Accounting (AC) Courses

2503 Financial Accounting (3) F, SP, SU
The basic introduction to generally accepted accounting principles, covering fundamentals of financial statement preparation based on a user’s perspective, certain unique financial reporting aspects of cash, receivables, inventories, current and long-term liabilities, equity, partnerships corporations and international transactions. The course should be taken at the sophomore level.

2513 Managerial Accounting (3) F, SP, SU
The second semester of the first-year accounting sequence, introducing managerial accounting topics relevant to internal decision makers. Topics include cost-volume-profit analysis, job order costing, variable costing, short-term decision-making, activity-based costing, operational budgeting, introduction to capital budgeting, analysis of financial statements, and reporting of cash flows. The course is taught from the perspective of a user of financial information. Prerequisite: Accounting 2503.

350V Intermediate Accounting I (3) F, SP, CAP (4)
An in-depth examination of generally accepted accounting principles for the external decision maker. An analytical review of the work and practice relating to the measurement and reporting of financial information, and includes topics such as the conceptual framework of accounting principles, income statement, balance sheet, time value of money, cash and receivables, inventories, fixed assets, depreciation, and intangible assets. This course is normally taken in the junior year following Financial Accounting and Managerial Accounting, and is the first of two semesters of Intermediate Accounting required of all accounting majors. Prerequisite: Accounting 2513, with a “C” or above in both Accounting 2503 and 2513.

351V Intermediate Accounting II (3) F, SP, CAP (4)
The second Intermediate Accounting course in a two-course sequence. Topics include investments, current and long-term liabilities, stockholders’ equity, dilutive securities, income taxes, pension and post-retirement benefits, share-based compensation, earnings per share, revenue recognition, accounting changes and errors, and the statement of cash flows. Prerequisite: Accounting 3503, with a “C” or above.

3533 Advanced Accounting (3) SU
Concerns specialized accounting areas such as business combinations, consolidated statements, foreign currency translation and remeasurement and partnerships. Prerequisite: Accounting 3503 with a grade of “C” or above. Offered on demand.

3553 Accounting Information Systems (3) F, SP (online only)
A course which informs students of the relationships between the accounting process and the needs of management. In addition, internal controls and how systems work within the various transaction cycles are examined. Technology skills and their use will be an important component of this course. Prerequisite: Accounting 3503, with a grade of “C” or above, and IT 2043.

3563 Cost Accounting (3) F, SU
A study of accounting practices relating primarily to manufacturing operations. Topics include job order, process, and standard cost systems, break-even analysis, variances, and activity-based costing. Open to accounting majors only. Prerequisite: Accounting 2513 with a grade of “C” or above.

357V Federal Income Taxation (3) F, SP, CAP (4)
A study of income tax law relating to the individual taxpayer. Prerequisite: Junior Standing.

3803 U.S. Business, Culture, and Travel to [insert destination] (3)
This course provides the opportunity to travel to major business centers in the United States, gaining exposure to a business environment not present in Middle Tennessee. Attention will be given to various business segments, trends, governing/advising bodies, cultural influences, political issues, financial disclosures specifically relevant to a large corporation, corporate governance issues, importance of internal control processes and internal auditing, the independent audit examination of a large corporation, marketing and service strategies, management approaches and other factors impacting business decision-making. Domestic trip participation is required.

390V Internship in Accounting (1-3) F, SP, SU
Prerequisite: Permission of professor in charge and department chairman. Open only to juniors and seniors. Repeatable for up to six hours, but only if it is a different experience from first internship. This course may satisfy the SALT Tier II requirement.

4003 Corporate Governance and Internal Control (3) F
Corporate governance refers to the myriad of constraints designed to encourage managers and directors act in the interest of shareholders. Topics include choice of legal entity, ownership structure, corporate charter, stakeholders and corporate social responsibility, proxy process, board of directors, CEO compensation, CEO performance evaluation, CEO retention, boundaries of the firm, and international corporate governance. Additional topics will include the design and evaluation perspectives of the control environment, risk assessment, control activities, and monitoring. Special attention will be given to the rapidly changing environment affecting corporate management in response to Sarbanes-Oxley Act. Students interested in obtaining the MAcc degree should not take this course at the undergraduate level. Prerequisite: AC 2513, with a grade of “C” or above, and senior standing.

