Accounting (M.S.) - Graduate - 2015 University Catalog

Our MS in Accounting program (33 credits), accredited by the Association to Advance Collegiate Schools of Business (AACSB), helps students develop strong, comprehensive functional and technical skills as well as a specialized, in-depth understanding of the complexities of current accounting, auditing and tax practice. Classroom learning is immediately transferrable to the job and also prepares students to sit for the New Jersey CPA examination.

Students will benefit from the partnership between Becker CPA Review and Montclair State. To better prepare students for the CPA exam, the Department of Accounting, Law and Taxation has negotiated a substantial discount for students interested in taking the Becker CPA review course. This course is offered on the Montclair State University campus starting every June through October on Saturdays only. This course is only for Montclair State students.

As part of the program you may choose to take the forensic track which is listed as the end of the course descriptions. All of these credits must be taken as shown. All 33 credits must be taken as shown. There are no electives. Upon completion you will also receive a certificate in forensic accounting. 

ADMISSIONS

An application to MS in Accounting program requires:

  • One official copy of the academic transcript from each college and/or university attended, documenting an earned undergraduate degree with a major or concentration in Accounting.
  • Official scores from the Graduate Management Admission Test [GMAT].
  • A statement of professional objectives.
  • Two (2) letters of recommendation, from persons qualified to evaluate the applicant's promise of academic achievement and potential for professional growth.
  • A non-refundable application fee.
  • A current resume is not required, but applicants are encouraged to include one.

DEADLINES

Credentials are processed as soon as they are received. This program does not have a specific deadline; however, The Graduate School recommends that students submit their credentials as far in advance as possible from the semester they plan to begin their studies to ensure a timely review of their application.

Students are admitted to begin courses in the MS in Accounting in both Fall and Spring semesters, but applications are processed throughout the year. We encourage you to apply well in advance of the term in which you plan to begin your studies, to ensure there is time for a comprehensive review of all your credentials.


ACCOUNTING

Complete 33 semester hours including the following 3 requirement(s):

  1. REQUIRED CORE COURSES

    Complete the following for 15 semester hours:

    ACCT 506 Internal Auditing (3 hours lecture) 3
    ACCT 514 Advanced Taxation for Accountants (3 hours lecture) 3
    ACCT 523 Financial Statement Analysis (3 hours lecture) 3
    ACCT 540 International Accounting and Auditing (3 hours lecture) 3
    BSLW 503 Business Law I (3 hours lecture) 3
  2. REQUIRED TRACK

    Complete 1 required track from the following:

    1. ACCOUNTING TRACK

      1. Complete .

        ACCT 508 Governmental and Not For Profit Accounting (3 hours lecture) 3
      2. Complete 12 semester hours from the following list.

        ACCT 510 Accounting Information Systems (3 hours lecture) 3
        ACCT 525 International Taxation and International Management Accounting (3 hours lecture) 3
        ACCT 526 Fraud Examination (3 hours lecture) 3
        ACCT 527 Forensic Accounting (3 hours lecture) 3
        BSLW 504 Business Law II (3 hours lecture) 3
    2. FORENSIC ACCOUNTING TRACK

      Complete the following for 15 semester hours:

      ACCT 510 Accounting Information Systems (3 hours lecture) 3
      ACCT 526 Fraud Examination (3 hours lecture) 3
      ACCT 527 Forensic Accounting (3 hours lecture) 3
      ACCT 528 Business Valuation (3 hours lecture) 3
      BSLW 506 Legal Issues in Forensic Accounting (3 hours lecture) 3
  3. CULMINATING EXPERIENCE

    Complete for 3 semester hours.

    ACCT 542 Comprehensive Issues in Public Accountancy (3 hours lecture) 3

Course Descriptions:

ACCT506: Internal Auditing (3 hours lecture)

This is an introductory course in internal auditing. Emphasis is placed on introducing the importance of the internal audit function in today's business environment. Different types of internal audits are presented with an emphasis on operational audits, risk assessment and assisting management in achieving its objectives. Career opportunities for internal auditors are explored. 3 sh.

Prerequisites: ACCT 520 or undergraduate degree with concentration in accounting. Starting Winter 2016: None.

