UMUC

Graduate School of Management and Technology

Course Descriptions - ACCT (Accounting)

ACCT 608 Fraud Examination and Accounting Ethics (3)

Prerequisite: ACCT 610. A study of the nature of fraud, including elements of fraud, fraud prevention, fraud detection, fraud investigation, use of controls to prevent fraud and methods of fraud resolution. Emphasis is on the use of forensic accounting techniques to analyze what is behind the data generated by the accounting system, to detect internal control weaknesses and to map out a fraud investigation program. The role of accounting ethics is explored in detail and considered in the context of laws, regulations and the organization’s culture.

ACCT 610 Financial Accounting (3)

Prerequisite: 15 credits of undergraduate accounting. A study of accounting theory in a strategic framework. An overview of relevant theory provides a foundation for further study. Focus is on developing skills in critical thinking and applying accounting concepts and principles. Topics include the preparation and interpretation of corporate financial statements in accordance with generally accepted accounting practices (GAAP); accounting standards and the standard setting process; the use of electronic technology in financial accounting; effective communication; professional ethics; and current issues, debates and research in accounting.

ACCT 611 Management Accounting (3)

Prerequisite: ACCT 610. An examination of the control and decision-making methodologies used by management accountants in solving strategic problems for business. Methodologies covered include break-even analysis, regression analysis, the balanced scorecard, activity-based costing/management, value chain analysis, total quality management and performance evaluation/assessment. Business problems examined range from ethical issues to product costing.

ACCT 612 Auditing Process (3)

Prerequisite: ACCT 610. An in-depth examination of generally accepted auditing standards (GAAS), as well as standards for attestation and other services. Alternative audit models are evaluated for both their practical relevance and their theoretical justification as informed by current research and emerging information technology. The use of computer-assisted auditing techniques (CAAT) and other computer-related technology for obtaining evidence is evaluated in terms of its effectiveness and suitability in diverse audit environments. Methods of evaluating internal control are considered in light of the risks encountered in new ways of conducting business, such as e-commerce. Professional ethical and legal responsibilities—as shaped by the contemporary professional, legal and regulatory environments—are examined as they relate to audit risk, risk assessment and audit program planning. Discussion also covers the use of audit reports and other services as tools to support management control and decision making.

ACCT 613 Federal Income Taxation (3)

Prerequisite: ACCT 610. A case study–based, problem-oriented examination of fundamental federal tax concepts. Tax issues and controversies are explored in-depth. Emphasis is on applying tax laws, as opposed to learning individual tax rules. Methods of case analysis and research that are typically involved in tax planning and litigation are covered. Important definitions, judicially created rules and other tax conventions are explored in great detail through the study of each one’s genesis and purpose. Topics include tax issues that concern gross income, identification of the proper taxpayer, deductions, timing, income and deduction characterization, deferral, and capital gains and losses.

ACCT 614 Accounting Information Systems (3)

Prerequisite: ACCT 610. A study of the use of information systems in the accounting process, with an emphasis on computer systems and internal controls. Focus is on the analytical tools necessary to evaluate users’ accounting information needs and to design, implement and maintain an accounting information system to support business processes and cycles. Topics include the components of contemporary accounting information systems; security and internal controls, particularly within Internet and e-commerce environments; traditional flow charts and data-flow diagrams; computer networks; theory and application of relational databases; and relational database management systems. Assignments include designing an accounting information system using a commercial database software package.

ACCT 665 Selected Topics in Accounting: Combined Entities, Multinational, Government, and Nonprofit Accounting (3)

Prerequisite: ACCT 610. An exploration of advanced areas of accounting, including accounting for combined corporate entities and multinational, government, and nonprofit entities. Discussion covers the accounting and reporting requirements for acquisitions and controlled interests in combined entities; financial accounting standards applicable to public-sector and not-for-profit organizations in the United States; and international accounting standards, the management of risk associated with multiple currencies, and evolving reporting requirements under International Financial Reporting Standards (IFRS).