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USC Leventhal School of Accounting

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he Leventhal School of Accounting is dedicated to maintaining a leadership position in accounting education and research. We are committed to educational programs that seek to establish in each graduate the potential for career development into the high-

est executive levels of public accounting, controllership, financial management and management of accounting information systems. The accounting curriculum explores not only the state of the art but also seeks to explore the accounting discipline’s future structures and directions. Relevant concepts and techniques from other academic disciplines are drawn upon and integrated into all accounting programs. Accounting education has been an integral part of USC since 1920, when the Department of Accounting offered a Bachelor of Science degree in business administration with an emphasis in accounting. The Leventhal School of Accounting was established in 1979, joining less than a dozen other leading institutions in the nation emphasizing formal professional accounting education. The Leventhal School of Accounting continues to rank as one of the premier AACSB-accredited accounting programs in the nation.

Recent economic developments have emphasized the importance of good financial stewardship. The USC Levanthal School of Accounting, long ranked as one of the nation’s top five accounting programs, teaches students such as Chasen Goudeau and Amaka Obiesie the critical thinking necessary for effective and responsible work.

Currently the Leventhal School of Accounting undergraduate program offers a Bachelor of Science, Accounting degree within which a student may choose the accounting track, the accounting information systems track or the graduate track. Honors students may be eligible for admission to the progressive degree, an efficient way to complete both undergraduate and graduate degrees. An accounting minor is also offered to students outside the Marshall School of Business. The graduate programs include a Master of Accounting, a Master of Business Taxation and, in conjunction with the Law School, a Juris Doctor/Master of Business Taxation. A Ph.D. degree with an accounting major is offered through the doctoral program in the Marshall School of Business.

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USC Leventhal School of Accounting Accounting 101 (213) 740-4838 FAX: (213) 747-2815 Email (graduate students): [emailprotected]; (undergraduate students): [emailprotected] marshall.usc.edu/lsoa

Deloitte & Touche LLP Chair in Accountancy: Kenneth A. Merchant, Ph.D., C.P.A.

Charles W. Swenson, Ph.D., C.P.A.; S. Mark Young, Ph.D.

Arthur Andersen & Co. Alumni Associate Professor of Accounting: Mingyi Hung, Ph.D.

Associate Professors: John J. Barcal, J.D., C.P.A.; Mingyi Hung, Ph.D.; James G. Manegold, Ph.D.; Robert H. Trezevant*, Ph.D.; Shiing‑Wu Wang, Ph.D.

Administration

Randolph P. Beatty, Ph.D., C.P.A., Dean

Ernst & Young Professor of Accounting: William W. Holder, D.B.A., C.P.A.

James G. Manegold, Ph.D., Associate Dean, Academic Affairs

KPMG Foundation Professor of Accounting: K.R. Subramanyam, Ph.D.

Shirley Maxey, M.A., Associate Dean, Master’s Programs

Pricewaterhouse Coopers Professor of Auditing: Zoe‑Vonna Palmrose, Ph.D., C.P.A.

Mildred G. Penner, M.A., Assistant Dean, Undergraduate Programs

USC Accounting Associates Professor of Accounting: Sarah E. Bonner, Ph.D., C.P.A.

Faculty

Professors: Jerry L. Arnold, Ph.D., C.P.A.; Randolph P. Beatty, Ph.D., C.P.A.; Sarah E. Bonner, Ph.D., C.P.A.; Mark L. DeFond, Ph.D., C.P.A.; Michael A. Diamond, Ph.D., C.P.A.; William W. Holder, D.B.A., C.P.A.; Thomas W. Lin, Ph.D., C.M.A.; Kenneth A. Merchant, Ph.D., C.P.A.; Daniel E. O’Leary, Ph.D., C.P.A., C.I.S.A.; Zoe-Vonna Palmrose, Ph.D., C.P.A.; K.R. Subramanyam, Ph.D.;

Alan Casden Dean’s Chair at the Leventhal School of Accounting: Randolph P. Beatty, Ph.D., C.P.A. George Bozanic and Holman G. Hurt Chair in Sports and Entertainment Business: S. Mark Young, Ph.D.*

Joseph A. DeBell Professor of Business Administration: Mark L. DeFond, Ph.D., C.P.A.

Assistant Professors: David Erkens, Ph.D.; Yaniv Konchitchki, Ph.D.; Yuri Loktionov, Ph.D.; David Maber, Ph.D.; Tatiana Sandino, Ph.D.; Jieying Zhang, Ph.D. Professors of Clinical Accounting: Ruben A. Davila, M.B.A., C.P.A.; Chrislynn Freed, M.B.A.*, C.P.A.; Merle Hopkins, Ph.D.*; Cecil W. Jackson, Ph.D.; Joseph L. Keller, M.S.; Rose M. Layton, M.Acc., C.P.A.*; Shirley Maxey, M.A.; Patricia Mills, J.D., L.L.M.; Leslie R. Porter, Ph.D.; Robert S. Roussey, B.S., C.P.A.; Robert Scharlach, B.S., C.P.A.; Bob Shames, M.B.A., C.P.A.; Kendall Simmonds, M.B.A., C.P.A.* Emeritus Professors: Theodore J. Mock, Ph.D.; Anelise N. Mosich, Ph.D., C.P.A.; Rodolph H. Redmond, J.D.; E. John Larsen, D.B.A., C.P.A. *Recipient of university-wide or school teaching award.

Degree Programs Undergraduate Degree

Bachelor of Science, Accounting The USC Leventhal School of Accounting offers the Bachelor of Science, Accounting (B.S.) degree designed to prepare students for entry into the professional program leading to a Master of Accounting degree. The under‑ graduate curriculum also provides a general background in business necessary for entry into the accounting profession. There are three tracks from which students can choose: the accounting track, the accounting informa‑ tion systems track or the graduate track. The graduate track is for USC B.S., Accounting students who plan to apply to the Leventhal School of Accounting’s Master of Accounting or Master of Business Taxation programs. Graduate Degrees

Master of Accounting The Master of Accounting (M.Acc.) program provides an integrated curriculum designed to prepare graduates for careers in professional accounting, public accounting, industry and government. Students have the opportunity to study accounting in greater depth than in undergraduate accounting programs or M.B.A. programs with concentrations in accounting. Students have flexibility in course choices to reflect their career goals.

Admission does not require an undergraduate degree in accounting or business, nor is work experience a requirement. For students with an undergraduate degree in accounting the program requires 30-36 units for completion; for non-accounting students the program requires 45‑54 units. Master of Business Taxation This specialized program in taxation requires 30-51 units (depending on undergraduate background) and is offered to full- or parttime students and leads to the Master of Business Taxation (M.B.T.). The program is designed for accountants, attorneys and oth‑ ers who wish to learn or improve skills and knowledge through participation in advanced tax study. This group may be engaged in tax practice, in business management or in gov‑ ernment administration. Juris Doctor/Master of Business Taxation The USC Gould School of Law and the Leventhal School of Accounting offer this dual degree program. Admission to the J.D. program offered by the Law School is

required before applying to the M.B.T. pro‑ gram offered by the Leventhal School of Accounting. Master of Business Administration The Master of Business Administration (M.B.A.) with an optional accounting con‑ centration, offered by the Marshall School of Business is also serviced by the Leventhal School of Accounting. For additional informa‑ tion, consult the Marshall School of Business section in this catalogue. Doctor of Philosophy The Marshall School of Business offers the Doctor of Philosophy (Ph.D.) degree in ­conjunction with the Graduate School. A student electing to major in accounting may design a research program that empha‑ sizes auditing, financial accounting, informa‑ tion systems, management accounting and taxation. More information on the doctoral program is available in the Marshall School of Business section of this catalogue, or con‑ tact the doctoral office at (213) 740-0674 or the director of doctoral studies in accounting at (213) 740-4838.