ACCT508: Governmental and Not For Profit Accounting (3 hours lecture)

This course reviews the accounting and reporting concepts, standards and procedures applicable to the Federal government, state and local governments and not-for-profit institutions such as universities and hospitals. 3 sh.

Prerequisites: M.B.A. or M.S. in Accounting degree students only.

ACCT510: Accounting Information Systems (3 hours lecture)

Examines the theory and practice of developing and maintaining accounting based information systems. Systems development techniques, system control and documentation are emphasized. Transactional, data-based distributive and electronic data exchange concepts are developed. The auditing of computer based systems is structured. 3 sh.

Prerequisites: ACCT 530 and INFO 503; or undergraduate degree with concentration in accounting; M.B.A. or M.S. in Accounting degree students only. Starting Winter 2016: ACCT 530; or undergraduate degree with concentration in accounting; M.B.A. or M.S. in Accounting degree students only.

ACCT514: Advanced Taxation for Accountants (3 hours lecture)

The purpose of this course is to further expand on the basic concepts presented in "Basic Taxation for Accountants." Formation, operation and dissolution of sole proprietorships, C Corporations, S Corporations, and Partnerships are discussed. Coverage also includes limited liability entities, alternative minimum tax calculations for individuals and corporations related party transactions, estate and gift tax, fiduciary accounting, tax planning and ethics. 3 sh.

Prerequisites: ACCT 512 or undergraduate degree with concentration in accounting; M.B.A. or M.S. in Accounting students only. Starting Winter 2016: Undergraduate degree with concentration in accounting; M.B.A. or M.S. in Accounting students only.

ACCT523: Financial Statement Analysis (3 hours lecture)

From an accounting perspective, an in-depth discussion and analysis of financial statements as a basis for valuation of the firm. The real performance of the companies under consideration will be determined as students learn to decode information contained in corporate annual reports. The course leads to the ability to evaluate critically the key issues affecting a company's valuation and operations utilizing accounting information. In addition, the valuation techniques introduced provide the opportunity for statistical modeling and empirical testing of the valuation procedures with accounting data. 3 sh.

Prerequisites: ACCT 530 and FINC 501, or undergraduate degree with concentration in Accounting; M.B.A. or M.S. in Accounting degree students only. Starting Winter 2016: ACCT 530 or undergraduate degree with concentration in Accounting; M.B.A. or M.S. in Accounting degree students only.

ACCT525: International Taxation and International Management Accounting (3 hours lecture)

This course deals with the impact of international taxation on U.S. multinational corporations doing business abroad, foreign corporations doing it in the U.S., the U.S. residents working abroad, and nonresident aliens working in the U.S. It further concerns the tax rules for controlled foreign corporations and foreign sales corporations. The course also studies the aspects of international management accounting. It investigates the inflation accounting system in the world and the performance evaluation in multinational corporations. In addition, it covers the transfer pricing methods and investment analysis for multinational corporations. Related professional pronouncements and Internal Revenue Codes are integrated into the course content. 3 sh.

Prerequisites: ACCT 530 and ACCT 502, or undergraduate degree with concentration in Accounting; M.B.A. or M.S. in Accounting degree students only. Starting Winter 2016: ACCT 530 or undergraduate degree with concentration in Accounting; M.B.A. or M.S. in Accounting degree students only.

ACCT526: Fraud Examination (3 hours lecture)

The course will cover the principles to be followed and techniques to be adopted to detect and prevent fraud especially in corporate context. Students will gain knowledge and ability to decipher the presence of fraud. Students will learn how to analyze and implement various types of fraud prevention and detection procedures. The course will provide a broad understanding of several major related topics such as skimming, larceny, billing schemes, check tampering, payroll schemes, corruptions and fraudulent financial statements, interviewing witnesses and occupational fraud and abuse. 3 sh.

Prerequisites: Undergraduate degree in Accounting.

ACCT527: Forensic Accounting (3 hours lecture)

The roles, responsibilities, and requirements of a fornesic accountant in the litigation environment. Emphasis on how to review, detect, and investigate possible financial statement concerns of public and private companies. Topics covered include: elements of financial statement fraud; management's and auditor's responsibilities, financial statement red flags, earnings management, and investigative strategies. Actual litigation and fraud cases will be discussed to highlight the evolving roles of forensic accountants. 3 sh.

