Accounting and Information Systems

Chair: Israel Blumenfrucht

Graduate Program Directors: Neal B. Hitzig, Marvin F. Milich

Department Office: Powdermaker Hall 215, 997-5070

Department Website: http://www.qc.cuny.edu/Academics/Degrees/DSS/Accounting

The Master of Science program in accounting is certified by the New York State Education Department under HEGIS Code 0502.00. This 30-credit program provides advanced education in accounting and related areas so that a student completing this program (following a suitable undergraduate program in accounting or completion of the MS Accounting Bridge Program) will meet the fundamental requirements for taking the Uniform CPA Examination in New York State.

Further, students successfully completing the program will be well-prepared for careers in public, private, or governmental accounting, or for teaching of accountancy in secondary schools. The Queens College MS in accounting builds upon successful completion of an undergraduate program in accounting or completion of the MS in Accounting Bridge Program for students not having an undergraduate degree in accounting. In addition to the technically oriented courses in accounting and economics, the program allows a set of elective courses in liberal arts disciplines that provide a broader background for the professional accountant.

Faculty

Blumenfrucht, Israel, Chair, Professor, PhD 1981, New York University; CPA: taxation

Milich, Marvin F., Graduate Program Director, Associate Professor, JD 1971, New York University School of Law; CPA: law

Hitzig, Neal B., Graduate Program Director, Professor, PhD 1985, City University of New York; CPA: business

Adelberg, Arthur H., Professor, PhD 1977, City University of New York; CPA: managerial accounting

Dauber, Nicky A., Lecturer, MS 1982, C.W. Post Institute of Finance; CPA: auditing

David, Amy B., Lecturer, MS 2006, Queens College, CPA: financial accounting

Davidovits, Murray, Lecturer, JD 1983, New York University School of Law: law

Erlach, David, Assistant Professor, PhD 1997, University of San Jose; JD, Hofstra University: financial accounting

Hornung, David, Lecturer, MBA 1975, Baruch College: financial accounting

Leibowicz, Barry, Associate Professor, LLM 1973, New York University School of Law: taxation

Levine, Marc H., Professor, PhD 1983, Yeshiva University; CPA: financial accounting

Milo, Michael, Lecturer, MS 1983, Long Island University: managerial accounting

Mintz, Seymour, Lecturer, law

Qureshi, Anique, Professor, PhD 1993, Rutgers University, CPA: managerial accounting

Ruthizer, Scott, Lecturer, MBA 1984, St. John's University, CPA: Taxation, Auditing

Satenstein, Jeffrey, Lecturer, MS 1974, New York University, CPA: financial accounting

Simon, Abraham J., Professor, PhD 1971, University of Pennsylvania; CPA: governmental accounting

Solieri, Steven A., Assistant Professor, PhD 2000, Binghamton University, CPA: auditing

Stevens, Michael, Assistant Professor, LLM 1990, New York University School of Law, CPA: taxation

Walker, John P., Professor, PhD 1976, University of Cincinnati; CPA: auditing

Weiss, Renee, Assistant Professor, PhD 1993, Graduate Center, City University of New York: Financial Accounting

Master of Science Program

Requirements for Matriculation into the MS in Accounting Program (for students having an undergraduate degree in accounting)

These requirements are in addition to the general requirements for admission.

1. A BA or BS in accounting from an accredited college or university.

2. Students should have earned an overall GPA of at least 3.0 in their undergraduate program, as well as a GPA of at least 3.0 in their undergraduate accounting courses.

3. GMAT (may be waived under certain circumstances; consult a graduate program director).

Alternative Requirements for Matriculation into the MS in Accounting Bridge Program (for students having an undergraduate degree in a subject other than accounting)*

These requirements are in addition to the general requirements for admission.

1. A BA or BS from an accredited college or university in a subject other than accounting.

2. Students should have earned an overall GPA of at least 3.0.

3. GMAT.

For the MS Accounting Bridge Program, students subject to the alternative requirements for matriculation are required to complete the following graduate coursework. At the discretion of the graduate program director, the number of graduate MS Accounting Bridge Program courses may be reduced for previously completed equivalent undergraduate coursework.

ACCT 600. Financial Accounting Theory and Practice: Part 1

ACCT 601. Financial Accounting Theory and Practice: Part 2

ACCT 602. Financial Accounting Theory and Practice: Part 3

ACCT 603. Concepts of Managerial Accounting

ACCT 604. Concepts of Auditing and Computer Auditing

ACCT 605. Introduction to Business Law

ACCT 606. Federal and New York State Taxes on Income

CSCI 688. Advanced Productivity Tools for Business

ECON 601. Introduction to Micro and Macro Economics

ECON 602. Introduction to Corporate Finance and Money and Banking

ECON 649. Statistics as Applied to Economics and Business

Successful completion of the alternative requirements for matriculation requires an overall GPA of 3.0 or higher in the MS Accounting Bridge Program. Once this is achieved, a student is automatically matriculated into the 30-credit MS in Accounting Program.

