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Accounting (ACCT) Courses

Academic Unit: Accounting

ACCT 1911 - The Language of Business
(3 cr; A-F only; offered Every Fall & Spring)
Have you ever wondered why Tesla's stock price tripled in a 3-month time period? Why did Toys R Us go bankrupt? Why does Apple hold on to $200 billion of cash? Why is Snapchat still not profitable yet? All of these questions can be answered by looking at a company's financial statements! Financial accounting is often called the language of business as it is the language that companies use to communicate their financial information to various parties. Regardless of whether you want to work in the field of accounting and finance, become a manager at a company, or just dabble in stock market investing, understanding how a business works, how managers make decisions, and how to analyze financial statements will be hugely beneficial for your future. This seminar will start by exposing you to basic business terminology and concepts, as well as analyzing how businesses make decisions. Next, we will focus on the ABCs of financial statements and financial analysis. Finally, we will apply these principles to real-life case studies and discussions that explore various companies such as Spotify, Tesla, Uber, Netflix, Starbucks, Apple, Snapchat, and more!
ACCT 2051 - Introduction to Financial Reporting
(4 cr; A-F or Audit; offered Every Fall, Spring & Summer)
Equivalent courses: was ACCT 2050 until 06-SEP-22, DBLN 2051, ACCT 2051H (starting 04-SEP-12, was ACCT 2050H until 06-SEP-22), APEC 1251 (starting 04-SEP-01, ending 07-SEP-99)
This course introduces the topics of financial reporting and accounting. The purpose of financial accounting is to provide information to the entity owners and external parties to serve as the basis for making decisions about that entity. A student who successfully completes this class should be able to 1) understand the concepts and principles of accounting, 2) analyze, record and report the accounting treatment of business transactions, and 3) prepare, interpret, and analyze financial statements.
ACCT 2051H - Honors: Introduction to Financial Reporting
(4 cr; A-F or Audit; offered Every Spring)
Equivalent courses: was ACCT 2050H until 06-SEP-22, DBLN 2051, APEC 1251 (starting 04-SEP-01, ending 07-SEP-99), ACCT 2051
This course introduces the topics of financial reporting and accounting. The purpose of the financial accounting is to provide information to the entity owners and external parties to serve as the basis for making decisions about that entity. A student who successfully completes this class should be able to 1) understand the concepts and principles of accounting, 2) analyze, record and report the accounting treatment of business transactions, and 3) prepare, interpret, and analyze financial statements.
ACCT 3001 - Strategic Management Accounting
(3 cr; Prereq-ACCT 2051 or 2051H or ACCT 2050; A-F or Audit; offered Every Fall, Spring & Summer)
Equivalent courses: IBUS 3002 (inactive, starting 26-MAY-15)
Costing techniques, including activity-based costing. Applying costing methods to determine costs of products, services, and production processes. Use of costs in operating/strategic decisions.
ACCT 5101 - Intermediate Accounting I
(4 cr; Prereq-Grade of B- or better in Acct 2050/Acct 2051 OR passed the Acct pretest (z.umn.edu/Acct5101pretest); CSOM Major, MGMT minor, mgmt grad student; A-F or Audit; offered Every Fall, Spring & Summer)
Valuation, measurement, reporting issues related to selected assets/liabilities of firm. Theory underlying accounting issues. Applying accounting principles.
ACCT 5102 - Intermediate Accounting II
(4 cr; Prereq-CSOM mjr or grad mgmt or NONM; ACCT 5101; A-F or Audit; offered Every Fall & Spring)
Equivalent courses: was ACCT 5102W until 19-JAN-16
Basic valuation problems encountered in financial reporting. Focuses on valuation of liabilities. Accounting for leases, pensions, and deferred taxes. Introduces consolidated financial statements.
ACCT 5121W - Auditing Principles and Procedures I [WI]
(2 cr; Prereq-ACCT 5101; A-F only; offered Every Fall & Spring)
This introductory course covers the importance of the audit process and how to plan an audit and conduct auditing procedures. The auditor's objective is to obtain reasonable assurance whether the financial statements, as a whole, are free from material misstatements (due to fraud or error) and present fairly, in all material respects and in accordance with generally accepted auditing standards (GAAS), the financial position of the entity. The course helps students identify audit risks related to the financial statements, perform audit tests, and interpret audit results.