401V Independent Study in Accounting (1-3) F, SP, SU
Independent research of primary and secondary data in a selected topic; topic title to be approved by major professor and academic chair; paper to be kept on file. Prerequisite: Advanced standing, proven research ability and approval of academic chair. Repeatable for a maximum of six hours. This course may satisfy the SALT Tier II requirement.

4113 Principles of Auditing (3) F (night), SP (day)
A comprehensive review of the attest function as performed by independent public accounting firms. Includes a study of the auditing environment, generally accepted auditing standards, ethics and internal controls. Strong emphasis is placed on the student’s ability to communicate across all mediums. Prerequisite: Accounting 3503 with a grade of “C” or above.

4313 Governmental and Non-Profit Accounting (3) F, SP (online only)
This course covers the specialized accounting areas in governmental and non-profit accounting. Prerequisite: Accounting 3503.

4553 Advanced Federal Income Taxation (3) SP
The application of income tax law relating to partnerships, corporations, estates, and trusts. Prerequisite: Accounting 3573 with a grade of “C” or above.

4753 Financial Statement Analysis (3) F
Focuses on corporate financial statements and provides an appreciation for the issues faced by corporate managers as they design a financial reporting strategy. Skills developed in the course include analysis of business performance through financial statements; analysis of earnings quality and other accounting matters; and forecasting earnings and cash flows. The course also offers perspectives on the role of financial reporting and financial statement analysis in the capital markets. Students interested in obtaining the MBA or MAcc degree should not take this course at the undergraduate level. Prerequisite: FI 3503 with a grade of “C” or above, and senior standing.

4803 Global Business, Culture, and Travel to [insert destination] (3)
This course gives learners international business exposure and a unique cultural experience with an opportunity to encounter firsthand a global business environment including various business segments, trends, governing/advising bodies, cultural influences, political issues, consequences of exchange rate fluctuations, examination of financial statements prepared under international accounting standards, comparison of financial reporting disclosures between U.S. GAAP rules and international accounting standards, marketing and service strategies, management approaches, and other factors impacting the transaction of business in the chosen destination. International trip participation is required.

Master of Accountancy Courses

MAcc 6003 Corporate Governance and Internal Control
Corporate Governance refers to the myriad of constraints designed to make managers and directors act in their shareholders’ interest. Topics covered include choice of legal form of organization, ownership structure, corporate charter, stakeholders and corporate social responsibility, proxy process, board of directors, CEO compensation, CEO performance evaluation, CEO retention, boundaries of the firm, and international corporate governance. Additional topics will include the design and evaluation perspectives of the control environment, risk assessment, control activities, and monitoring. Special attention will be paid to the rapidly changing environment affecting corporate management as they continue to respond to Sarbanes-Oxley.

MAcc 6753 Financial Statement Analysis
Focuses on corporate financial statements and provides an appreciation for the issues faced by corporate managers as they design a financial reporting strategy. Skills developed in the course include analysis of business performance through financial statements; analysis of earnings quality and other accounting matters; and forecasting earnings and cash flows. The course also offers perspectives on the role of financial reporting and financial statement analysis in the capital markets, and an appreciation of the importance to business managers of their own financial reporting and disclosure policies.

MAcc 6203 Advanced Tax
This course covers the application of income tax law to partnerships, corporations, estates and trusts. Prerequisite: Federal Income Taxation.

MAcc 6303 Accounting Theory and Research
An in-depth discussion of the history and development of generally accepted accounting principles. The course focuses on the conceptual framework of accounting and the environment in which accounting interacts.

MAcc 6403 Advanced Accounting
Advanced Accounting provides an in-depth examination of the accounting for business combinations, consolidated statements, foreign operations, partnerships, and governmental entities.

MAcc 6503 Current Developments in Accounting
This course is the capstone experience of the Lipscomb MAcc. Through lectures, class discussion, case analyses, and guest lectures, this course analyzes recent literature, both professional and academic, in accounting and focuses on the impact of current developments on the accounting profession. Topics covered will vary depending on current issues facing professional accountants, but would include updates on financial, managerial, and governmental accounting, auditing, tax, and international accounting.

MAcc 6553 Accounting Information Systems
A course which informs students of the relationships between the accounting process and the needs of management. In addition, internal controls and how systems work within the various transaction cycles are examined. Computer skills and their use will be an important component of this course. Prerequisite: Intermediate Accounting I.