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Course catalog descriptions for courses offered in all currently published terms.
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Accounting |
Department Chairperson: Lanen, William (Bill)
Department Website: http://www.bus.umich.edu/Academics/Departments/Accounting
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| ACC 502 |
Principles of Financial Accounting |
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2.25 hours |
Core |
Terms Offered: F09(A), F08(A) |
| | Course Prerequisites: No credit in ACC 501 |
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Principles of Financial Accounting --- This course introduces the basic concepts and methods used in corporate financial statements for the information of investors and other interested external parties. Readings, problems and cases are used. Major topics included are: The Basic Accrual Model, Analysis of Transactions, Balance Sheet, Income Statement and Cash Flow Statement Construction and Analysis. The course also emphasizes analysis of cases and actual financial reports and concerns the applications of the basic concepts and methods of financial accounting to issues such as long-term assets, inventory, sales, receivables, debt securities, corporate ownership, international operations, and analysis of financial statements. |
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| ACC 552 |
Management Accounting |
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2.25 hours |
Core |
Terms Offered: W10(A), W09(A) |
| | Course Prerequisites: No credit in ACC 551 |
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Management Accounting --- This course introduces the basic concepts of managerial accounting for internal decision-making. Major topics included are product costing, emphasizing costing approaches used in today's business environments, relevant costs for decision analysis, variance analysis, divisional performance evaluation, and transfer pricing. |
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| ACC 560 |
Federal Taxation and Managerial Decisions |
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3 hours |
Elective |
Terms Offered: F09, F08 |
| | Advisory Prerequisites: ACC 501/503 |
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Federal Taxation and Managerial Decisions --- The goal of this course is to develop the ability to recognize and understand tax issues in both the personal and business worlds. Accordingly, students are introduced to the tax implications of a wide range of topics, including personal investments, executive compensation, alternative forms of doing business (e.g. C corporations, S corporations, partnerships, LLCs, etc.) international operations, mergers and acquisitions, estate planning, and current trends in tax planning. This course focuses on real world applications as opposed to in-depth coverage of the tax code; thus, the class does not cover tax law in the detail it is tested on the CPA exam. |
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| ACC 561 |
Federal Taxation I |
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3 hours |
Elective |
Terms Offered: F09, F08 |
| | Advisory Prerequisites: ACC 272/501/502 |
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Federal Taxation I --- This course is designed to provide students with a basic understanding of the fundamentals of federal income tax law. The course emphasizes individual taxation but also provides an introduction to corporate and partnership taxation as well. The course is intended for students who need some technical knowledge of tax law, as well as for those students who wish to pursue further tax law education. |
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| ACC 564 |
Corporate Financial Reporting |
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2.25 hours |
Elective |
Terms Offered: W10(A), F09(B), W09, W09(A), F08, F09(A), F08(B) |
| | Course Prerequisites: No credit in ACC 565, 566 |
| | Advisory Prerequisites: ACC 312, 501, 502 |
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Corporate Financial Reporting --- This course is an intermediate financial accounting class that extends your understanding of accounting by covering more in depth issues first considered in ACC501, and addressing completely new topics. The goal of this class is to enable you to have a deep understanding of the advantages and the limitations of using the accounting model to track firm performance. The class is user-oriented as opposed to preparer-oriented, and is useful for anyone who will be using financial statement information as an input into economic decision-making. |
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| ACC 565 |
Financial Instruments and Structured Finance |
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2.25 hours |
Elective |
Terms Offered: F09(B) |
| | Advisory Prerequisites: ACC 564 |
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Financial Instruments and Structured Finance --- Corporations are increasingly entering into complex financial transactions as a tool to protect the value created in their core operations. Examples include equity-based compensation, hybrid securities, derivatives, asset securitizations and other forms of financial engineering. This course introduces students to increasingly complex financial reporting issues behind these transactions to both understand the economics behind the transactions as well as create the ability to effectively analyze the financial conditions of firms that employ them. |
