Accounting

Page address: http://grad.mnsu.edu/programs/bulletin/msacct.html

The Master of Accounting (MAcc) is a graduate professional degree designed to prepare students for public and private accounting and to provide students with the 150 credit hours required by most states before taking the Uniform Certified Public Accountant (CPA) Exam. This program enables students to complete the program in one year and contains fifteen two credit courses or 30 credit hours in total. The program includes graduate accounting courses and graduate business electives from the Minnesota State University, Mankato MBA program. The program is designed to not only prepare students for the CPA examination but also to provide a strong knowledge of accounting principles and business applications.

Master of Accounting Curriculum

Required Courses (16 Credits)

  • MBA 610   Writing in the Workplace  (2)
  • MAcc 615  Accounting Theory  (2)
  • MAcc 620  Financial Statement Analysis  (2)
  • MAcc 625  Accounting for Governmental and Not-for-Profit Entities (2)
  • MAcc 630  Corporate Governance and Professional Ethics (2)
  • MAcc 640  External Auditing and Other Attest Services (2)
  • MAcc 650  Tax Research and Consultancy (2)
  • MAcc 680  Controllership (2)

Electives (14 credits with a minimum of 4 credits of MAcc courses) 

  • MAcc 642  Fraud Examination and Forensic Accounting (2)
  • MAcc 643  Audits of Nonbusiness Entities (2)
  • MAcc 651  Taxation of Partnerships (2)
  • MAcc 661  International Accounting (2)
  • MAcc 662  Electronic Banking and Financial Instruments (2)
  • MAcc 670  Internships (1-4)
  • MBA 645   Information Technology and Systems Management (2)
  • MBA 651   Managing Behavior in a Changing World (2)
  • MBA 663   Negotiation (2)
  • MBA 665   Leadership (2)
  • MBA 667   Organizational Development and Change (2)
  • MBA 674   International Management (2)
  • MBA 676   International Finance (2)
  • MBA 690   Executive Seminar (2)

Course Descriptions

MACC 615 (2) Accounting Theory The theoretical structure underlying financial accounting will be discussed. The relationship of accounting theory to basic financial statements and standard setting will be analyzed. Case analysis will require research in accounting standards and application of those standards to various situations.

MACC 620 (2) Financial Statement Analysis This course provides in-depth coverage of contemporary tools and techniques available for analyzing financial statements and other relevant data to derive measurements and relationships useful in decision making.

MACC 625 (2) Accounting for Governmental and Not-for-Profit Entities

MACC 630 (2) Corporate Governance and Professional Ethics The course provides an overview of organizing, financing and managing corporations, risk management, bankruptcy and foreclosure. SEC oversight of publicly traded securities, insider trading restrictions, and liability issues are also examined. Professional and ethical responsibilities of accountants are discussed.

MACC 635 (2) Special Topics in Accounting

This course addresses specialized topics in accounting, auditing, or taxation. Topics will vary by semester.

MACC 640 (2) External Auditing and Other Attest Services This course examines the audit of investments, equity, estimates, going concern issues, and other advanced topics related to the audit of financial statements. The course also covers nonaudit services such as compilations, SSARS reviews, and agreed upon procedures engagements.

MACC 642 (2) Fraud Examination and Forensic Accounting This course examines the principles and methodology of fraud detection and deterrence. Topics include skimming, cash larceny, check tampering, register disbursement schemes, billing schemes, payroll and expense reimbursement schemes, non-cash misappropriations, corruption, fraudulent financial statements, and interviewing witnesses.

MACC 643 (2) Audits of Governmental and Not-for-Profit Entities This course is an analysis and discussion of the requirements and standards related to audits of government entities, not-for-profit organizations, and employee benefit plans.

MACC 645 (2) IT Auditing

This course is designed for those interested in financial auditing. The course focusses on the processes involved in information technology (IT) auditing, from planning an IT audit to auditing controls. Topics include general controls, application controls, and audit technology applications. Auditing standards and frameworks, including the COSO and COBIT frameworks, are examined. The approach to performing a SOX audit for the IT infrastructure that supports key financial applications is discussed.