Prerequisites: Undergraduate degree in Accounting.

ACCT528: Business Valuation (3 hours lecture)

This course provides an in-depth discussion and analysis of the financial statements of companies in order to determine the fair market value of a firm. The fair market value of the companies studied will be estimated by students as they learn to de-code information contained in financial statements. The course focuses on the ability to critically evaluate the key drivers affecting a company's value utilizing accounting information. In addition, the business valuation techniques introduced provide the opportunity for empirical testing of the valuation procedures using accounting data. 3 sh.

Prerequisites: Undergraduate degree with concentration in Accounting; MBA or MS in Accounting degree students only.

ACCT540: International Accounting and Auditing (3 hours lecture)

This course deals with the measurement of operating results and financial position of multinational corporations involving transactions with foreign currencies. It focuses on the system of foreign exchange markets and the transaction gains or losses due to changes in foreign exchange rates. It teaches the techniques of foreign currency translations. It concerns the foreign exchange risk management in hedging activities. The course specifically investigates the risk aversion tool of forward exchange contracts. It also explores international accounting standards and accounting systems in other countries and the current developments in the harmonization process. Finally the course will focus on the role of internal and external auditing in the international context. 3 sh.

Prerequisites: ACCT 530 and ACCT 502; or undergraduate degree with concentration in Accounting; M.B.A. or M.S. in Accounting degree students only. Starting Winter 2016: ACCT 530 or undergraduate degree with concentration in Accounting; M.B.A. or M.S. in Accounting degree students only.

ACCT542: Comprehensive Issues in Public Accountancy (3 hours lecture)

This course is an overall and extensive review of the current development in the accounting profession, particularly in the financial accounting area. It is an in-depth study of financial accounting standards to date and deals with other contemporary issues in public accountancy. The course is intended to update the knowledge required for the uniform Certified Public Accountants (CPA) examination in the area of financial accounting and reporting. The course is very broad in scope and yet intensive in specifics, with an objective of reviewing a wide range of topics, such as pensions, leases, financial derivatives, comprehensive income, income tax allocation, bonds payable, cash flow statements, earnings per share, consolidation of financial statements, and other contemporary areas in financial accounting that are covered in the uniform CPS exam. 3 sh.

Prerequisites: Baccalaureate degree in accounting.

BSLW503: Business Law I (3 hours lecture)

The course introduces the student to the legal and regulatory environment of business and studies the law of contracts, agency and partnerships. 3 sh.

Prerequisites: M.B.A. or M.S. in Accounting degree students only.

BSLW504: Business Law II (3 hours lecture)

The course introduces the student to the law of corporations, commercial paper, bailments, sales and secured transactions. 3 sh.

Prerequisites: BSLW 503. MBA degree students only.

BSLW506: Legal Issues in Forensic Accounting (3 hours lecture)

This course provides an introduction to the legal environment surrounding the Forensic Accounting profession. Law enforcement and civil authorities use Forensic Accountants to assess the extent of an alleged fraud that has taken place and to bring those responsible to justice. Forensic Accounts are frequently called upon to provide expert testimony on fraud and accounting-related matters. This course primarily focuses upon how the Forensic Accountant is used as an expert witness and the various business crimes that a practitioner of Forensic Accounting may be hired to investigate. The course is designed for Forensic Accounting students and students who are interested in working in the financial services industry. 3 sh.

Prerequisites: Undergraduate degree in Accounting.

The Forensic Accounting track in the Master of Science in Accounting prepares students and practicing accountants with the proficiencies needed in this specialized field: Students and professionals completing this program will:

  • Understand fraud prevention, detection and response and financial statement misrepresentation.
  • Be able to understand economic and commercial damages calculations, critically examine the valuation of companies within a litigation environment.
  • Demonstrate an understanding of technical issues such as bankruptcy, dispute resolution and matrimonial accounting.

The academic program consists of eleven courses that are to be delivered in either in a face to face or hybrid format that makes extensive use of the University‚Äôs instructional design services. The courses in this proposed program can be taken in any order and will be offered once each academic year.  

Students graduating from this track will also receive a Certificate in Forensic Accounting.