Undergraduate Degree

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Undergraduate Degree Bachelor of Science, Accounting The USC Leventhal School of Accounting offers the Bachelor of Science, Accounting (B.S.) degree designed to prepare students for entry into the professional program lead‑ ing to a Master of Accounting degree. The undergraduate curriculum also provides a general background in business necessary for entry into the accounting profession. There are three tracks which students can choose: the accounting track, the accounting informa‑ tion systems track or the graduate track. Admission

Students may be admitted to the program as incoming freshmen, as USC undergradu‑ ates transferring from another major or as students transferring from another college or university. Admission to Marshall is depen‑ dent on admission to the university and on academic performance, particularly in quan‑ titative areas. USC students who have not been admitted to the major or the minor in the Marshall School of Business and/or the ­Leventhal School of Accounting may com‑ plete a maximum of 12 units from the Mar‑ shall School of Business and/or the Leventhal School of Accounting. No further course work may be taken unless a student is admitted. Marshall Honors

Marshall Honors is available upon gradua‑ tion to majors in business administration or accounting and results in a special designa‑ tion of departmental honors on a student’s transcript. Achievement of Marshall Honors requires completion of BUAD 491 Honors Seminar (2 units) and maintenance of a mini‑ mum GPA of 3.5 in upper division Marshall School of Business and Leventhal School of Accounting courses. To enroll in BUAD491, students must have senior standing, a mini‑ mum overall GPA of 3.3 and completion of at least 32 units of upper division BUAD courses with a minimum GPA of 3.5. For additional information, contact the Marshall School of Business Office of Undergraduate Advising, Bridge Hall 104, (213) 740-0690.

Bachelor of Science, Accounting, Degree Tracks: Accounting Track, Accounting Information Systems Track and Graduate Accounting Track

Bachelor of Science, Accounting students choose the accounting track, the accounting information systems track or the graduate accounting track. The accounting track is geared toward accounting or auditing in, for example, industry, government or notfor-profit entities. The accounting informa‑ tion systems track focuses on the design, implementation and utilization of accounting information systems. The graduate account‑ ing track is for students planning to continue their undergraduate education in the Master of Accounting program or the Master of Business Taxation program. For all tracks, the B.S., Accounting is a 128-unit program. Advisement

Academic advisement is provided through the Leventhal School of Accounting Student Ser­ vices Office in Accounting 101, (213) 740-4838. Pre-business and business students will be required to meet with an academic advisor before registering and this requirement will be in effect until 24 USC units are completed. However, all students are encouraged to see an academic advisor on a regular basis. A record of each student is kept on file. Appointments for advisement may be sched‑ uled at most times during the academic year. However, during busy times such as the pre‑ registration, registration and drop/add periods, advisors may be available on a walk-in basis only. Leventhal Undergraduate Student Services and Marshall Undergraduate Student Services offer students assistance in networking, find‑ ing internships, resume writing, interviewing techniques and other career related issues. Transferring College Credit

College Courses USC has established articulation agreements with most community colleges throughout California. Most academic courses are accept‑ able for transfer credit from a two-year school, but students may not receive credit for ­specialized, technical or remedial courses.

Courses that do not appear on the articulation agreement are not transferable. A maximum of 64 semester units may be transferred. Check with the Degree Progress Department (JHH 010) for questions about transferable courses or see a counselor in Accounting 101. Official transcripts of college work taken elsewhere must be submitted, at the time of application, to the USC Office of Admission. A credit evaluation will be completed which will list transfer courses accepted for credit. All business courses completed at a two-year college, if transferable, will be considered elective credit. There is one exception to this policy. Students may transfer two semesters of introductory accounting and receive credit equivalent to one semester of introductory accounting at USC. Then students can register for BUAD 305 Abridged Core Concepts of Accounting Information and complete their accounting course requirement in one semester at USC. In this case, students would not be required to take BUAD 280 and BUAD 281. Four Year Colleges Most courses are acceptable for unit credit from all fully accredited four-year institutions. If the courses do not satisfy specific subject requirements at USC, they will be accepted for elective course credit. Students are urged to complete all their required business administration courses at USC. All business courses from four-year institutions, if transferable, will be considered elective credit unless a challenge examina‑ tion is passed. Only core classes, with the exception of BUAD 497, may be challenged. Students should consult with an academic advisor in Bridge Hall 104 to initiate the chal‑ lenge examination process.

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Grade Point Average Prerequisites for Transfer Students

major in the Leventhal School of Accounting. Exceptions to this policy may be granted only in unusual circumstances by the Academic Standards Committee of the Leventhal School of Accounting. Decisions of the Academic Standards Committee are final.

Transfer students are required to meet the following grade requirements to be admit‑ ted to the Leventhal School of Accounting. An average grade of B in the two transferred accounting courses and BUAD 305 (with no grade lower than B-). Grades in accounting courses taken at other institutions will only be considered in meeting the admission require‑ ment for the Leventhal School of Accounting. Once a transfer student completes a mini‑ mum of two accounting courses at USC, the student’s accounting grades at the prior institution will no longer be considered in determining whether the student meets the 2.5 grade point average standard (see Grade Point Average Prerequisites following). In the computation of grade point averages for accounting courses taken at other colleges or universities, the courses will be weighted in terms of the number of units provided for the equivalent USC accounting courses. Grade Point Average Prerequisites

The following are grade point average pre‑ requisites for any undergraduate student enrolled in any accounting course. Individual instructors may not waive these standards: (1)an average grade of B or better in BUAD 280 and BUAD 281 with no grade lower than a B- (transfer students see previous section); and (2) a minimum 2.5 grade point average (A = 4.0) for all accounting courses taken previously. In meeting the B average required in BUAD 280 and BUAD 281, only one of the courses may be repeated. If the repeated course grade is higher, that grade will be considered in determining whether the student meets the B average, and the original course grade will be disregarded by the Leventhal School of Accounting in the administration of its grade point average requirements. See Repeated Course Work at USC for further restrictions on including grades in repeated courses in the overall university grade point average computation. In computing grade point average prerequi‑ sites, BUAD 280, BUAD 281 or BUAD 305x, and BUAD 302T will be considered account‑ ing courses. When a student’s cumulative accounting grade point average falls below 2.5, the student is placed on probation. If a student on probation does not regain a minimum accounting cumulative GPA of 2.5 after completing the next 12 semester hours in all courses (including accounting units) attempt‑ ed within the university, that student will not be permitted to continue as an accounting

To be removed from probationary status, a student may elect to take another account‑ ing course or courses for which prerequisites are met or to repeat an accounting course or courses in an attempt to earn a higher grade. Regardless of the course of action taken, all courses completed will be counted in com‑ puting the cumulative accounting grade point average. A grade of “W” in an accounting course taken while on probation will not extend probation. The probation period ends at the end of that semester during which the student completes a cumulative total of 12 semester hours of courses in any subject(s) at the university. Under no conditions will the student be per‑ mitted more than two successive semesters, including the summer semester, to complete the 12 semester hours of courses. Graduation Standard Students must attain a minimum 2.5 cumu‑ lative accounting grade point average (A = 4.0) to graduate with a Bachelor of Science, Accounting degree. USC Core Requirements

All USC undergraduates take the USC Core, which comprises the general education, the writing, and the diversity requirement. The general education program provides a coher‑ ent, integrated introduction to the breadth of knowledge you will need to consider yourself (and to be considered by other people) a generally well-educated person. The general education program requires six courses in different categories. The writing program requires two courses: WRIT 140 and WRIT 340. The diversity requirement is met by pass‑ ing any one course with the “m” designation. See page61 and page 241 for more informa‑ tion. In addition, a total of 60 units of nonbusiness course work is required for the B.S. Accounting degree. Business Foundation Requirements

All students in the Leventhal School account‑ ing undergraduate degree program take busi‑ ness foundation courses that focus on neces‑ sary analytic skills and theoretical knowledge in math, statistics, accounting and economics. Fundamental knowledge of the functional business disciplines and the strategic interplay among them completes the business core.

ACCOUNTING/BUSINESS FOUNDATION COURSES

UNITS

BUAD 280 Accounting I BUAD 281 Accounting II BUAD 302T** Business Communication for Accountants BUAD 304 Leading Organizations BUAD 306 Business Finance BUAD 307 Marketing Fundamentals BUAD 310 Applied Business Statistics BUAD 311 Operations Management BUAD 497 Strategic Management ECON 251x Microeconomics for Business ECON 252x Macroeconomics for Business MATH 118x* Fundamental Principles of the Calculus (MATH 125 Calculus I may be substituted)

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*Placement into MATH 118x is contingent on successful completion of MATH 117 or obtaining an acceptable score on the math placement exam or AP calculus or IB mathematics exam. **If an accounting student has already completed the course in a section not designated for accounting majors, he or she must check with an academic advisor in the Leventhal School of Accounting for advisement.