ACCT 5122 - Auditing Principles and Procedures II
(2 cr; Prereq-ACCT 5121 (can be concurrent); A-F or Audit; offered Every Fall & Spring)
This course leverages the audit concepts discussed in ACCT 5121W and introduces various ways that data analytics and process automation can be incorporated into a traditional audit plan. Accounting firms are increasingly expecting entry level hires to possess a basic understanding of advanced data analytics tools and an ability to apply data concepts to an audit to improve both audit efficiency and quality. The course will help students identify audit risks related to financial statement balances, perform audit testing using analytical procedures, and interpret results of data-driven procedures to demonstrate audit concepts. In this class you will work extensively with Microsoft Excel, Alteryx, and UiPath. The usage of these tools, as well as an understanding of data fundamentals will aid you in upper-level classes and ultimately improve your technology skills and career prospects.
ACCT 5125W - Auditing Principles and Procedures [WI]
(4 cr; Prereq-[3101 or 5101 or 5100 or 6100], [acct major or grad mgmt student]; A-F or Audit; offered Every Fall, Spring & Summer)
Equivalent courses: was ACCT 5125 until 19-JAN-16
Concepts of auditing internal control/financial statements in accordance with generally accepted auditing/professional standards established by Public Company Oversight Board (PCAOB) and American Institute of Certified Public Accountants (AICPA). Writing Intensive course.
ACCT 5126 - Internal Auditing
(2 cr; Prereq-ACCT 2050 or ACCT 2051 or ACCT 2051H; A-F or Audit; offered Every Fall & Spring)
This course is an introduction to the auditing internal. Emphasis is placed on the independent audits performed by the internal audit function. The case method employed in this class is used to provide students with a realistic view of the audit process. After successfully completing this course, the student should have a working knowledge of the function and procedures of internal auditing.
ACCT 5135 - Fundamentals of Federal Income Tax
(4 cr; Prereq-ACCT 2050 or ACCT 2051 or ACCT 2051H or MBA 6030; CSOM mjr or grad mgmt or NONM; A-F or Audit; offered Every Fall & Spring)
U.S. federal system of taxation. Concepts of gross income, deductions, credits. Analysis of structure of Internal Revenue Code, its provisions with respect to specific areas of law. Interrelationships between legislative, judicial, and administrative authority. Methods, tools, and techniques to conduct tax research.
ACCT 5141 - Financial-Data Analytics
(2 cr; Prereq-SCO 2550 or BA 2551 or equivalent statistics course; ACCT 205; A-F only; offered Every Fall & Spring)
This is a 2-credit introductory course on financial reporting data analytics for Carlson students. The main learning objective is to introduce students specializing in business (accounting, auditing, tax, finance, marketing, operations, etc.) to data analytics, providing them the necessary knowledge and tools needed to effectively use data analytics in their specialized domain. The goal is thus for students to be able to consume and use available data analytics technologies to complement existing technical skills, rather than to train "data analytics specialists" (although this class is a good jumping-off point for students who wish to pursue a career specializing in data analytics). Prior coding experience is thus not required, although students should have completed business statistics (SCO 2550 or BA 2551 or equivalent statistics course). After a general overview of data analytics and machine learning, we will dive into the ETL (extract, transform, load) process, covering topics and showcasing applications such as data joins, variable types, formulas, and regular expressions. We will then explore data visualization tools (including pivot tables and dashboards) and conclude the term by modeling data to create business insights via predictions. Students will gain hands-on experience using state-of-the-art data analytics tools and will learn how to conduct basic SQL queries. Students will improve their quantitative and problem-solving skills and learn how to apply scientific research methods to answer questions, present solutions, and discuss limitations. An emphasis will be placed on financial reporting datasets/applications, although the methods and concepts covered are applicable to other business settings/functions. Ultimately, students will enhance their analytical skills and achieve a deeper understanding of issues related to financial reporting specifically and business more generally.
