Graduate School Bulletin - Spring 2006

ACCOUNTING

Master of Science

The Master of Science in Accounting (MSACC) degree at the University of Kentucky offers students a program of advanced study in accounting. The program provides preparation for professional positions in public accounting, industry, and other organizations. When coupled with a bachelor's degree from an accredited college or university and satisfactory completion of prerequisites of undergraduate courses in accounting and business, the MSACC offers students the ability to pursue an interdisciplinary study of accounting and business while obtaining the 150 semester hours necessary to sit for the CPA Examination in Kentucky. Specifically, the program's objectives are to:

Admission Requirements

  1. A bachelor's degree from an accredited college or university.
  2. Graduate study in accounting presumes a minimum preparation of 24 hours in business and economics, including the completion of the following basic courses (examples of acceptable courses at the University of Kentucky are given in parentheses):

    Principles of Economics (ECO 201, ECO 202)
    Statistical Methods (STA 291, ECO 391)
    Business Management (MGT 301)
    Corporation Finance (FIN 300)
    Marketing Management (MKT 300)
    Strategic Management (MGT 499) or an equivalent capstone course

    In addition, prerequisites to the MSACC program include a minimum of 24* semester hours in accounting and approval of these courses by the Director of the MSACC program. Following are recommended accounting prerequisites (examples of acceptable courses at the University of Kentucky are given in parentheses):

    Financial Accounting I (ACC 201)
    Managerial Accounting (ACC 202)
    Financial Accounting Lab (ACC 211)
    Intermediate Accounting I (ACC 301)**
    Intermediate Accounting II (ACC 302)**
    Accounting Information Systems (ACC 324)
    Cost Management (ACC 418)
    Concepts of Income Taxation (ACC 407)***
    Auditing (ACC 403)

    *For students selecting a concentration in tax, an advanced course in
    taxation (ACC 507)*** is also required, resulting in a minimum prerequisite
    of 27 semester hours in accounting.

    **The content of the Intermediate Accounting courses must have been based upon United States generally accepted accounting principles (GAAP).

    ***The content of the Income Tax course(s) must have been based upon the United States Tax Code.

  3. The Graduate Management Admission Test (GMAT) must be taken prior to being admitted.
  4. International applicants from non-English speaking countries are required to submit test scores from the Test of English as a Foreign Language (TOEFL) with a minimum score of 550 (213 computer version). In addition, each international student, who is not a permanent U.S. resident, must submit a Test of Written English (TWE) with a minimum score of 4.5.
  5. Students are strongly encouraged to complete either a one semester accounting internship or have equivalent work experience prior to entering the MSACC program.
  6. Completion of the prerequisites, the GMAT, the TOEFL and TWE (if required), and the application do not guarantee admission into the MSACC program. Applicants will be evaluated for admission based upon their undergraduate grade point averages (GPA), both overall and in accounting, their GMAT scores, and their TOEFL and TWE scores (if applicable).

Degree Requirements

Students must complete at least thirty semester hours in courses carrying graduate credit, with a minimum of fifteen hours in graduate-level accounting courses. The MSACC degree requirements are:

  1. Minimum of fifteen hours of graduate-level accounting courses, of which at least twelve hours must be in courses numbered at the 600 level.
  2. A minimum of 21 semester hours must be in courses reserved exclusively for graduate students (i.e., 600-level courses).
  3. At least nine semester hours must be outside of Accounting.
  4. All graduate-level elective courses require approval in advance by the Director of the Master of Science in Accounting program.
  5. A minimum average GPA of 3.0 in all courses attempted for graduate credit after being admitted to The Graduate School .
  6. Successful completion of a comprehensive final examination.

Students have a choice of two tracks in the MSACC program. (1) Financial Accounting/Systems, and (2) Taxation. (Note that completion of a track is not shown on a student's transcript or on their diploma.) The two tracks are as follows:

All students must complete the following courses:

ACC 600: Inquiry, Communication, and Leadership in Accounting
ACC 601: Research in Accounting Theory;

Students who select the Financial Accounting/Systems track must also complete the following courses:

ACC 516: Advanced Topics in Financial Reporting;
ACC 603: Attest Function;
ACC 621: Understanding Financial Statements;
ACC 624: Enterprise Information and Control Systems;
DIS 622: Business Data System Analysis & Design; and
Three graduate-level elective courses (at least one at the 600 level). One of these graduate-level electives may be in accounting.

Students who select the Taxation track must also complete the following courses:

ACC 617: Selected Topics in Taxation;
ACC 627: Corporate Taxation;
ACC 637: Taxation of Flow-through Entities;
ACC 647: Multijurisdictional Taxation;
ACC 621: Understanding Financial Statements or
ACC 624: Enterprise Information and Control Systems; and
Three graduate-level elective courses outside of the accounting area.

Doctor of Philosophy

The Business Administration program offers a Ph.D. degree with a concentration in Accounting. For more information, see the Business Administration program description.

GRADUATE COURSES

ACC 507 ADVANCED TOPICS IN TAXATION (3)

ACC 508 CONTROLLERSHIP (3)

ACC 516 ADVANCED TOPICS IN FINANCIAL REPORTING (3)

ACC 600 INQUIRY, COMMUNICATION, AND LEADERSHIP IN ACCOUNTING (3)

ACC 601 RESEARCH IN ACCOUNTING THEORY (3)

ACC 603 ATTEST FUNCTION (3)

ACC 608 ADVANCED MANAGERIAL ACCOUNTING (3)

ACC 610 NOT-FOR-PROFIT AND REGULATORY ACCOUNTING (3)

ACC 617 SELECTED TOPICS IN TAXATION (3)

ACC 619 INDEPENDENT STUDY IN ACCOUNTING (1-3)

ACC 621 UNDERSTANDING FINANCIAL STATEMENTS (3)

ACC 624 ENTERPRISE INFORMATION AND CONTROL SYSTEMS (3)

ACC 627 CORPORATE TAXATION (3)

ACC 628 FINANCIAL/MANAGERIAL ACCOUNTING (MAYNOT BE TAKEN BY MSACC STUDENTS) (3)

ACC 637 TAXATION OF FLOW-THROUGH ENTITIES (3)

ACC 647 MULTIJURISDICTIONAL TAXATION (3)

ACC 700 TOPICAL SEMINAR IN ACCOUNTING RESEARCH (SUBTITLE REQUIRED) (1-3)

ACC 795 INDEPENDENT STUDY IN ACCOUNTING (1-6)

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