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| ACC 591 |
Principles of Financial Accounting |
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2.25 hours |
Core |
Terms Offered: W09(B), W10(B) |
| | Advisory Prerequisites: Global MBA students |
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Principles of Financial Accounting --- This course introduces the basic concepts and methods used in corporate financial statements for the information of investors and other interested external parties. Readings, problems and cases are used. Major topics included are: The Basic Accrual Model, Analysis of Transactions, Balance Sheet, Income Statement and Cash Flow Statement Construction and Analysis. The course also emphasizes analysis of cases and actual financial reports and concerns the applications of the basic concepts and methods of financial accounting to issues such as long-term assets, inventory, sales, receivables, debt securities, corporate ownership, international operations, and analysis of financial statements. |
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| ACC 601 |
Accounting Information System Design |
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1.5 hours |
Core |
Terms Offered: F09(A), F08(A) |
| | Cross-listed with: BIT 601 |
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Accounting Information System Design --- This course will provide students with a thorough understanding of the design of information systems that support the accounting function of a firm. Topics to be covered will include business transaction cycles and processes, technology used for AIS, management of the system development life cycle, computer control and audit, IT governance, Sarbanes-Oxley and AIS, and COBIT. The course will be taught using lecture/discussion, cases, and hands-on exercises. The course will meet the accounting systems requirements for the CPA exam in all states. |
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| ACC 620 |
Federal Taxation II |
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2.25 hours |
Elective |
Terms Offered: W09, W10(B) |
| | Advisory Prerequisites: ACC 561/equivalent |
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Federal Taxation II --- This course is designed to provide students with a technical familiarity in a wide range of tax topics, including complex corporate and individual topics, estate and gift taxation, the taxation of international transactions, tax issues associated with not-for-profit entities, and selected other topics. The course is intended for those considering a career in taxation. |
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| ACC 624 |
Advanced Financial Accounting |
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3 hours |
Elective |
Terms Offered: S09, W09, S08 |
| | Advisory Prerequisites: ACC 564/permission of instructor |
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Advanced Financial Accounting --- The primary focus of this course is on the GAAP and tax implications of transactions frequently encountered in the area of corporate finance, including mergers, acquisitions, divestitures, spinoffs, IPOs, and leveraged buyouts. As a result, students gain an understanding of the GAAP and tax advantages and disadvantages associated with the different methods of structuring such transactions. Other topics covered include deferred tax issues associated with mergers and acquisitions, foreign currencies, derivatives, and fund accounting in non-business entities. |
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| ACC 625 |
Advanced Financial Accounting |
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2.25 hours |
Elective |
Terms Offered: W10(A) |
| | Advisory Prerequisites: ACC 564/permission of instructor |
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Advanced Financial Accounting --- The primary focus of this course is on the GAAP and tax implications of transactions frequently encountered in the area of corporate finance, including mergers, acquisitions, divestitures, spinoffs, IPOs, and leveraged buyouts. As a result, students gain an understanding of the GAAP and tax advantages and disadvantages associated with the different methods of structuring such transactions. Other topics covered include deferred tax issues associated with mergers and acquisitions, foreign currencies, derivatives, and fund accounting in non-business entities. |
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| ACC 630 |
Auditing and Assurance |
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1.5 - 3 hours |
Elective |
Terms Offered: W10(A), F09(B), W09(A), F08(B) |
| | Advisory Prerequisites: ACC 312, 564/equivalent |
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Auditing and Assurance --- This course focuses on the auditing practice performed by public accountants. The topics covered in the course include the theory and philosophy of auditing, prescribed auditing standards, the design and evaluation of accounting systems and controls, professional ethics, legal obligations of reporting companies and auditors, sampling techniques, and other auditing procedures and considerations. |
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| ACC 640 |
Advanced Management Accounting |
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1.5 hours |
Elective |
Terms Offered: W09(B), W10(B) |
| | Advisory Prerequisites: ACC 552 |