ACCT 5150 - Current Financial Accounting Issues
(2 cr; A-F or Audit; offered Every Spring)
Equivalent courses: was MBT 5150 until 04-SEP-12
Accounting principles and practices underlying preparation of financial statements and additional disclosures. Includes recent pronouncement on financial accounting.
ACCT 5161 - Financial Statement Analysis
(2 cr; Prereq-[5101]; A-F or Audit; offered Every Fall & Spring)
Equivalent courses: was ACCT 5160 until 06-SEP-22
Interpretation/analysis of financial statements. Introduces basic techniques of financial statement analysis and applies them in different settings (e.g., in investment/credit decisions).
ACCT 5181 - Consolidations and Advanced Reporting
(2 cr; Prereq-5101, 5102 recommended, or MBA 6031 (equiv. is also MBA 6030 before course number change in Fall 2022). MBA/Mgmt Sci MBA students must register A/F grade base.; A-F or Audit; offered Every Spring & Summer)
Equivalent courses: was ACCT 5180 until 06-SEP-22, ACCT 6160 (inactive, starting 20-JAN-15)
Theory underlying preparation of consolidated financial statements, as well as mechanical computations needed to prepare statements.
ACCT 5201 - Intermediate Management Accounting
(2 cr; Prereq-CSOM mjr or NONM; ACCT 3001; A-F or Audit; offered Every Fall & Spring)
Equivalent courses: was ACCT 3201 until 08-SEP-15
This course is an in-action course. The course explores the topic of management accounting in greater depth. The course expands introductory course material via special emphasis on decision-making, problem solving skills, and exploration of accounting's role within overall management. The course is an in-action class. We will have a project working on a business case from a firm as the final assessment for the course.
ACCT 5230 - Corporate Taxation I
(2 cr; A-F or Audit; offered Every Spring)
Equivalent courses: was MBT 6231 until 06-SEP-22, was MBT 5230 until 06-SEP-22
Federal income taxation of corporations and shareholders. Organization of a corporation; establishment of its capital structure; determination of its tax liability; dividends and other nonliquidating distributions; stock redemptions, and liquidations.
ACCT 5236 - Introduction to Taxation of Business
(2 cr; Prereq-ACCT major; ACCT 5135; A-F or Audit; offered Every Fall & Spring)
Introduction to the income tax laws governing the taxation of corporations, partnerships, limited liability companies, limited liability partnerships, and S corporations. Students will also increase their knowledge and skills related to tax research by writing research memorandums.
ACCT 5311 - International Accounting
(2 cr; Prereq-CSOM mjr or NONM; ACCT 5101; ACCT 5102 (can be concurrent); A-F or Audit; offered Every Spring)
Equivalent courses: was ACCT 5310 until 06-SEP-22
Causes/history of international differences in design of financial accounting/reporting systems, efforts to harmonize them into worldwide system. Role/impact of currency translation on financial statements. International Accounting Standards, conceptual framework.
ACCT 5333 - Tax Aspects of Consolidated Returns
(2 cr; A-F or Audit; offered Every Spring)
Equivalent courses: was MBT 6333 until 06-SEP-22, was MBT 5333 until 06-SEP-22
Covers aspects of filing consolidated federal income tax returns. Includes determining affiliated groups; election and filing requirements; intercompany transactions, limitations on certain loss and credit carryforwards; allocation of federal income tax liability; E&P and investment basis adjustments; loss allowance rules; and excess loss accounts.
ACCT 5335 - Taxation of the Small Business Corporation
(2 cr; A-F or Audit; offered Every Spring & Summer)
Equivalent courses: was MBT 6335 until 16-MAY-22, was MBT 5335 until 16-MAY-22
Federal income taxation of S corporations. Election eligibility; termination of status; treatment of income and deduction items; distributions, basis of stock and debt. Compensation arrangements in closely held corporations; fiscal year issues; personal service corporations; advantages of C corporations vs. S corporations; corporation liquidation and redemption rules; S corporation?s built-in gains tax.
ACCT 5340 - Taxation of Partners and Partnerships
(2 cr; A-F or Audit; offered Every Spring & Summer)
Equivalent courses: was MBT 6341 until 06-SEP-22, was MBT 5340 until 06-SEP-22
Reviews tax consequences associated with formation, operation, and dissolution of a partnership.