MACC 650 (2) Tax Research and Consultancy This course concentrates on the skills needed to research tax questions. The research process employed to ascertain the state of the Federal tax law applicable to the facts, and the formulation of conclusions and professional recommendations is also explored.

MACC 651 (2) Taxation of Partnerships 

This course examines the tax impact of the conduit rule, partnership formation, operation, sale and dissolution of a partnership; income to the partners, withdrawal and retirement of partners; and basis calculations.

MACC 652 (2) Taxation of C-Corporations

This course examines issues and rules governing the taxability of C-corporations and their shareholders. The tax concepts and rules related to the activities of formation, operations, distributions, and liquidation are reviewed for the C-corporation entity and its shareholders.

MACC 653 (2) Federal Taxation of S Corporations

To identify and analyze the federal income tax issues that result with ownership and the results of operation of S Corporations.

(S, Summer) On demand

MACC 655 (2) Fundamentals of Federal Income Tax

The course examines significant principles of the federal tax system as applied to individuals and entities to provide a deeper understanding and appreciation of tax rules and underlying policies. The course will utilize the study of critical tax cases and application of tax laws to factual scenarios.

MACC 661 (2) International Accounting The course examines the IFRS reporting practices of various countries and examines recognition and disclosure differences of the major classes of assets and liabilities reported in accordance with IFRS and US GAAP. Hedging transactions of multinational corporations are also discussed.

MACC 662 (2) Electronic Banking and Financial Instruments This course provides an overview of US electronic banking rules, commonly used financial instruments and collateralizing lending. Discussion will focus on equity, debt and convertible securities, as well as common uses of derivatives.

MACC 670 (1-4) Internship Participation in a paid full-time position with a cooperating business, governmental, or civic organization whose program has been approved in advance by the department in which the student has an approved major. Credits provided upon completion of all requirements.

MACC 680 (2) Controllership This course will employ hands-on application of accounting and tax concepts to case applications. Applications will include completion of the accounting cycle as well as researching in accounting standards and tax law to address appropriate treatment of transactions.

MACC 690 (2) CPA Examination Immersion-Financial Accounting and Reporting

This course is designed to prepare students to sit for the Uniform Certified Public Accounting examination Financial Accounting and Reporting Section. Successful CPA candidates must have a thorough academic understanding of exam material, as well as the ability to apply their knowledge instinctively. The Financial Accounting and Reporting section tests knowledge and understanding of the financial reporting framework used by business enterprises, not-for-profit organizations, and governmental entities. The financial reporting frameworks that are included in this section are those issued by the standard-setters identified in the references to these CSOs, which include standards issued by the Financial Accounting Standards Board, the International Accounting Standards Board, the U.S. Securities and Exchange Commission, and the Governmental Accounting Standards Board.

(Summer)

MACC 691 (2) CPA Examination Immersion-Auditing and BEC

This course is designed to prepare students to sit for the Uniform Certified Public Accounting examination sections: Auditing and Business Environment and Concepts. Audit and Attestation topics include professional standards; Auditing standards promulgated in the USA, governmental entities, not-for-profit entities, employee benefit plans, attestation and assurance engagements and professional responsibilities of CPA's. Business Environment and Concepts topics include the general business environment; business concepts; corporate governance; economic concepts essential to understanding the global business environment and its impact on an entity’s business strategy; financial risk management; financial management processes; information systems and communications; strategic planning; and operations management. 

(Summer)

MACC 692 (2) CPA Examination Immersion-Regulation

This course is designed to prepare students to sit for the Uniform Certified Public Accounting examination Regulation section. Successful CPA candidates must have a thorough academic understanding of exam material, as well as the ability to apply their knowledge instinctively. The Regulation section tests knowledge and understanding of ethics, professional and legal responsibilities, business law, and federal taxation.

(Summer)