All prerequisites for business and all account‑ ing and business courses must be taken for a letter grade. A maximum of 24 units of undergraduate course work taken on a pass/no pass basis may be used toward the B.S., Accounting degree. No more than four units of credit (or one course) counting toward the general educa‑ tion categories may be taken on a pass/no pass basis. The writing course cannot be taken on a pass/no pass basis. The Bachelor of Science, Accounting degree includes the following required accounting courses in addition to the accounting/business foundation courses listed above. REQUIRED ACCOUNTING COURSES

UNITS

Courses required for the accounting track, the accounting information systems track and the graduate accounting track ACCT 370 External Financial Reporting Issues 4 ACCT 371ab Introduction to Accounting Systems 2-2 ACCT 372 Internal Reporting Issues 2 ACCT 373 Introduction to Assurance Services 2 ACCT 374 Introduction to Tax Issues 2

Graduate Degrees

Elective Courses for the Accounting Track Choose four of the following two-unit courses: ACCT 416 Financial Reporting and Analysis ACCT 462 Detecting Fraudulent Financial Reporting ACCT 463 Internal Audit ACCT 470ab Advanced External Financial Reporting Issues ACCT 471 Accounting Information Systems ACCT 472 Managerial Accounting ACCT 473 Financial Statement Auditing ACCT 474 Tax Issues for Business ACCT 475 Systems Security and Audit ACCT 476 Performance Measurement Issues Required Courses for the Accounting Information Systems Track ACCT 478 Accounting Systems Design ACCT 479 Accounting Systems Development

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Required Courses for the Graduate Accounting Track ACCT 470ab Advanced External Financial Reporting Issues 2-2 ACCT 473 Financial Statement Auditing 2 ACCT 474 Tax Issues for Business 2

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Accounting Minor

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A minor in accounting is available to students in all schools and departments except the Marshall School of Business. The minor pro‑ vides the opportunity for non-business majors to gain an understanding, from the perspec‑ tive of the user of accounting information, of how accounting is used in the business world. To be approved for the accounting minor, students must have completed a minimum of 32 units of college-level courses and attained a minimum GPA of 2.75. Successful comple‑ tion of the 22 units for the accounting minor requires a minimum GPA of 2.0 in the follow‑ ing courses:

4 COURSE REQUIREMENTS

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UNITS

ACCT 410x Foundations of Accounting 4 ACCT 415x Intermediate Financial Accounting for NonAccounting Majors 4 BUAD 200x* Economic Foundations for Business 2 BUAD 215x Foundations of Business Finance 4

Choose two of the following courses: ACCT 416** Financial Reporting and Analysis 2 ACCT 417** Advanced Financial Accounting for Non-Majors 2 ACCT 418x Accounting for Management Decisions 2 ACCT 419x Understanding Accounting Information Systems 2 ACCT 420x Understanding Income Tax 2 ACCT 462** Detecting Fraudulent Financial Reporting 2 ACCT 499 Special Topics 2 Choose one of the following courses: BUAD 302 Communication Strategy in Business BUAD 304 Leading Organizations BUAD 307 Marketing Fundamentals BUAD 311 Operations Management FBE 400x Introduction to Real Estate Finance and Development FBE 403 Legal Environment of Business

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*Students who have taken ECON 203 or ECON 251 and ECON 205 or ECON 252 will be waived out of BUAD 200x. **Prerequisite ACCT 415x

Graduate Degrees The USC Leventhal School of Accounting offers two graduate degrees: the Master of Accounting (M.Acc.) and the Master of Business Taxation (M.B.T.). The M.Acc. program provides an integrated curriculum designed to prepare graduates for careers in professional accounting, public accounting, industry and government. Through its inte‑ grated curriculum, students have the oppor‑ tunity to study accounting in greater depth than in undergraduate accounting programs or M.B.A. programs with concentrations in accounting. The M.B.T. program provides in-depth specialization in taxation to prepare the student for a successful career as a tax professional. The Leventhal School of Accounting also offers the dual Juris Doctor/Master of Business Taxation (J.D./M.B.T.) degree pro‑ gram in conjunction with the USC Gould School of Law. The combination of broad legal education with detailed tax specializa‑ tion prepares graduates for fast-track careers in law and accounting tax practices.

The Marshall School of Business offers the Doctor of Philosophy (Ph.D.) degree in con‑ junction with the Graduate School. A student electing to major in accounting may design a research program that emphasizes auditing, financial accounting, information systems, management accounting or taxation. For more information on the doctoral program, see the Marshall School of Business section of this catalogue, page 165, or contact the doctoral office at (213) 740-0670 or the direc‑ tor of Doctoral Studies in Accounting at (213) 740-5025. Admission to Master’s Programs

The Leventhal School of Accounting seeks individuals who have the potential for out‑ standing achievement in accounting or taxa‑ tion. The Admissions Committee takes into consideration the candidate’s academic record, the Graduate Management Admission Test (GMAT), the professional resume, recommen‑ dation letters and written essays. Candidates are reviewed on the merits of their application

and the merits of the applicant pool for the semester in which they seek admission. Applicants to the full-time programs are not required to have any previous work experi‑ ence. Applicants to the part-time M.B.T. pro‑ gram are required to have a minimum of one year full-time professional experience in tax after receiving an undergraduate degree. Application to the Programs

To ensure a place in a program and adequate time to receive an admission decision, it is important to submit completed applica‑ tion materials to the Leventhal School of Accounting Master’s Programs Admissions Office through the online application system well in advance of the term in which the applicant wishes to register. If work is still in progress, the applicant should state specifi‑ cally what courses are in progress and an esti‑ mated completion date.

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For all programs, an admission decision can‑ not be made without the following: (1) a com‑ pleted USC Leventhal School of Accounting online graduate application (available at www.marshall.usc.edu/leventhal/grad); (2) an application fee of $85; (3) one official tran‑ script from the registrar of each college or university attended (undergraduate and/ or postgraduate) whether course work was completed or not. If all college or postgradu‑ ate work has not been completed, transcripts must be requested when work in progress is completed and degree is earned; (4) two letters of recommendation from faculty mem‑ bers or employers; (5) a written essay, not to exceed two pages, describing your career plans and how a M.Acc. or M.B.T. degree will help you achieve these plans; (6) a professional resume summarizing your back‑ ground; (7) an official Graduate Management Admission Test (GMAT) score report or, for J.D./M.B.T. applicants or attorneys, an official Law School Admission Test (LSAT) score report; and (8) an interview.

Progressive Degree Programs: Bachelor of Science, Accounting/Master of Accounting and Bachelor of Science, Accounting/Master of Business Taxation

Interviews are required for all qualified applicants to the full-time M.Acc. and M.B.T. programs. If you live outside of the U.S., tele‑ phone interviews are required. The graduate admissions advisor will contact applicants to discuss scheduling an interview after an application is complete. Following the requirements noted above, applicants for the J.D./M.B.T. dual degree program should apply to the Leventhal School of Accounting for admission to the M.B.T. program in the second semester of their first year in the USC Gould School of Law. In addition, current Law School tran‑ scripts and a “letter in good standing” from the registrar of the Law School must be sub‑ mitted as part of the application. The same Leventhal School of Accounting admission criteria apply to the M.B.T. portion of the J.D./M.B.T. program. International Students

In addition to the application process men‑ tioned above, international students must submit results from the Test of English as a Foreign Language (TOEFL) or from the Pearson Test of English Academic (PTE Academic). A letter of financial support is also required. Transcripts from international universities must be submitted in the original language, as well as in English. The transcripts may have either percentile grades or letter grades.

The Leventhal School of Accounting offers students who have demonstrated exceptional academic success in undergraduate account‑ ing the opportunity to earn both the Bachelor of Science, Accounting, and a master’s degree in five years. Applicants to the program must have completed 64 units of course work and must submit their applications before com‑ pleting 96 units of course work. AP units, IB units and course work taken prior to high school graduation are excluded from the unit count. Applicants to the progressive degree program in Accounting may not have to sub‑ mit GMAT scores. The application for admission to a progres‑ sive degree program must be accompanied by an approved course plan proposal and letters of recommendation from two USC faculty members in accounting. The requirements for both the B.S. and the master’s degree must be satisfied. For more information on progressive degree programs, see page 84. Application Deadlines M.Acc.

Full-time only: Jan. 10 – All international applicants March 31 – U.S. citizens/permanent residents M.B.T.