ACCT 5350 - Taxation of Estates and Gifts
(2 cr; A-F or Audit; offered Every Fall, Spring & Summer)
Equivalent courses: was MBT 6351 until 06-SEP-22, was MBT 5350 until 16-MAY-22
Taxation of transfers under federal estate and gift tax laws. Includes property owned by the decedent; retained life estates; transfers taking effect at death; revocable transfers; joint interest; powers of appointment; valuation problems; expenses, debts and taxes; charitable bequests, marital deduction, taxable inter vivos gifts, splitting and credits.
ACCT 5351 - Estate Planning
(2 cr; A-F or Audit; offered Every Fall, Spring & Summer)
Equivalent courses: was MBT 5351 until 04-SEP-12
Addresses various topics related to planning the transfer of property during lifetime and at death.
ACCT 5353 - Income Taxation of Fiduciaries
(2 cr; A-F or Audit; offered Every Fall & Spring)
Equivalent courses: was MBT 6353 until 06-SEP-22, was MBT 5353 until 06-SEP-22
Simple, complex, and revocable trusts; estates; accumulation distributions, income in respect of decedents; trust accounting income and principal; distributable net income; terminations; and excess distributions.
ACCT 5356 - Taxation of Compensation Arrangements
(2 cr; A-F or Audit; offered Every Fall & Spring)
Equivalent courses: was MBT 5356 until 04-SEP-12
Federal income taxation of corporate deferred compensation and fringe benefits with emphasis on pension plans, profit sharing plans, stock option plans, individual retirement accounts, annuities and insurance, medical related compensation benefits, and reporting requirements.
ACCT 5360 - State and Local Taxation
(2 cr; A-F or Audit; offered Every Spring)
Equivalent courses: was MBT 6361 until 06-SEP-22, was MBT 5360 until 06-SEP-22
Examines state levying of individual income, corporate income, property, sales, and excise taxes. Tax problems of businesses with multistate operations.
ACCT 5370 - Taxation of Property Transactions
(2 cr; A-F or Audit; offered Every Fall & Spring)
Equivalent courses: was MBT 6371 until 06-SEP-22, was MBT 5370 until 06-SEP-22
Determining realized gain or loss and recognized gain or loss, and tax treatment of that gain or loss on property dispositions. Consequences of property transactions including depreciation, depletion, basis, and capital gains problems.
ACCT 5380 - Tax Aspects of International Business I
(2 cr; A-F or Audit; offered Every Fall & Spring)
Equivalent courses: was MBT 6381 until 06-SEP-22, was MBT 5380 until 06-SEP-22
Multinational business operations and transactions involving foreign income. Tax consequences of transactions with foreign organizations and by related foreign companies.
ACCT 5381 - Tax Aspects of International Business II
(2 cr; A-F or Audit; offered Every Fall & Spring)
Equivalent courses: was MBT 6382 until 06-SEP-22, was MBT 5381 until 06-SEP-22
Foreign tax credit and Subpart F planning opportunities, international structuring (including joint ventures and use of the new entity classification regulations), transfer pricing, and foreign currency. Recent legislative, regulatory, and judicial developments in the international tax area, and the challenges and opportunities presented by these developments.
ACCT 5390 - Topics in Taxation (Topics course)
(1 cr [max 4]; Student Option; offered Every Fall, Spring & Summer; may be repeated for 24 credits; may be repeated 40 times)
Equivalent courses: was MBT 5390 until 02-SEP-14
Current tax legislation and problems. Topics may vary from quarter to quarter. S/N grading allowed with MBT program approval.
ACCT 5420 - MAcc directed study
(1 cr [max 4]; Prereq-MAcc student; Student Option; offered Every Fall, Spring & Summer; may be repeated for 4 credits)
Internship or directed study in Master of Accountancy degree program.
ACCT 5500 - Business, Government, and Economic Tax Policy
(4 cr; Student Option; offered Every Fall & Spring)
Equivalent courses: was MBT 6501 until 06-SEP-22, was MBT 5500 until 06-SEP-22
Modern macroeconomics and its effects on taxation and public finance including government expenditures. History of taxation and the institution and individuals affecting tax policy. Goals of an effective tax system and various proposed major tax reforms.
