Master of Science in Accounting

With designated tracks in Assurance or Taxation, the MS in Accounting is designed to prepare students for careers in the field of accounting. Students learn to analyze complex accounting issues from an ethical perspective and use professional literature (e.g., accounting and auditing standards and interpretations) in resolving them. The degree is offered in a full-time cohort program, which includes 10 three-credit courses (seven required and three electives; for those pursuing the tax track, 7/10 courses can be tax). It is designed to address the educational requirements for certification in Connecticut and most other states. Prior to beginning the program, applicants must have a baccalaureate degree in accounting or have completed the equivalent coursework. The equivalent of an undergraduate degree in accounting includes the successful completion of: intermediate accounting (six credits), advanced accounting (three credits), auditing (three credits), cost accounting (three credits), and taxation (three credits). Deficiencies will be handled on a case-by-case basis.

Requirements

Foundation Courses
AC 0530Accounting for Governments, Hospitals, and Universities3
AC 0570Issues in Accounting Ethics3
AC 0580Financial Statement Analysis3
TX 0510Entity Taxation3
Select one of the following:3
Accounting Information Systems and Technology
Audit Issues in a Global Environment
Tax Planning 1
International Course
AC 0560Audit Issues in a Global Environment 23
or TX 0542 International Taxation
Designated Research Course
AC 0590Research on Contemporary Issues in Accounting 13
or TX 0500 Tax Research
Elective Courses
Select 3 courses from the following: 39
Issues in a Regulatory Reporting Environment
International Accounting
Accounting Information Systems and Technology
Issues in Internal Audit
Audit Issues in a Global Environment
Forensic Accounting
Seminar: Special Topics in Accounting
Research on Contemporary Issues in Accounting 1
Practicum in Accounting
Professional Rhetoric and Presentations
Project Management
Management Communication, Influence, and Power
The Law of Commercial Transactions: Advanced Studies in the Uniform Commerical Code
Process Improvement and Quality Management 1
Tax Research 1
Tax Accounting
Tax of Property Transactions
Corporate Tax II
Estate and Gift Taxation
Partnership Taxation
State and Local Taxation
International Taxation
Tax Practice and Procedure
Tax Planning 1
Contemporary Topics in Taxation
Practicum in Taxation
Total Credits30
1

Designated research course.

2

Students who choose AC 0560 as a Foundation course and as an International course must take an additional elective course from the list of electives above.

3

Elective courses may also include any other 500-level business course with permission of the Coordinator of Graduate Accounting Programs.

MBA and MS in Accounting Overlap

The MBA with a concentration in Accounting (MBA-AC), is a generalist degree that covers all relevant topical areas for a business professional and gives students the opportunity to specialize, but not major, in Accounting. Immediately after completion of the MBA-AC, students sometimes wish to further their graduate study in Accounting. Interested students then may apply for admission to the MS in Accounting and, once accepted, can earn the degree by completing an additional 6 courses drawn from the MS in Accounting Curriculum. Courses are selected in advisement with the Coordinator of Graduate Accounting Programs. Students are encouraged to seek individualized advisement well before completing the MBA-AC.

Accounting

AC 0400 Introduction to Accounting3 Credits

This course examines the basic concepts necessary to understand the information provided by financial and managerial accounting systems. The focus is on interpretation of basic information, as students learn about internal and external financial reporting. Topics include: accrual accounting; revenue and expense recognition; accounting for assets, liabilities, and equities; accumulation and assignment of costs to products and services; and budgeting.

AC 0500 Accounting Information for Decision-Making3 Credits

Prerequisite: AC 0400.

This course emphasizes the use of accounting information by managers for decision-making. It is designed to provide managers with the skills necessary to interpret analytical information supplied by the financial and managerial accounting systems. Financial accounting concepts based on profit, liquidity, solvency, and capital structure are used in the process of employing management accounting tools to decisions and evaluate organization performance and changes in cost, profit and investment centers.