Full-time: Jan. 10 – All international applicants March 31 – U.S. citizens/permanent residents M.B.T. – Working Professionals program (part-time): Nov. 1 – All applicants for the spring semester June 1 – All applicants for the fall semester We recommend that applicants to the fulltime master’s programs who wish to be con‑ sidered for scholarship submit all application materials by January 10. For applications received after this date, financial awards will be given only if funds are available. Application decisions will be made on a ­rolling admission basis until the programs are filled. Applicants are urged to file a completed application as early as possible. Applications that arrive after the regular deadline will be considered on a space avail‑ able basis. The summer program is limited to a maximum of 75 students, so applicants for this part of the program should submit appli‑ cations as early as possible.

Change of Degree Program

Students currently enrolled in a USC degree program who wish to change their degree sta‑ tus to the Master of Accounting or the Master of Business Taxation programs must submit a formal application to the Leventhal School of Accounting. Limited Status

The Leventhal School of Accounting does not permit students to take classes prior to receipt of completed application materi‑ als and a positive recommendation by the Admissions Committee. Students completing a program at another accredited university outside of Los Angeles may take courses in the Leventhal School of Accounting. They must provide a letter from their dean stating that the requested classes will be accepted for transfer to their degree program. Retention of Files

Files for applicants who (1) were not admitted, (2) did not complete their files or (3) declined admission will be purged 12 months after the semester for which they applied. Files for graduated students will be purged after five years. Residence Requirements

Subject to approval of the Leventhal School of Accounting, the maximum number of transfer credits that may be applied toward the master’s degree is three units. To be applied to the degree, transfer work must have been completed within five years of admission to the master’s program. Graduate transfer credit will not be granted for course work taken elsewhere after a student has been admitted and enrolled at USC. Credit will only be allowed for courses (1) from an AACSB-accredited graduate school, (2) of a quality of at least 3.0 on a 4.0 grading scale, (3) constituting a fair and reasonable equiva‑ lent to current USC course work at the graduate level, and (4) fitting into the logical program for the degree. Transfer course work is applied as credit (CR) toward the degree and is not included in the calculation of a minimum grade point average for graduation. Duplication of Courses

Ordinarily, courses may not be repeated for credit. For courses that may be repeated for credit, the maximum amount of credit is indi‑ cated after the unit value.

Graduate Degrees

Waivers

Subject waiver of required courses may be granted to students based upon prior academ‑ ic work. All waived courses must be replaced with approved electives. Students should carefully read their program evaluation form to know what electives must be taken if they are granted subject waivers. To be granted a subject waiver in a particular

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field, the student must have (1) completed at least two relevant courses in the field at the upper division or graduate level, (2) earned a grade of B or better, and (3) completed the courses no more than five years before entering the master’s program at USC from an AACSB accredited business school (or equivalent economics department).

Further information regarding the waiver pol‑ icy in the Marshall School of Business may be obtained from USC Leventhal Graduate Programs, Accounting 101, (213) 740-4838, [emailprotected]

REQUIRED COURSES (9 UNITS)

BAEP 5XX Business Entrepreneurship electives 3 FBE 5XX Finance and Business Economics electives 3 IOM 5XX Information and Operations Management electives 3 MKT 5XX Marketing electives 3 MOR 5XX Management and Organization electives 3

Master of Accounting The Master of Accounting program (M.Acc.) prepares graduates for careers in public accounting, industry and government. USC’s M.Acc. program is one of the first professional accounting curricula integrating undergradu‑ ate and graduate education in the nation. The objectives of the program include developing the sound conceptual, technical, analytical and communication skills that are required to succeed in the accounting profession. The program employs a rigorous case analysis approach that requires students to exercise their analytical abilities and develop effective verbal and written communication skills. The program also seeks to instill a deep apprecia‑ tion and respect for the crucial role of the independent accountant in our free enterprise economy. This perspective provides the bed‑ rock of the professional attitudes and respon‑ sibilities of CPAs today. In this world of “re-engineering,” the term “public accounting firm” is becoming obso‑ lete. CPA firms now view themselves as “professional service firms.” This dramatically changes the role of the CPA. The profession requires highly visible, articulate business professionals with the ability to interact on many levels within a client’s organiza‑ tion. This requires individuals with diverse backgrounds, making the profession ideally suited for those with accounting, business, liberal arts or sciences undergraduate degrees. Students may apply to the M.Acc. program during their senior year or after completing a baccalaureate degree from an accredited col‑ lege or university. An undergraduate account‑ ing or business major is not necessary, nor is work experience a requirement. Accounting Graduates Accounting graduates and graduates in other disciplines who have demonstrated high ­academic performance in the completion of the required business and accounting courses should expect to complete their degree in two semesters with a total of 30units. Of these 30 units, at least 15 units must be in accounting courses and at least 9units must be in business courses other than accounting.

UNITS

ACCT 547* Enterprise Information Systems 3 GSBA 523T** Communication for Accounting Professionals 3 MOR 569 Negotiation and Deal-Making, or BUCO 533 Managing Communication in Organizations 3 *Can be replaced with a graduate level accounting course IF student has successfully completed an equivalent course (determined by the Leventhal School of Accounting Master’s Program office).

Business Graduates Business graduates should expect to com‑ plete their degree with a total of 45 units. REQUIRED COURSES (33 UNITS)

**Requirement may be waived and substituted with a non-accounting graduate elective in the Marshall School IF student has completed an equivalent undergraduate course with high performance or successfully passed oral and written assessment tests (to be determined by the Leventhal School of Accounting Master’s Program office). ELECTIVE COURSES (21 UNITS; MINIMUM OF 12 UNITS OF ACCT 5XX ELECTIVES AND A MINIMUM OF 3 UNITS OF NON-ACCT 5XX ELECTIVES)

UNITS

ACCT 536 Advanced Cost Analysis and Management Accounting ACCT 537 Management Control Systems ACCT 544 Introduction to Strategic Tax Planning ACCT 546 Assurance Services ACCT 549 Advanced Enterprise Systems and Technologies ACCT 574 Accounting in the Global Business Environment ACCT 581 Financial Statement Analysis ACCT 585 Professional Accounting: Theory, Research and Policy ACCT 588 Analysis and Implications of SEC Registration and Reporting GSBA 568 The Economics and Marketing of a Professional Services Firm

3 3 3 3 3 3 3

3

3

3

UNITS

ACCT 525x Intensive Accounting Principles and Practices 15 ACCT 535* Management Accounting and Control Systems 3 ACCT 546 Assurance Services 3 ACCT 547* Enterprise Information Systems 3 ACCT 585 Professional Accounting: Theory, Research and Policy 3 GSBA 523T** Communication for Accounting Professionals 3 MOR 569 Negotiation and Deal-Making, or BUCO 533 Managing Communication in Organizations 3 *Can be replaced with a graduate level accounting course IF student has successfully completed an equivalent course (determined by the Leventhal School of Accounting Master’s Program office). **Requirement may be waived and substituted with a non-accounting graduate elective in the Marshall School IF student has completed an equivalent undergraduate course with high performance or successfully passed oral and written assessment tests (to be determined by the Leventhal School of Accounting Master’s Program office).

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USC Leventhal School of Accounting

ELECTIVE COURSES (12 UNITS; MINIMUM OF 3 UNITS OF

ACCT 585 Professional Accounting: Theory, Research and Policy GSBA 511* Managerial Economics (2-3), or GSBA 514 Foundations of Business I and II GSBA 523T*** Communication for Accounting Professionals MOR 569 Negotiation and Deal-Making, or BUCO 533 Managing Communication in Organizations

ACCT 5XX ELECTIVES AND A MINIMUM OF 3 UNITS OF NON-ACCT 5XX ELECTIVES)

UNITS

ACCT 536 Advanced Cost Analysis and Management Accounting 3 ACCT 537 Management Control Systems 3 ACCT 544 Introduction to Strategic Tax Planning 3 ACCT 549 Advanced Enterprise Systems and Technologies 3 ACCT 574 Accounting in the Global Business Environment 3 ACCT 581 Financial Statement Analysis 3 ACCT 588 Analysis and Implications of SEC Registration and Reporting 3 GSBA 568 The Economics and Marketing of a Professional Services Firm 3 BAEP 5XX Business Entrepreneurship electives 3 FBE 5XX Finance and Business Economics electives 3 IOM 5XX Information and Operations Management electives 3 MKT 5XX Marketing electives 3 MOR 5XX Management and Organization electives 3

REQUIRED COURSES (41-42 UNITS)

UNITS

ACCT 525x Intensive Accounting Principles and Practices 15 ACCT 535** Management Accounting and Control Systems 3 ACCT 546 Assurance Services 3 ACCT 547** Enterprise Information Systems 3

6 3

3

*Students can waive GSBA 511 based upon prior ­academic work of high quality. **Can be replaced with a graduate level accounting course IF student has successfully completed an equivalent course (determined by the Leventhal School of Accounting Master’s Program office). ***Requirement may be waived and substituted with a non-accounting graduate elective in the Marshall School IF student has completed an equivalent undergraduate course with high performance or successfully passed oral and written assessment tests (to be determined by the Leventhal School of Accounting Master’s Program office). ELECTIVE COURSES (12 UNITS; MINIMUM OF 3 UNITS OF ACCT 5XX ELECTIVES AND A MINIMUM OF 6 UNITS OF NON-ACCT 5XX ELECTIVES)

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Non-Accounting/Non-Business Graduates Non-accounting/non-business graduates should expect to complete their degree with a total of 54 units.