ACCT 5900 - Topics in Accounting (Topics course)
(1 cr [max 4]; A-F only; offered Periodic Fall & Spring; may be repeated for 12 credits; may be repeated 3 times)
Topics in Accounting which focus on specialized areas in ACCT that area currently relevant or have importance in the field
ACCT 6075 - Managing the Global Corporate Tax Rate
(2 cr; Prereq-MBA student; A-F only; offered Periodic Summer)
Computation, disclosure, and analysis of worldwide provision for income taxes. Impact of new Administration's tax policy. Comparative corporate income tax systems. Impact of International Financial Reporting Standards. Short-term convergence of international/U.S. accounting standards. Case studies.
ACCT 6102 - Financial Statement Analysis
(2 cr; Prereq-MBA 6031, MBA/Mgmt Sci MBA student; A-F only; offered Every Fall; may be repeated for 4 credits)
Equivalent courses: was ACCT 6100 until 06-SEP-22
Firms communicate their results to various users through financial statements. By developing an understanding about how companies report their economic transactions, financial statement users can better understand the results of those transactions. Financial statements tell the story of a firm and are the basis upon which business decisions are made, so users need the ability to properly analyze the financial statements in order to make accurate decisions regarding the firm?s future. By the end of this course, students should be able to evaluate how a firm?s business strategy translates to the financial statements, recognize potential earnings management, decipher whether a firm?s profitability is sustainable or unsustainable, understand revenue recognition rules and the potential for manipulation, articulate the general accounting rules regarding operating activities for a firm, evaluate how investing and financing activities affect a firm?s health, and utilize financial forecasting to predict how a company will likely perform in the future.
ACCT 6320 - Current Topics in Accounting (Topics course)
(1 cr [max 4]; Prereq-MBA 6130, MBA student; A-F only; offered Periodic Fall & Spring; may be repeated for 4 credits)
Topics vary.
ACCT 6601 - Internal Control
(2 cr; Prereq-MAcc grad major; A-F only; offered Every Fall; may be repeated for 4 credits)
Equivalent courses: ACCT 8001 (inactive, starting 20-JAN-15)
Internal control from management's perspective. Application of COSO Internal Control?Integrated Framework and Enterprise Risk Management?Integrated Framework.
ACCT 6602 - Securities and Exchange Commission (SEC) and Standard Setting
(2 cr; A-F only; offered Every Fall; may be repeated for 4 credits)
Equivalent courses: ACCT 8002 (inactive, starting 20-JAN-15)
Role/organization of Securities and Exchange Commission (SEC) and Public Company Accounting Oversight Board (PCAOB). Compliance with Securities Act of 1933, Securities and Exchange Act of 1934, and Sarbanes-Oxley Act of 2002. Setting/convergence of international/U.S. accounting/auditing standards.
ACCT 6603 - Advanced Auditing
(2 cr; A-F only; offered Every Fall)
Equivalent courses: ACCT 8006 (inactive, starting 20-JAN-15)
Auditing of derivatives, business combinations, fair value instruments, and other accounting topics. Evaluating the discipline of forensic accounting.
ACCT 6604 - Advanced Management Accounting
(2 cr; A-F only; offered Every Fall)
Advanced Management Accounting will expose students to the application of management accounting from a strategic perspective. Students will deepen their knowledge and understanding of management accounting's role in areas such as sustainability, environmental accounting, time-based accounting, including time-based activity-based costing, activity-based management, value chain analysis, business process re-engineering, benchmarking, target costing, product life cycle management, quantifying qualitative improvements and "big data". Via cases and discussion of current articles, students will explore the most current and challenging issues facing management accountants.
ACCT 6606 - Financial Data Analytics
(2 cr; A-F only; offered Every Fall)
The main learning objective of this course is to familiarize students with large-scale financial reporting and capital market information databases and to improve students' quantitative analytical skills in conjunction with these data. We will discuss financial reporting, consumer finance, and corporate governance topics. Students will gain hands-on data analysis experience using Tableau, Excel, and R. Students will learn how to apply scientific research methods to answer questions, present solutions, and discuss limitations. We will provide a brief overview of the concepts of probability and statistical inference. Relying on the above tools and methodology, students enhance their analytical skills and ultimately achieve deeper understanding on issues related to financial reporting, auditing, and capital markets.