AC 0510 Issues in a Regulatory Reporting Environment3 Credits

This course brings together technical accounting and reporting concepts and theories with a focus on the financial accounting information that is required to be filed with regulatory agencies, the most predominant being the Securities and Exchange Commission. This course aims to provide an in-depth conceptual understanding of regulatory reporting requirements coupled with an appreciation of how these regulations affect the quality of information in publicly available corporate reports. Students will enhance their ability to analyze and understand unique and complex future accounting issues and possible solutions. The course is taught seminar style with students leading the discussions of cases and research.

AC 0520 International Accounting3 Credits

The primary focus of this course is the study of International Financial Reporting Standards (IFRS). Particular emphasis will be placed on developing an understanding of significant differences between the current United States Generally Accepted Accounting Principles (GAAP) and IFRS standards. Students will also learn the pros and cons of U.S. GAAP and IFRS approaches for select technical accounting issues. Some other non-IFRS related topics include International Taxation, International Transfer pricing and the impact of culture on the development of accounting standards and practices throughout the world.

AC 0530 Accounting for Governments, Hospitals, and Universities3 Credits

This course examines the generally accepted accounting principles applicable to governmental entities (as issued by GASB) as well as accounting principles applicable to not-for-profit entities (as issued by FASB). The focus will be on the financial statements and reports prepared by state and local governments and financial reporting for the wide array of not-for-profit entities with an emphasis on the contrast of these entities with for-profit accounting.

AC 0550 Accounting Information Systems and Technology3 Credits

This course analyzes the methods used to capture, process, and communicate accounting information in a modern business enterprise. Students learn to document business transaction cycles, identify weaknesses, and recommend internal control improvements. They may design and build a module of an accounting information system using appropriate database technology.

AC 0555 Issues in Internal Audit3 Credits

This course covers internal audit from a broad perspective. Course topics cover three main areas, internal audit: (1) basics, (2) risks, and (3) metrics. During the course, students will develop critical thinking skills (particularly employing professional skepticism) and learn to effectively communicate their professional opinions.

AC 0560 Audit Issues in a Global Environment3 Credits

This course will expose students to the global profession of auditing, with a primary focus on public company auditors. Topics will vary any given semester, but may include the following: the different international organizations that set auditing standards and enforce auditing standards; the impact of culture on auditing standards and practices throughout the world; the impact of International Financial Reporting Standards on international and U.S. auditing rules; the evaluation of audit evidence; auditor independence; materiality; internal controls; computer assisted audit tools and techniques; fraud detection and forensic accounting. The course is taught seminar style, with students leading the discussions of cases and current articles. Assignments are designed to develop students' written and oral communication skills, analytical skills, and critical thinking skills.

AC 0565 Forensic Accounting3 Credits

This course provides students with a foundation in investigative accounting. Topics covered include identifying, investigating and documenting fraud and providing litigation support for forensic engagements. With an emphasis on case analyses and/or independent research, students taking the course will have the opportunity to improve their critical thinking and written and oral communication skills, particularly as they relate to the legal settings associated with investigative accounting. Only open to students enrolled in the MS Accounting, MBA Accounting, MBA Taxation, or Accounting Graduate Certificate program.

AC 0570 Issues in Accounting Ethics3 Credits

This course investigates ethical problems in contemporary accounting practice. The goal is to increase students' ethical perception so they are better able to identify, consider, and ultimately act on the ethical issues they may face in their professional accounting career, regardless of specialty area (e.g., audit, tax, and corporate accounting). The course is taught seminar style, with students leading the discussions of cases and current articles. Assignments are designed to develop students' written and oral communication skills, analytical skills, and critical thinking skills.

AC 0580 Financial Statement Analysis3 Credits

The course is designed to increase and extend the knowledge of the student in financial statement information and topics introduced in undergraduate courses in intermediate and advanced financial accounting through lecture, problem solving and case analysis. A critical examination of both objective and subjective aspects of financial reporting will be undertaken with both quantitative as well as qualitative assessments of financial information emphasized.

AC 0585 Seminar: Special Topics in Accounting3 Credits

This course presents recent practioner and academic literature in various areas of accounting, including guest speakers where appropriate. Topics change semester to semester, depending upon faculty and student interests.