3

UNITS

ACCT 536 Advanced Cost Analysis and Management Accounting 3 ACCT 537 Management Control Systems 3 ACCT 544 Introduction to Strategic Tax Planning 3 ACCT 549 Advanced Enterprise Systems and Technologies 3 ACCT 574 Accounting in the Global Business Environment 3 ACCT 581 Financial Statement Analysis 3

ACCT 588 Analysis and Implications of SEC Registration and Reporting 3 GSBA 568 The Economics and Marketing of a Professional Services Firm 3 BAEP 5XX Business Entrepreneurship electives 3 FBE 5XX Finance and Business Economics electives 3 IOM 5XX Information and Operations Management electives 3 MKT 5XX Marketing electives 3 MOR 5XX Management and Organization electives 3 Intensive Accounting Principles and Practices Course

Each summer the Leventhal School of Accounting offers an eight-week course, ACCT 525x Intensive Accounting Principles and Practices, that provides college graduates without an accounting undergraduate degree with the prerequisite technical accounting knowledge necessary for graduate work. Fifteen semester hours of credit will be received upon successful completion of the course. Second-year M.B.A. students seek‑ ing accounting positions will also find this program useful. The technical accounting skills taught in this course may also enhance employability and career advancement for law students and graduate students in nonbusiness areas of study. This course is not designed to be a preparation course or a review course for the CPA Exam. For further information regarding the intensive course, contact the Leventhal School of Accounting at (213) 740-4838.

Master of Business Taxation Understanding taxation is critical to under‑ standing every business decision and many personal decisions as well. Whether starting a business or starting a family, tax planning must be done. Because of the complexity of the tax law and its pervasive influence, people facing tax decisions routinely call on tax professionals for advice in planning and structuring their affairs in order to comply with the law and to ensure economic good sense.

The Master of Business Taxation (M.B.T.) program is designed to develop the skills and expertise professionals need to assist individuals and firms trying to cope with myriad tax legislation and regulation at both the federal and local levels. While gaining technical expertise is a central aim of those enrolled in the program, this expertise is not enough. Taxation encompasses law, econom‑ ics, accounting and politics, and the astute taxadvisor must understand all of the factors that influence the making of tax law and its

administration. As important as learning the law and mastering research skills is the abil‑ ity to communicate professional insights to others. The program provides a broad under‑ standing of taxation, an appreciation for the complexities of decision-making and practice in explaining the tax implications of various courses of action.

Graduate Degrees

The M.B.T. program provides an opportunity to examine tax topics thoroughly in an orga‑ nized, rigorous fashion. Both full- and parttime students examine in depth an area of taxation, such as estate planning or taxation of foreign operations. Tax practice does not pro‑ vide sufficient opportunities to study all of the areas influenced by taxation, nor does it allow the time to take an in-depth look at one area. In the M.B.T. program, a student develops an overview of the important areas of tax practice and builds expertise in specific topics. The career opportunities today in the area of taxation are as great as the need for pro‑ fessional tax advice. The M.B.T. program prepares men and women for major roles in planning and decision-making with firms. Program Requirements

The program requirements include courses in taxation, accounting and business selected from the four groups of courses listed below. A minimum of 21 units must be in taxation (“T” designated) courses. Waiver of courses in Group I may be granted to students based on prior academic work of high quality from an AACSB International, the Association to Advance Collegiate Schools of Business, accredited school. Waiver of such courses may reduce the minimum number of units to be taken within the M.B.T. program to 30 units. The courses in Group II are required of all students. The student must choose a total of 15 units from Groups III and IV, with a minimum of 9 units from the courses listed in Group III. The student may choose up to six units from the courses in Group IV or other courses approved in advance by the director of the M.B.T. program.

the master’s degree may overlap with units for the bachelor’s degree per departmental approval. For more information on progressive degrees, see page 84. GROUP I COURSES (15 UNITS)

UNITS

ACCT 544 Introduction to Strategic Tax Planning GSBA 510 Accounting Concepts and Financial Reporting GSBA 511 Managerial Economics, and GSBA 548 Corporate Finance, or GSBA 514 Foundations of Business I and II GSBA 518 Accounting Control Systems, or ACCT 572 Corporate Accounting and Reporting GROUP II COURSES (15 UNITS)

3 3

6

3

UNITS

GSBA 523T* Communication for Accounting Professionals, or MOR 569* Negotiation and Deal-Making, or BUCO 533* Managing Communication in Organizations 3 ACCT 550T Tax Research and Practice 3 ACCT 551T Taxation of Partnerships and S-Corps 3 ACCT 560T Tax Theory and Its Business Applications 3 ACCT 561T Income Tax of Corporations and Their Shareholders 3 *Required course to be determined by the director of master’s programs, Leventhal School of Accounting, based on prior academic work or oral and written assessment test. GROUP III COURSES (MINIMUM 9 UNITS)

Progressive degree students earning their B.S., Accounting/Master of Business Taxation must begin the graduate level course work specified in the fall semester. Students should have suc‑ cessfully completed all accounting course work required for a B.S., Accounting prior to the fall semester in which they begin their graduate level requirements. These students will com‑ plete the same program requirements as a fulltime M.B.T. student with the exception that a maximum of one-third of the course units for

191

ACCT 563T Federal Estate and Gift Taxes ACCT 565T Estate Planning ACCT 566T Income Taxation of Estates and Trusts ACCT 567T Taxation of Transactions in Property ACCT 568T Taxation of Foreign Business Operations

UNITS

3 3 3

ACCT 569T Advanced Partnership Taxation ACCT 570T State and Local Tax Concepts ACCT 571T Advanced Individual Tax Planning ACCT 573T Federal Tax Procedure ACCT 575T Taxation of Financial Markets ACCT 576T Tax Consolidations ACCT 577T Compensation ACCT 578T Advanced Corporate Taxation ACCT 579T Advanced International Taxation ACCT 580T Tax Accounting Methods ACCT 583 Accounting for Income Taxes ACCT 584 Family Wealth Preservation GROUP IV COURSES (0-6 UNITS)

3 3 3 3 3 3 3 3 3 3 3 3

UNITS

GSBA 568 The Economics and Marketing of a Professional Services Firm 3 ACCT 574 Accounting in the Global Environment 3 ACCT 581 Financial Statement Analysis 3 ACCT 588 Analysis and Implications of SEC Registration and Reporting 3 ACCT 5XX Other Accounting electives 3 BAEP 5XX Business Entrepreneurship electives 3 FBE 5XX Finance and Business Economics electives 3 IOM 5XX Information and Operations Management electives 3 MKT 5XX Marketing electives 3 MOR 5XX Management and Organization electives 3 BUCO 533 Managing Communication in Organizations 3 MOR 569 Negotiation and Deal-Making 3

3 3

Juris Doctor/Master of Business Taxation Dual Degree Program

The Leventhal School of Accounting, in ­conjunction with the USC Gould School of Law, offers a program leading to the dual degree of Juris Doctor/Master of Business Taxation (J.D./M.B.T.). This program permits a student to pursue a specialized program

in taxation through courses in the Marshall School of Business, the Leventhal School of Accounting and the USC Gould School of Law. The M.B.T. portion of the program leading to the J.D./M.B.T. is 45 units, includ‑ ing 10 units of law school courses that are recognized by the Leventhal School of Accounting toward the J.D./M.B.T.; a maxi‑ mum of 33-36 units of Marshall School of

Business and Leventhal School of Accounting courses are recognized by the law school toward the J.D./M.B.T. Students must com‑ plete 76 law units to satisfy the J.D. portion of the dual degree.