ACCT 8801 - Topics in Empirical Research I
(2 cr; Prereq-Business admin PhD student or instr consent; Student Option; offered Every Fall & Spring; may be repeated for 4 credits)
Capital-markets stream of empirical research in accounting. Accounting earnings and stock prices, earnings-based security valuation (theoretical and empirical), estimation of earnings-based risk measures, market anomalies, and related topics from corporate finance. Econometric techniques in market-based empirical research/application to data analysis.
ACCT 8802 - Topics in Empirical Research II (Topics course)
(2 cr; Student Option; offered Every Fall & Spring)
Empirical capital markets research topics course. The course is designed to include current research topics in capital markets that are cutting-edge and topics in the instructor's area of expertise. Topics will vary with each offering.
ACCT 8803 - Topics in Empirical Research III (Topics course)
(2 cr; A-F only; offered Every Fall & Spring)
The course is designed to include current research topics in Empirical Research that are cutting-edge and topics in the instructor's area of expertise. Topics will vary with each offering.
ACCT 8811 - Topics in Information Economics I
(2 cr; Prereq-Business admin PhD student or instr consent; Student Option; offered Periodic Fall & Spring; may be repeated for 4 credits)
Asymmetric information, incentives, and contracts. Moral hazard, adverse selection, reputation, and signaling phenomena. Applications to accounting such as transfer pricing, budgeting, cost allocations, performance measurement, audit pricing.
ACCT 8812 - Topics in Information Economics II
(2 cr; Prereq-Business admin PhD student or instr consent; Student Option; offered Every Fall & Spring; may be repeated for 4 credits)
Information in capital markets; asset pricing with asymmetric information; economics of disclosure and information acquisition.
ACCT 8813 - Topics in Information Economics III
(2 cr; A-F only; offered Every Fall & Spring)
Asymmetric information, incentives, and contracts. Moral hazard, adverse selection, reputation, and signaling phenomena. Applications to accounting such as transfer pricing, budgeting, cost allocations, performance measurement, audit pricing.
ACCT 8821 - Topics in Capital Markets I
(2 cr; Student Option; offered Every Fall & Spring; may be repeated for 4 credits)
Auction markets; price formation in experimental asset markets; experimental studies of information transfer and capital market efficiency; experimental tests of strategic behavior, trust, and reciprocity.
ACCT 8822 - Topics in Capital Markets II
(2 cr; Student Option; offered Every Fall & Spring; may be repeated for 4 credits)
Heuristics and biases in information processing, auditor judgment, mental accounting, and decision aids.
ACCT 8823 - Topics in Capital Markets III
(2 cr; A-F only; offered Periodic Fall & Spring)
PhD seminar course concentrating on current topics in Capital Markets.
ACCT 8831 - Topics in Analytical Research I (Topics course)
(2 cr; Student Option; offered Every Fall & Spring)
The course is designed to include current analytical research topics that are cutting-edge and topics in the instructor's area of expertise. Topics will vary with each offering.
ACCT 8832 - Analytical Research Topics II
(2 cr; Student Option; offered Every Fall & Spring)
The course is designed to include current analytical research topics that are cutting-edge and topics in the instructor's area of expertise. Topics will vary with each offering.
ACCT 8833 - Topics in Analytical Research III
(2 cr; A-F only; offered Periodic Fall & Spring)
PhD seminar course focusing on current topics in Analytical Research
ACCT 8892 - Readings in Accounting
(1 cr [max 8]; Prereq-Business admin PhD student or instr consent; Student Option; offered Every Fall, Spring & Summer; may be repeated for 16 credits; may be repeated 16 times)
Readings appropriate to an individual student's program or objectives that are not available in regular courses.
ACCT 8894 - Research in Accounting
(1 cr [max 8]; Prereq-Business admin PhD student or instr consent; Student Option; offered Every Fall, Spring & Summer; may be repeated for 16 credits; may be repeated 16 times)
Individual research on an approved topic appropriate to student's program and objectives.

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