AC 0590 Research on Contemporary Issues in Accounting3 Credits

This course is a designated research course. In it students will investigate, analyze, develop, and present recommendations for emerging issues, recent pronouncements of accounting rule-making bodies and/or unresolved controversies relating to contemporary financial reporting. In doing so, students will consider institutional, historical, and international perspectives. In their research, students are expected to use authoritative resources (e.g., FASB and/or IASB pronouncements). The course is taught seminar style, with students leading the discussions of cases and current articles. Assignments are designed to develop students' written and oral communication skills, analytical skills, and critical thinking skills.

AC 0591 Practicum in Accounting3 Credits

This course builds on the in-class lessons covered during the student's graduate studies by providing the student with the opportunity to apply his/her academic knowledge to a professional accounting context. As such, it is an experiential learning activity. Successful completion of the practicum will entitle students to three credits that count as a graduate-level accounting elective. Open only to students enrolled in the MS Accounting, MBA Accounting, or Accounting Graduate Certificate program. Enrollment by permission of the department chair or his/her designee. This course may not be repeated for credit.

AC 0598 Independent Study3 Credits

This course provides students with an opportunity to develop research skills while exploring a specific contemporary accounting issue with a full-time faculty member specializing in the area of the discipline. Students are expected to complete a significant research paper as the primary requirement of this course. Enrollment by permission from Department Chair or his or her designee only.

Taxation

TX 0500 Tax Research3 Credits

This course introduces students to tax research source materials and provides students with the opportunity to conduct tax research. After the course, students should be able to identify tax issues inherent in various fact scenarios, locate and evaluate various sources of tax law, and effectively communicate conclusions and recommendations based on their research. Open only to students enrolled in MS Accounting, MBA Taxation, or SYC Taxation programs, or by permission from the Department Chair or his or her designee.

TX 0501 Tax Accounting3 Credits

This course introduces students to federal tax accounting and contrasts its effects with those of financial accounting. After the course, students should be able to identify accounting transactions and methods that have differing tax and financial statement treatments, and to understand and plan for the consequences of those differences. Open only to students enrolled in MS Accounting, MBA Taxation, or SYC Taxation programs, or by permission from the Department Chair or his or her designee.

TX 0502 Tax of Property Transactions3 Credits

This course introduces students to the income tax laws impacting real property transactions. After the course, students should be able to identify tax issues stemming from various types of real property transactions and activities, as well as plan for the consequences of, and make recommendations for alternatives to, contemplated property transactions. Open only to students enrolled in MS Accounting, MBA Taxation, or SYC Taxation programs, or by permission from the Department Chair or his or her designee.

TX 0510 Entity Taxation3 Credits

This course introduces students to the fundamental concepts, rules, and tax planning applications of the federal income taxation for different business entities including corporations, partnerships and trusts, in addition to estate and gift taxes. After the course, students should be able to identify the tax planning implications of different income taxation concepts and rules pertaining to business entity transactions including formation, operations, distributions, liquidation, and other transactions between the entity and its owners or beneficiaries. Open only to students enrolled in MS Accounting, MBA Taxation, or SYC Taxation programs, or by permission from the Department Chair or his or her designee.

TX 0512 Corporate Tax II3 Credits

Prerequisite: TX 0510.

This course introduces students to advanced concepts of the federal income taxation of corporations, partnerships, trusts and estates. An examination of some advanced topics in estate and gift taxation will also be undertaken. The course will focus on examining case situations and planning opportunities available. After the course, students should be able to identify tax issues in these advanced areas and suggest alternative plans for consideration and implementation. Open only to students enrolled in MS Accounting, MBA Taxation, or SYC Taxation programs, or by permission from the Department Chair or his or her designee.

TX 0520 Estate and Gift Taxation3 Credits

This course introduces students to the concepts of, as well as the statutory rules surrounding, federal estate and gift taxation. After the course, students should be able to identify tax issues stemming from lifetime and at-death transfers of various types of property and property rights to various classes of beneficiaries or donees, as well as to plan for the consequences of, and make recommendations for alternative structuring of intended wealth transfers. Open only to students enrolled in MS Accounting, MBA Taxation, or SYC Taxation programs, or by permission from the Department Chair or his or her designee.