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Unit Requirements

GROUP II COURSES* (10 UNITS)

The total number of units required for the M.B.T. portion of the J.D./M.B.T. program will vary, depending on the educational back‑ ground of the individual student, but all stu‑ dents are required to complete a minimum of 30 units of business courses and maintain an overall grade point average of 3.0 for these courses. A total of 15 units of taxation, accounting and business courses listed below in Group I may be waived by the Leventhal School of Accounting if the student has completed substantial academic work of high quality from an International Association for Management Education-accredited school.

GROUP III COURSES* (A MINIMUM OF 6 UNITS)

UNITS

LAW 644 Corporate Tax LAW 717 Estate Planning LAW 842 Partnership Taxation

2 or 3 3 2 or 3

GROUP IV COURSES (A MINIMUM OF 12 UNITS)

First Year

Required USC Gould School of Law courses (33 units) Second, Third and Fourth Years

Forty-three units of law courses, including the law courses listed below, and 33-36 units of Marshall School of Business and Leventhal School of Accounting courses as follows: UNITS

ACCT 544 Introduction to Strategic Tax Planning GSBA 510 Accounting Concepts and Financial Reporting GSBA 511 Managerial Economics GSBA 518 Accounting Control Systems, or ACCT 572 Corporate Accounting and Reporting GSBA 548 Corporate Finance

ACCT 550T Tax Research and Practice 3 LAW 600 Taxation 3 or 4 ACCT 561T Income Taxation of Corporations and Their Shareholders, or LAW 644 Corporate Tax, or 2 or 3 LAW 868 Business Enterprise Taxation 2-4

*Students should seek counseling at the law school regarding all LAW courses.

The courses in Group II are required of all J.D./M.B.T. students. Students must choose a minimum of six units from Group III courses and a minimum of 12 units from Group IV courses. In addition, a student may choose three elective units from Group V courses or another course approved in advance by the director of the M.B.T. program.

GROUP I COURSES (15 UNITS)

UNITS

3 3 3

3 3

UNITS

ACCT 551T Taxation of Partnerships and S-Corps ACCT 563T Federal Estate and Gift Taxes ACCT 565T Estate Planning ACCT 566T Income Taxation of Estates and Trusts ACCT 567T Taxation of Transactions in Property ACCT 568T Taxation of Foreign Business Operations ACCT 569T Advanced Partnership Taxation ACCT 570T State and Local Tax Concepts ACCT 571T Taxation of Individuals ACCT 573T Federal Tax Procedure ACCT 575T Taxation of Financial Markets ACCT 576T Tax Consolidations ACCT 577T Compensation ACCT 578T Advanced Corporate Taxation ACCT 579T Advanced International Taxation ACCT 580T Tax Accounting Methods

3 3 3 3 3 3 3 3 3 3

GROUP V COURSES (0-3 UNITS)

UNITS

ACCT 572 Corporate Accounting and Reporting ACCT 574 Accounting in the Global Business Environment ACCT 581 Financial Statement Analysis ACCT 585 Professional Accounting: Theory, Research and Policy BUCO 533 Managing Communication in Organizations FBE 527 Entrepreneurial Finance: Financial Management for Developing Firms FBE 555 Investment Analysis and Portfolio Management FBE 588 Advanced Real Estate Law FBE 589 Mortgages and MortgageBacked Securities and Markets FBE 591 Real Estate Finance and Investment MOR 542 Strategic Issues for Global Business

3 3 3

3 3

3 3 3

3 3 3

Course Duplication and Prerequisites

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Credit in a law course precludes credit in the corresponding business course, and credit in a business course precludes credit in the cor‑ responding law course.

3 3 3

In addition, where credit in one program’s course precludes credit in the other program’s corresponding course, the course in which credit is received will be deemed to have met the prerequisite for all subsequent courses in either school.

3

Corresponding Courses

3 3

ACCT 561T and LAW 644 ACCT 551T and LAW 842 Note: LAW 600 Taxation must be taken in place of ACCT 560T to meet the J.D./M.B.T. requirement. LAW644 Corporate Tax may be taken in place of ACCT 561T to meet the M.B.T. course requirements.

Courses of Instruction ACCOUNTING (ACCT)

The terms indicated are expected but are not guaranteed. For the courses offered during any given term, consult the Schedule of Classes.

ACCT 370 External Financial Reporting Issues (4) Understanding of decision-making,

problem solving, and research skills as a sup‑ plement to financial accounting knowledge for accounting professionals. (Duplicates credit in former ACCT 370ab.) Prerequisite: BUAD 281 or BUAD 305.

ACCT 371ab Introduction to ­Accounting Systems (2-2, FaSp) a: Understanding of

technology used to support accounting professionals in financial and managerial accounting, auditing, and taxation. (Dupli‑ cates credit in former ACCT 362.) Prerequisite: BUAD 281 or BUAD 305. b: Understand‑ ing the fundamental processes that capture the corporate data and the controls needed to assure that these processes will operate in an acceptable manner. (Duplicates credit in for‑ mer ACCT 362.) Prerequisite: ACCT 371a.

Courses of Instruction

ACCT 372 Internal Reporting Issues (2, FaSp) Understanding of decision-making,

problem solving, and research skills as a sup‑ plement to managerial accounting knowledge for accounting professionals. (Duplicates credit in former ACCT 361.) Prerequisite: BUAD 281 or BUAD 305. ACCT 373 Introduction to Assurance ­Services (2, FaSp) Exploration of the req‑

uisite skills and knowledge needed to offer services in assurance, attestation or audit‑ ing engagements. (Duplicates credit in former ACCT456.) Prerequisite: ACCT 370, ACCT371a. ACCT 374 Introduction to Tax Issues (2, FaSp) Basic tax principles, introduction to

U.S. federal, state and local tax systems, income and expense definitions, property transactions, and fundamentals of individ­ ual taxation. (Duplicates credit in former ACCT451.) Prerequisite: BUAD 281 or BUAD 305. ACCT 390 Special Problems (1-4, FaSpSm)

Supervised, individual studies. No more than one registration permitted. Enrollment by petition only. ACCT 410x Foundations of Accounting (4, FaSpSm) Non-technical presentation of

accounting for users of accounting informa‑ tion; introduction to financial and managerial accounting. Not open to students with course credits in accounting. Not available for unit or course credit toward a degree in Accounting or Business Administration. ACCT 415x Intermediate Financial Accounting for Non-Accounting Majors (4, FaSp)

In-depth study of balance sheet, income state‑ ment, and cash flow statement issued from the perspective of a user (not preparer) of cor‑ porate financial reports. Not open to account‑ ing majors. Not available for degree credit to accounting majors. (Duplicates credit in for‑ mer ACCT 411x and ACCT 412x.) Prerequisite: ACCT 410x or BUAD 281 or BUAD 305. ACCT 416 Financial Reporting and Analysis (2, FaSp) Examination of the role of finan‑

cial statement analysis in the prediction of a firm’s future financial performance. Prerequisite: BUAD 215 or BUAD 306; ACCT 370 or ACCT 415. ACCT 417 Advanced Financial Accounting for Non-Majors (2, FaSp) Developing

capabilities to identify, articulate and inter‑ pret financial statements reflecting complex merger and acquisition activities, with a focus on financial analysis and investment banking. Not available for degree credit to accounting majors. Not open to accounting majors. Prerequisite: BUAD 215x or BUAD 306; ACCT 370 or ACCT 415x.

ACCT 418x Accounting for Management Decisions (2, FaSp) Understanding of

­ ecision-making uses of accounting informa‑ d tion: cost systems, planning and budgeting, and measuring and rewarding performance. Not available for credit to accounting or busi‑ ness majors. Open to accounting minors only. Prerequisite: ACCT 410x.

193

ACCT 473 Financial Statement Auditing (2, FaSp) Course builds on the background

developed in ACCT 373, specifically the process used by external auditors to con‑ duct financial statement audits. (Duplicates credit in former ACCT 456.) Prerequisite: ACCT371b, ACCT 373. ACCT 474 Tax Issues for Business (2, FaSp)

ACCT 419x Understanding Accounting Information Systems (2, FaSp) Understand‑

ing of accounting systems focusing on how these systems are designed, selected, imple‑ mented, used and managed. Not available for credit to accounting or business majors. Open to accounting minors only. Prerequisite: ACCT 410x. ACCT 420x Understanding Income Tax (2, Sp) Understanding of the U.S. federal

income tax system. Topics include income and expense definitions, property transac‑ tions and tax computation for individuals and business entities. Not available for credit to accounting majors. Open to account‑ ing minors only. Prerequisite: ACCT 410x or BUAD 281 or BUAD 305.