Courses in the MS Accounting Bridge Program must be taken in the appropriate sequence, satisfying all prerequisites. The following is an example of such a sequence for a student attending part-time in the evening:

MS in Accounting Bridge Program Sequence*

Fall, first year

ACCT 600. Financial Accounting Theory and Practice: Part 1 (4 credits)

ACCT 605. Introduction to Business Law (4 credits)

ECON 601. Introduction to Micro and Macro Economics (4 credits)

Spring, first year

ACCT 601. Financial Accounting Theory and Practice: Part 2 (4 credits)

CSCI 688. Advanced Productivity Tools for Business (3 credits)

ECON 602. Introduction to Corporate Finance and Money and Banking (4 credits)

Fall, second year

ACCT 602. Financial Theory and Practice: Part 3 (3 credits)

ACCT 603. Concepts of Managerial Accounting (4 credits)

Spring, second year

ACCT 606. Federal and New York State Taxes on Income (4 credits)

ECON 649. Statistics as Applied to Economics and Business (3 credits)

TOTAL: 41

Students who have completed equivalent undergraduate coursework may have certain of the above courses waived, reducing the time for completion of the MS in Accounting Bridge Program.

*Pending approval of the New York State Education Department.

Requirements for the Master of Science Degree

Students must complete at least 30 graduate credits in addition to completion of the MS Accounting Bridge Program for those students subject to the alternative requirements for matriculation, with a minimum overall GPA of 3.0, and successfully complete a comprehensive accounting examination, which may be retaken once in the event of initial failure. The 30 graduate course credits include:

a. The seven required courses (21 credits) in accounting:

ACCT 712. Advanced Financial Accounting Theory

ACCT 723. Advanced Auditing Theory and Practice

ACCT 747. Communications and Accountants

ACCT 748. Advanced Accounting Information Systems (students who have received credit for at least two undergraduate or graduate computer science or information systems courses are exempt from ACCT 748, and may substitute an elective from part d., below).

ACCT 752. Advanced Studies in Business Law

ACCT 757. Taxation of Business Entities

ACCT 773. Government and Not-For-Profit Accounting and Auditing (students who have received equivalent undergraduate credit must substitute an elective from part d., below).

b. The two required courses (6 credits) in economics:

ECON 703. Price & Distribution Theory

ECON 715. Corporate Finance

c. One course (3 credits) from the following set of economics courses (students who have taken ECON 382 or its equivalent are exempt from this requirement):

ECON 705. Mathematical Economics

ECON 721. Econometrics

ECON 726. Introduction to Operations Research

d. The following elective classes are available to students who have satisfied one or more of the ten required courses through their previous undergraduate or graduate coursework:

ACCT 707. Contemporary Issues in Management Accounting

ACCT 751. Public Interest Law

ACCT 758. State and Local Taxation

ACCT 759. Estate and Gift Taxation and Administration

ACCT 773. Government and Not-For-Profit Accounting and Auditing

CSCI 688. Advanced Productivity Tools for Business

ECON 711. Money and Capital Markets

ECON 750. Industrial Organization and Control

ECON 770. Urban Economics: Tools, Methodology, and Applications

HIST 774. History of American Business

PHIL 760. Business Ethics

PSCI 640. Public Administration

PSCI 715. Organization Theory

PSYCH 754. Behavioral Science and Business

SOC 716. Professional Writing and Communication for Social Research

SOC 728. Sociology of Organizations and Industry

URBST 727. Public Management

URBST 742. Public Budgeting

Courses in Accounting

ACCT 600. Financial Accounting Theory and Practice: Part 1. 4 hr.; 4 cr. Prereq.:
Matriculation in the MS in Accounting Bridge Program. First required course for students having an undergraduate degree in other than accounting, wishing to enter the MS in Accounting Program at Queens College. This course provides the fundamental understanding of the language of business as expressed in financial reports. It continues into an intensive study of the theories of financial accounting, generally accepted accounting principles, and relevant opinions and statements of the American Institute of Certified Public Accountants, Financial Accounting Standards Board, and the Securities and Exchange Commission.

ACCT 601. Financial Accounting Theory and Practice: Part 2. 4 hr.; 4 cr. Prereq.: ACCT 600. Second required course for students having an undergraduate degree in other than accounting, wishing to enter the MS in Accounting Program at Queens College. This course continues the intensive study of the theories of financial accounting, generally accepted accounting principles, and relevant opinions and statements of the American Institute of Certified Public Accountants, Financial Accounting Standards Board, and the Securities and Exchange Commission. It also involves mathematical principles and applications thereof to accounting.

