors (banks and debt holders), regulators and individual and institutional investors. Internally, the information is used to assess performance of units, to evaluate performance of upper level management, to monitor the firm’s investment and financing decisions and for comparison purposes with the firm’s rivals. Externally, accounting information is used by financial analysts, investors and (potential) acquirers to assess the value of the firm, by creditors to assess its credit-worthiness, and by regulators (i.e., banking regulators, the SEC and the FTC and the IRS).

The primary objective of this class is to help you develop and sharpen your analytic abilities in financial statement analysis and valuation paying particular attention to the incentives of producers and users of this information. In addition to explaining techniques, cases will be used to help you develop the tools and skills required. In preparing cases for class, you should work in a group and focus not on number crunching but on identification of problems and potential solutions. Only once these have been identified is number crunching valuable. Let me emphasize, this is a course in using accounting information (predominantly financial statements) for decision-making. As such, we will not spend time on the details of financial statement preparation and reporting except as they are relevant to our focus on analysis and decision-making. Professor Bagnoli

Strategic Cost Management (MGMT 69000) Strategic cost management (SCM) refers to the development and use of cost information to create, communicate, implement, and control strategies. The traditional tools of SCM include activity-based costing (ABC), product life cycle management, target costing, benchmarking, economic value added (EVA), balanced scorecard, and throughput accounting. Applying these tools should lead to the continuous reduction of resources used while simultaneously holding or even increasing value. This course describes these tools (along with more recent developments) and provides illustrations of their use. This course will expose you to a variety of important management issues, initiatives and situations. Topics include: Finding Hidden Costs and Value, Complexity, Competitive Intelligence, Learning, Modularity, Target Costing, Theory of Constraints, Supply Chain Incentives, Balanced Scorecard, Pareto’s Law, Global Operations (Including Tax Issues), Economic Value Added, The Cost Of Quality, Benchmarking. (not offered 20165-2017)

Taxes and Business Strategy (MGMT 60300) The objective of this course is to provide you with a framework for analyzing tax planning. Adopting this approach has two important advantages. First, the framework offers an approach to tax planning and business strategy that remains useful long after the next revision of the tax code. Second, it offers an approach that can be readily employed in an international setting. After developing the framework, it will be applied to a variety of business settings that integrate topics from accounting, finance and economics in order to provide you with a more complete understanding of the role of taxes in business strategy. Throughout, two important concepts will be applied: the concept of implicit taxes (tax induced differences in before tax rates of return) and the concept of tax clienteles (the effect of cross sectional differences in tax rates). Topics covered include: Taxes and the organizational form for businesses (partnerships, corporations, MLPs, LLCs, LLPs, etc.) Taxes and the value of alternative savings vehicles Taxes and the creation of securities Taxes and the use of derivatives Taxes and the repackaging of ownership rights Tax free reorganizations and divestitures Taxes and their effects on M&A activity
Applications include:

    1. How taxes affect the choice of organizational form (partnership, corporation, MLP, LLC, LLP, etc.) or the structure of joint ventures
    2. How taxes affect the choice of securities a firm issues
    3. How the use of derivatives affects tax liability
    4. How taxes affect choices by multinationals
    5. How taxes affect merger and acquisition decisions
    6. How taxes affect restructuring and reorganization choices

We will emphasize that taxes are only one input into decision making (the difference between tax minimization and tax planning) and will highlight two important general consequences of tax codes: implicit taxes (tax induced differences in before tax rates of return/prices) and tax clienteles (the effect of cross sectional differences in tax rates). (not offered 2016-2017)

Financial Reporting II (MGMT 69100) This course builds upon the material developed in MGMT 60000 by covering several financial reporting topics which we are unable to address in MGMT 60000 including: accounting for errors and changes, marketable securities, asset securitizations, derivatives and hedge accounting, pensions, and foreign currency translation. Many of these topics present valuation challenges and we will spend considerable time discussing the measurement issues involved. Students will gain an understanding of the managerial judgments associated with each of the topics covered, which will allow them to better analyze financial reports that contain such topics. This course will provide you with some experience delving into complex accounting topics to give you more skills to cope with complex accounting questions that might arise throughout your careers. (not offered in 2016-2017)

Ph.D. Courses (restricted to doctoral students in Management) 

Seminar in External Reporting I (MGMT 60600) Professors Hoffman and Watts

Seminar in Internal Accounting (MGMT 60700) Professor Bagnoli

Selected Research Topics in Accounting (MGMT 60800) Professor Watts

Seminar in Extermal Reporting II (MGMT 60900) Professor Bagnoli