Capabilities to identify and articulate tax issues related to a business entity’s life: for‑ mation, investing, financing and operations, and change of form. (Duplicates credit in for‑ mer ACCT 451.) Prerequisite: ACCT 374. ACCT 475 Systems Security and Audit (2)

Issues related to the security, control, and auditing of accounting information systems. (Duplicates credit in former ACCT 471b.) Prerequisite: ACCT 371b. ACCT 476 Performance Measurement Issues (2) Introduction to understanding how

management control systems can enhance achievement of the organization’s objectives and strategies. (Duplicates credit in former ACCT 472b.) Prerequisite: ACCT 372.

ACCT 462 Detecting Fraudulent Financial Reporting (2, FaSp) Understanding/identify‑

ACCT 478 Accounting Systems Design (4, FaSp) Explores the design of accounting

ACCT 463 Internal Audit (2, FaSp) Exami­

ACCT 479 Accounting Systems Development (4, FaSp) Examines the fundamentals

ing methods of fraudulent financial reporting, and signals that financial statements were ­fictitiously prepared; major frameworks for analyzing ethical dilemmas; reforms in cor‑ porate reporting environment. Prerequisite: ACCT 370 or ACCT 415x. nation of internal audit/auditors and their relationship to management, the investors, the regulators, and the external auditors. Prerequisite: ACCT 370, ACCT 373.

ACCT 470ab Advanced External Financial Reporting Issues (2-2, FaSp) a: Developing

capabilities to identify and articulate current external financial reporting problems and issues, concentrating on operating, financing and investing activities of business organiza‑ tions. (Duplicates credit in former ACCT 450ab.) Prerequisite: ACCT 370. b: Continua‑ tion in developing capabilities to identify and articulate current external financial reporting problems and issues, concentrating on oper‑ ating, financing and investing activities of business organizations. (Duplicates credit in former ACCT 450b.) Prerequisite: ACCT 470a. ACCT 471 Accounting Information Systems (2, FaSp) Issues related to the design, control,

and implementation of accounting informa‑ tion systems. Prerequisite: ACCT 371b.

ACCT 472 Managerial Accounting (2, FaSp)

Understanding of systems providing cost information useful in management decisionmaking and problem solving. Prerequisite: ACCT 372.

systems. Introduction to tools and techniques for analyzing and designing accounting sys‑ tems with an emphasis on system controls and reporting. (Duplicates credit in former ACCT 453.) Prerequisite: ACCT 371b.

of accounting systems development. Intro‑ duction to the concepts of implementation and support, with emphasis on system qual‑ ity assurance, evaluation and attestation. ­(Duplicates credit in former ACCT 454.) Prerequisite: ACCT 478. ACCT 490x Directed Research (2-8, max 8, FaSpSm) Individual research and readings.

Not available for graduate credit.

ACCT 499 Special Topics (2-4, max 8, Irregular) Examination of current literature relevant

to the total and changing environment in which business operates.

ACCT 509 Concepts of Financial and Management Accounting (4, Fa) Introduction

to the concepts of financial and managerial accounting. The course will provide coverage of key concepts needed by managers of busi‑ nesses in order to communicate information important in decision-making. (Duplicates credit in GSBA 510, GSBA 518, GSBA 536.) Not open to business majors.

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USC Leventhal School of Accounting

ACCT 525x Intensive Accounting Principles and Practices (15, Sm) Technical accounting

ACCT 547 Enterprise Information Systems (3, Fa) Focuses on accounting enterprise

ACCT 555 Enterprise Resource Planning Systems (2, FaSp) Focuses on many facets

ACCT 548 Enterprise Systems: Design, Implementation, Security and Audit (3, Sp)

ACCT 557 Advanced Financial Statement Auditing Topics (3, Sp) Advanced coverage of

theory and principles necessary for graduate work. Satisfies the prerequisite requirements for intermediate and advanced accounting, auditing, and tax. Credit toward degree lim‑ ited to M.Acc. and M.B.T. students. Recommended preparation: introductory accounting courses. ACCT 535 Management Accounting and Control Systems (3, Fa) Decision-making,

uses of management accounting information; cost system design; financial respon­sibility centers; planning and budgeting ­systems; performance measures and evaluation. Not open to M.B.A. students. (Duplicates credit in GSBA 518.) Prerequisite: GSBA510. ACCT 536 Advanced Cost Analysis and Management Accounting (3, Sm) Analysis

and design of systems that provide cost infor‑ mation useful in making strategic and operat‑ ing decisions. Advantages and limitations of activity-based costing methods. Prerequisite: GSBA 518 or ACCT 535.

database models and information technology required to support those systems. Includes analysis and design of interfunctional process flows through reengineering to exploit tech‑ nology capabilities. Open only to graduate Accounting and Business students.

Exploration of a number of areas including the role systems play in organizations, the technology that supports these systems and issues relating to technology risk, system/ application security and system review/audit. Prerequisite: ACCT 547 or ACCT 371b. ACCT 549 Advanced Enterprise Systems and Technologies (3, FaSp) Design, control

and development of advanced enterprise systems, using reengineering, focusing on accounting and financial systems, using a wide range of emerging existing technologies. Recommended preparation: ACCT 547. ACCT 550T Tax Research and Practice (3, Fa)

ACCT 537 Management Control Systems (3, Sm) Study of systems and devices man­

agers use to ensure that strategies are being implemented as intended and that assets are not being stolen or otherwise dissipated. Among the topics covered are planning and budgeting systems, responsibility centers, performance measures and evaluations, incentives, and the roles of controllers and internal auditors. Prerequisite: GSBA 518 or GSBA 536. ACCT 543 Introduction to Tax (3) Tax issues

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arising during a business’ life, including for‑ mation, financing, operating, expanding, and dissolving. Cross-border transactions and non-U.S. tax systems discussed.

Tax law research methods; interpreting statutes, cases and rulings; communicating research results; administration and profes‑ sional responsibilities of tax practice. Recommended preparation: introductory tax course. ACCT 551T Taxation of Partnerships and S-Corps (3, Fa) Federal taxation of flow-

through entities, including: partnerships, S corporations, limited liability partnerships (LLPs) and limited liability companies (LLCs). Open only to Accounting, Business Taxation, and Law/Business Taxation stu‑ dents. Recommended preparation: ACCT 550T or ACCT 560T or LAW 600. ACCT 552 Knowledge and Data Management (3, Sp) Managing knowledge using

of enterprise resource planning systems, such as SAP, including implementation approaches, risks, reengineering, data mod‑ els and other emerging issues. Concurrent enrollment: ITP 555; recommended preparation: ACCT 547 or ACCT 549.

topics in financial statement auditing includ‑ ing market effects of auditing, auditor litiga‑ tion and client acceptance, errors and fraud, analytical procedures, and going-concern assessment. Prerequisite: ACCT 525x. ACCT 559 Strategy and Operations Through CFO Lens (3, Sp) Examination of

strategic objectives and operations within specific industries and companies. Chief Financial Officers present how they view the business as a whole and measure perfor‑ mance effectively. Open only to accounting and business majors. ACCT 560T Tax Theory and Its Business Applications (3, FaSp) Taxation and its

relationship to business and investment decisions; the effects of taxation on business organization, capital structure, policies, opera‑ tion, and expansion. Recommended preparation: introductory tax course. ACCT 561T Income Tax of Corporations and Their Shareholders (3, FaSm) Con‑

cepts and principles governing the taxation of corporations and their shareholders; the effect of taxes on corporate formation, capi‑ tal structure, distributions, and liquidations. Open only to Accounting, Business Taxation and Law/Business Taxation students. Recommended preparation: ACCT 550T or ACCT 560T or LAW 600.

ACCT 544 Introduction to Strategic Tax Planning (3, Fa) Principles of multijuris‑

dictional business tax planning, using a conceptual framework, integrating finance, marketing and financial statement objectives. Recommended preparation: GSBA 518.

knowledge-based systems and contempo‑ rary knowledge management approaches (intranets) in order to enhance and facilitate decision making and manage accounting data and information in organizations. Recommended preparation: ACCT 547.