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Advanced Management Accounting --- This course provides a detailed look at the development and use of management accounting information in operational decision settings. The emphasis is on the identification and measurement of cost drivers and the uses and limitations of management accounting information. The concepts and methods are applied to both manufacturing and service organizations. |
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| ACC 650 |
Cost Management Systems |
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1.5 hours |
Elective |
Terms Offered: W10(A), W09(A) |
| | Advisory Prerequisites: ACC 552 |
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Cost Management Systems --- This course takes an integrative approach to the design of cost management systems. The focus is on building a general framework for choosing among various cost systems alternatives for operational control and product cost and profitability measurement. The framework is applied to traditional and high technology manufacturing and service organizations. |
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| ACC 695 |
MAcc Graduate Research Seminar |
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3 hours |
Core |
Terms Offered: S09, S08 |
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MAcc Graduate Research Seminar:
Directed study in accounting research, methods and theory. Capstone experience of MAcc degree candidates to gain in-depth knowledge beyond that available in core coursework related to emerging accounting issues and extant academic research. |
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| ACC 711 |
Financial Statement Analysis |
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2.25 hours |
Elective |
Terms Offered: W10(A), F09(A) |
| | Course Prerequisites: No credit in ACC 712 |
| | Advisory Prerequisites: ACC 564 |
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Financial Statement Analysis --- This course provides a systematic framework for using financial statements in business analyses. It considers a comprehensive set of tools to analyze the information contained in financial statements and demonstrates how to use the information to evaluate financial performance. It addresses questions such as: (1) how do operating and financial decisions contribute to a firm?s return, (2) why does firm performance differ between competitors, (3) has the firm distorted the accounting numbers and how will this influence reported performance, and (4) how does the financial performance today predict future events, such as credit default. |
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| ACC 713 |
Business Forecasting and Equity Valuation |
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2.25 hours |
Elective |
Terms Offered: F09(B), W10(B) |
| | Course Prerequisites: No credit in ACC 712 |
| | Advisory Prerequisites: ACC 711 |
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Business Forecasting and Equity Valuation --- This course provides instruction on a thorough understanding of how to forecast financial statements in a variety of business contexts and how to use those forecasts to value equity securities. It demonstrates how to use your understanding of a firm?s strategy, accounting and financial performance to forecast the firm?s future performance and estimate intrinsic value. The class presents all the major valuation models in a unified framework. |
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| ACC 725 |
Applied Financial Analysis and Portfolio Management |
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3 hours |
Elective |
Terms Offered: W09, W10 |
| | Advisory Prerequisites: ACC 712 |
| | Cross-listed with: FIN 725 |
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Applied Financial Analysis and Portfolio Management --- In this course students act as portfolio managers for the RSB Student Managed Fund. Student teams follow and analyze particular sectors, pitching stocks from their sectors to their peers. Through a number of applied assignments, students learn to use the cutting-edge tools available in the Tozzi Finance Center. The course covers forecasting returns, controlling risks, controlling costs, and optimizing a portfolio. The emphasis of the course is on combining the skills acquired in traditional courses with the latest financial technology to develop effective strategies for active portfolio management. |
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| ACC 750 |
Independent Study Project |
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1 - 3 hours |
Elective |
Terms Offered: F09, S09, W09, M08, M09, F08, W10, S08 |
| | Advisory Prerequisites: Graduate standing |
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Independent Study Project --- Independent study projects, supervised by faculty, are available to graduate business students in good academic standing. To select a project, students should consult the appropriate professor about the nature of the project and the number of credit hours the work would earn. Students earn one to three credit hours per project and may elect only one study project in a term. Graduate business students should consult their program bulletins for information
regarding total number of projects and credits that can be applied to their degree. To register for a project students must submit an approved Independent Study Project application, available online. |
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