Core Curriculum

The iMSA was developed by top accounting faculty to build expertise in leading analytics methods, financial reporting, audit and control, and US federal taxation. This degree helps prepare you to sit for the CPA exam.

The 20 accountancy hours required are ACCY 501 through ACCY 505 (each of the five courses awards 4 hours credit).

ACCY 501 Accounting Analysis I

This course is the first course in a two-course sequence (ACCY 501 and 502) that covers the collection, processing, and communication of accounting information (via financial reports) about economic entities to interested parties (i.e., managers and external stakeholders such as stockholders and creditors). This sequence focuses on accounting concepts, principles and theory with an emphasis on problems that arise in applying these concepts for external reporting purposes. Specific emphasis is placed on measurement of assets, liabilities, equities and income, as well as disclosure of additional information that may assist users understand the financial reports. Because this sequence is intended to assist you in professional preparation, you will be expected to develop analytical, problem-solving and technical skills used by accounting professionals. Total Credit Hours: 4

ACCY 502 Accounting Analysis II

ACCY 502 is a continuation of ACCY 501. This course begins with a discussion of current liabilities and contingencies and continues with long-term debt and bonds. The course next explores accounting model for leases, both lessees and lessors, and a discussion on deferred tax assets and liabilities. Participants will learn the latest accounting standards including the new accounting model for leases effective for public companies in 2019 and private companies in 2020. The second half of the course begins with a discussion of pensions and retiree medical benefits and continues with equity and share-based payments. It then explores earnings per share (EPS) and a discussion on accounting changes. The course will conclude with a discussion on the statement of cash flows. Total Credit Hours: 4

ACCY 503 Managerial Accounting

In this course, you will identify and analyze managerial accounting practices used inside organizations to facilitate and guide managers’ operational and strategic decisions. There are two important roles of managerial accounting information. First, managerial accounting has a decision-facilitating role, as it allows decision-makers within the company to adjust their beliefs, and thus affects their evaluations of and decisions surrounding the company’s strategies and operations. Second, managerial accounting has a decision-influencing role, as it can be used to evaluate performance, and align the incentives of the decision-maker with those of other stakeholders. This course will explore both roles of managerial accounting. Total Credit Hours: 4

ACCY 504 Auditing

This course provides an intensive conceptual and applied introduction to auditing in society. It focuses on concepts and applications related to financial-statement auditors’ professional responsibilities, as well as major facets of the audit process, including risk assessment and audit reporting. Total Credit Hours: 4

ACCY 505 Federal Taxation

The first half of the course examines the U.S. federal tax system as it relates to individuals, employees, and sole proprietors. Topics include the tax environment, sources of tax law, inclusions and exclusions to gross income, deductions, calculating the tax liability, employee and self-employed business expenses, and retirement plans. The second half of the course examines the U.S. federal tax system as it relates to property transactions of business owners and shareholders. Topics include cost recovery (e.g., depreciation, amortization, and depletion), realized versus recognized gains and losses, adjusted-basis considerations, non-taxable transactions (e.g., like-kind exchanges, involuntary conversions, and sale of primary residence), and the netting process for gains and losses. Total Credit Hours: 4