ACCT 563T Federal Estate and Gift Taxes (3, Sp) Taxation of decedents’ estates and

ACCT 546 Assurance Services (3, Sp) ­ oncepts and principles governing inde‑ C

ACCT 553T Tax Policy and Strategic Tax Planning (3) Introduction to business taxes

lifetime and postmortem estate planning theories and procedures. Prerequisite: ACCT 563T.

pendent professional services that provide assurance on the reliability and relevance of information, including financial statement information. Topics include demand and ­supply issues for these services, basic princi‑ ples of evidence, risk assessment and testing. Prerequisite: ACCT 525x.

and their impact on management decisions. For prospective managers and business con‑ sultants, topics include discounted cash flow, financial accounting, and overall business impacts of taxes on decision making. Recommended preparation: GSBA 518.

lifetime gifts; valuation of property subject to estate and gift taxes. Prerequisite: ACCT 550T; ACCT 560T or LAW 600. ACCT 565T Estate Planning (3) Analysis of

ACCT 566T Income Taxation of Estates and Trusts (3) Concepts and principles governing

the income taxation of estates and trusts; use of trusts for tax planning. Prerequisite: ACCT 550T and ACCT 560T.

Courses of Instruction

ACCT 567T Taxation of Transactions in Property (3, Fa) Taxation of gains and losses

from sales, exchanges and other transactions involving property, especially real estate; tax planning. Prerequisite: ACCT 550T; ACCT 560T or LAW 600. ACCT 568T Taxation of Foreign Business Operations (3, Sp) Taxation of foreign

income of U.S. citizens and corporations and of U.S. source income of foreign persons and corporations; planning for organization of foreign operations under the tax laws. ­Prerequisite: ACCT 561T. ACCT 569T Advanced Partnership Taxation (3, Sp) Advanced tax concepts involving

partnerships and limited liability companies, designed to produce a level of expertise in Subchapter K of the Internal Revenue Code. Prerequisite: ACCT 551T. ACCT 570T State and Local Tax Concepts (3)

State income taxes; property tax; other state and local taxes; the effect of state and local taxes on multistate operations. Prerequisite: ACCT 550T; ACCT 560T or LAW 600. ACCT 571T Taxation of Individuals (3, Sp)

Application of tax law in areas of compensa‑ tion planning, investment planning, tax shel‑ ters, and current developments relating to the individual taxpayer. Prerequisite: ACCT 550T; ACCT 560T or LAW 600. ACCT 572 Corporate Accounting and Reporting (3, FaSpSm) A study of finan‑

cial reporting and disclosure issues with an emphasis on the use of corporate financial statements and their accompanying footnotes. Not open to students with credit in equiva‑ lent subjects. Prerequisite: GSBA 510. ACCT 573T Federal Tax Procedure (3, Sm)

Tax reporting and collection procedures; administrative and judicial procedures ­governing tax controversies; the rights and obligations of the taxpayer. Prerequisite: ACCT 550T; ACCT 560T or LAW 600.

ACCT 574 Accounting in the Global Business Environment (3, Fa) Study of national

and international accounting and business issues; global capital market changes; inter­ national accounting and business topics; cases and studies of specific business enti‑ ties and countries. Prerequisite: GSBA 510 or GSBA 518 or GSBA 536. ACCT 575T Taxation of Financial Markets (3, Sm) Taxation of financial market products

with focus on derivative products. Basics of tax forwards, futures, options, swaps, collars and floor. Time value of money considera­ tions. Prerequisite: ACCT 561T.

ACCT 576T Tax Consolidations (3, Sp) Con‑

cepts and principles of taxation of companies operating as consolidated groups. Prerequisite: ACCT 550T and ACCT 561T. ACCT 577T Compensation (3) Concepts of

taxation of employers and employees from various forms of compensation, including pension plans, profit sharing plans, stock ownership plans, and deferred compensation arrangements. Prerequisite: ACCT 550T and ACCT 560T. ACCT 578T Advanced Corporate Taxation (3, FaSp) Analysis of corporate divisions

and reorganizations, carryovers, and other advanced topics in corporate taxation. ­Prerequisite: ACCT 561T.

ACCT 579T Advanced International Taxation (3) Analysis of tax treaties, foreign cur‑

rency transactions, international licensing, reorganization of foreign corporations, and other current topics as the law changes. ­Prerequisite: ACCT 568T. ACCT 580T Tax Accounting Methods (3)

Concepts governing timing of recognition of income and deductions for income tax purposes. Covers differences between GAAP and income tax accounting for all taxpayers. Recommended preparation: introductory tax course. ACCT 581 Financial Statement Analysis (3, SpSm) Analysis of corporate financial

reports from a decision-maker’s perspective. This course is case-and-applications-oriented. Applications include credit analysis, equity valuation, and financial distress. Prerequisite: GSBA 510. ACCT 582 Accounting for Mergers and Acquisitions (3, Fa) Theoretical and practical

problems in accounting for business combi‑ nations: purchase and pooling-of-interests accounting; consolidated financial statements; income tax considerations; International Accounting Standards. Prerequisite: GSBA 510. ACCT 583 Accounting for Income Taxes (3)

Examination of FAS 109 and roles of audi‑ tors, tax professionals and corporate financial personnel in preparing, analyzing and review‑ ing accrual of income taxes. Open to M.B.T., M.Acc. and M.B.A. students only. ACCT 584 Family Wealth Preservation (3, Sp) Analysis of transfer of property dur‑

ing lifetime or at death from a tax saving perspective.

195

ACCT 585 Professional Accounting: Theory, Research and Policy (3, Sp) A case study

approach to the integration of accounting and auditing knowledge; research, commu‑ nication, and interpersonal skills developed through extensive written and presentation requirements. Recommended preparation: ACCT 572. ACCT 586 Financial Reporting Topics and Analysis for Tax Professionals (3, Sm)

Explores the technical financial accounting skills needed for an entry-level tax profes‑ sional with emphasis on an understanding of financial statements and accounting for income taxes. Exposure to the preparation of corporate tax returns with the integration to the financial reporting of a corporation. ­Recommended preparation: undergraduate financial accounting or accounting class for lawyers. ACCT 587 Forensic Accounting (3) Role of

the accountant in litigation matters. Iden‑ tification and exploration of the analytical and communication tools necessary to be an effective forensic accountant. Prerequisite: ACCT 572. ACCT 588 Analysis and Implications of SEC Registration and Reporting (3, Sp) Legal,

institutional, and economic implications of being a U.S. public company. The Securities and Exchange Commission and its influence on investors, management, underwriters, and accountants. Recommended preparation: ACCT 572. ACCT 590 Directed Research (1-4) Research

leading to the master’s degree. Maximum units which may be applied to the degree to be determined by the School of Accounting. Maximum units which may be applied to the degree to be determined by the school. Graded CR/NC.

ACCT 597 Business Field Project in Accounting (1-6, FaSp) Individual or team projects

solving real business problems for companies; situation analyses; research proposal com‑ position; field research techniques; statisti‑ cal analysis; oral and written presentations. Graded CR/NC. ACCT 599 Special Topics (1, 1.5, 2, or 3, max6, FaSpSm) Examination of current lit‑

erature and research techniques in contempo‑ rary accounting areas including tax, auditing and international accounting. ACCT 601 Introduction to Accounting Research and Research Design (2) Introduc‑

tion to key topics in research design as they apply to accounting research, including phi‑ losophy of science, theory, validity, method choice, sample selection, variable measure‑ ment, and control.

196

USC Leventhal School of Accounting

ACCT 602 Survey of Judgment and Decision-Making Research in Accounting (3) Survey of major topics in judgment and

ACCT 606 Survey of Tax Research (3) Survey

decision-making research in accounting with coverage of both key research questions and frequently used methods. ACCT 604 Survey of Management Accounting Research (2) Survey of major topics in

accounting research with coverage of both key research questions and frequently used methods. ACCT 605 Survey of Financial Reporting Research (3) Survey of major topics and

methods in research on financial reporting with coverage of both key research questions and frequently used methods.

of major topics and methods in research on taxation with coverage of both key research questions and frequently used methods.

ACCT 608 Positive Accounting Research (3) Survey of major topics related to positive

accounting research with coverage of both key research questions and frequently used methods.

ACCT 610 Survey of Accounting Research (3, FaSp) Advanced seminar that surveys both

seminal and cutting edge research in financial accounting, managerial accounting, account‑ ing information systems, and tax accounting.

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ACCT 611 Selected Topics in Accounting Research (1, max 4, FaSp) Advanced seminar

to address issues/topics covered in accounting research forums presented by USC and visit‑ ing faculty. ACCT 661ab Accounting Research Methodology (2-2) Advanced doctoral seminar

concerned with review and critique of accounting research forum papers and with the preparation, presentation, and defense of research proposals and papers.

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