TX 0522 Income Taxation of Trusts and Estates3 Credits

This course introduces students to the concepts of, as well as the statutory rules surrounding, the federal income taxation of trusts and estates. After the course, students should be able to identify income tax issues arising during administration, which affect the various parties to the estate or trust, as well as to plan for the consequences of, and make recommendations for alternative structuring of intended transactions. Open only to students enrolled in MS Accounting, MBA Taxation, or SYC Taxation programs, or by permission from the Department Chair or his or her designee.

TX 0530 Partnership Taxation3 Credits

This course introduces students to the fundamental concepts of the federal income taxation of partnerships and partner-partnership transactions. After the course, students should be able to identify tax issues stemming from various partnership transactions and activities, including those between the partnership and the partners, as well as plan for the consequences of, and make recommendations for alternative structuring of, intended transactions and activities. Open only to students enrolled in MS Accounting, MBA Taxation, or SYC Taxation programs, or by permission from the Department Chair or his or her designee.

TX 0540 State and Local Taxation3 Credits

This course helps students develop a conceptual understanding of the constitutional limits on a state's power to impose taxes, the determination of state-specific taxable income, the sales and use tax system, and various other state taxes. After the course, students should be able to identify the tax issues associated with the conduct of business in multiple states, as well as plan for the consequences of, and make recommendations for alternative structuring of, intended multi-state transactions and activities. Open only to students enrolled in MS Accounting, MBA Taxation, or SYC Taxation programs, or by permission from the Department Chair or his or her designee.

TX 0542 International Taxation3 Credits

This course helps students develop a conceptual understanding of the federal income tax provisions applicable to non-resident aliens and foreign corporations. After the course, students should be able to identify the tax issues associated with the generation of U.S. taxable income by foreign individuals and corporations, as well as plan for the consequences of, and make recommendations for alternative structuring of, intended U.S. transactions and activities by these particular taxpayers. Open only to students enrolled in MS Accounting, MBA Taxation, or SYC Taxation programs, or by permission from the Department Chair or his or her designee.

TX 0548 Tax Practice and Procedure3 Credits

This course familiarizes students with the rules of practice before the Internal Revenue Service, as well as the procedures available for the resolution of income tax matters of disagreement. After the course, students should be able to identify the appropriate procedures applicable to specific transactions, elections and filings, as well as the appropriate and alternative means by which the resolution of disagreements between taxpayers and the IRS can be achieved. Open only to students enrolled in MS Accounting, MBA Taxation, or SYC Taxation programs, or by permission from the Department Chair or his or her designee.

TX 0550 Tax Planning3 Credits

This course develops a framework for understanding how taxes affect business decisions, and provides students with the tools to identify, understand, and evaluate tax planning opportunities in various decision contexts, such as investments, compensation, organizational form choice, and multinational endeavors. Open only to students enrolled in MS Accounting, MBA Taxation, or SYC Taxation programs, or by permission from the Department Chair or his or her designee.

TX 0585 Contemporary Topics in Taxation3 Credits

This course presents recent practitioner and academic literature in various areas of taxation, including guest speakers where appropriate. Topics change semester to semester, depending upon faculty and student interests. Open only to students enrolled in MS Accounting, MBA Taxation, or SYC Taxation programs, or by permission from the Department Chair or his or her designee.

TX 0591 Practicum in Taxation3 Credits

This course builds on the in-class lessons covered during the student's graduate studies by providing the student with the opportunity to apply his/her academic knowledge to a professional taxation context. As such, it is an experiential learning activity. Successful completion of the practicum will entitle students to three credits that count as a graduate-level taxation elective. Open only to students enrolled in the MS Accounting, MBA Taxation, or Taxation Graduate Certificate program. Enrollment by permission of the department chair or his/her designee. This course may not be repeated for credit.

TX 0598 Independent Study3 Credits

This course provides students with an opportunity to develop research skills while exploring a specific contemporary taxation issue with a full-time faculty specializing in the area of the discipline. Students are expected to complete a significant research paper as the primary requirement of this course. Enrollment by department chair permission only.