ACCT 602. Financial Accounting Theory and Practice: Part 3. 3 hr.; 3 cr. Prereq.: ACCT 601. Theory of accounting applicable to problems peculiar to large-scale business operations, including the problems of accounting for mergers, insolvencies, branch operations, liquidations, and the preparation of consolidated financial reports. Relevant opinions of the American Institute of Certified Public Accountants, Financial Accounting Standards Board, and the Securities and Exchange Commission.

ACCT 603. Concepts of Managerial Accounting. 4 hr.; 4 cr. Prereq.: ACCT 601. The concepts and procedures used to account for the cost of manufacturing and selling, with their practical application in different types of cost accumulation systems (e.g., job-order, standard, and process costing). The application of various techniques in managerial decision-making, inventory management, capital budgeting, and capital investment decisions.

ACCT 604. Concepts of Auditing and Computer Auditing. 4 hr.; 4 cr. Prereq.: ACCT 601; Corequisite: ACCT 602. Auditing and other forms of assurance services applicable to the accounting profession. Auditing procedures, including applications to computerized systems; test of internal controls and substantive audit procedures performed by CPAs. Introduction to statistical sampling applicable to audit engagements. Review of relevant pronouncements of American Institute of Certified Public Accountants, Securities and Exchange Commission, and Public Accounting Oversight Board as well as ethical standards expected of CPAs.

ACCT 605. Introduction to Business Law. 4 hr.; 4 cr. Introduction to key concepts of business law, including contracts, agency, forms of business organization, personal and real property, and employment and elder law. The basic structure through which law is implemented and enforced is reviewed.

ACCT 606. Federal and New York State Taxes on Income. 4 hr.; 4 cr. Prereq.: ACCT 600. An introduction to the federal and state income taxes as they relate to individuals. This accelerated course will emphasize the basic multitiered tax structure. Inclusion, exclusion, and deduction are defined, utilizing the Internal Revenue Code and related material. Special classes of taxpayers (including partnerships and corporations) are considered as well as accounting and procedural rules.

ACCT 707. Contemporary Issues in Management Accounting. 3 hr.; 3 cr. Prereq.: Open to students who have completed an undergraduate degree in accounting or who have completed the graduate core coursework for the MS in accounting or the MS in enterprise risk management accounting/CPA concentration or permission of the department. The purpose of this course is to build upon the basic concepts of management accounting introduced in ACCT 305 and 306. The most current theories and practices that comprise ACCT 707 have been developed over the past decade in response to rapid changes in the external and internal environment that business organizations face. ACCT 707 will examine in depth the most recent management accounting literature with respect to: (1) information that managers need for decision-making, and (2) the role of the management accountant in the accumulation, analysis, and use of that information.

ACCT 712. Advanced Financial Accounting Theory. 3 hr.; 3 cr. Prereq.: Open to students who have completed an undergraduate degree in accounting or who have completed the graduate core coursework for the MS in accounting or the MS in enterprise risk management, accounting/CPA concentration or permission of the department. The emphasis of this course is on the examination of current issues and research methodologies related to accounting theory in such areas as the objectives of financial statements, financial statement elements, asset-valuation concepts, income-determination models, and cutting-edge topics under scrutiny by the accounting profession. Students will analyze the literature in accounting theory relating to current pronouncements of the Financial Accounting Standards Board and prior pronouncements of the Accounting Principles Board and Committee on Accounting Procedure. A primary focus will be the application and influence of accounting theory on the development of current Generally Accepted Accounting Principles and corporate financial reporting.

ACCT 723. Advanced Auditing Theory and Practice. 3 hr.; 3 cr. Prereq.: Open to students who have completed an undergraduate degree in accounting or who have completed the graduate core coursework for the MS in accounting or the MS in enterprise risk management accounting/CPA concentration or permission of the department. This course focuses on the philosophical aspects of the professional accountant’s relationship with clients and third parties. Accordingly, the Code of Professional Conduct issued by the American Institute of CPAs (AICPA) is examined in detail. The auditing pronouncements issued by the AICPA are analyzed in detail. Requirements of the Securities and Exchange Commission are also explored. Other areas scrutinized are compilation and review, attestation engagements, statistical sampling and auditing in an electronic data processing environment. The case method is used in solving problems of a more complex nature.

ACCT 747. Communications and Accountants. 3 hr.; 3 cr. Prereq: Open to students who have completed an undergraduate degree in accounting or who have completed the graduate core coursework for the MS in accounting or the basic core coursework for the MS in enterprise risk management or permission of the department. The examination, both verbally and non-verbally, of communications required in the business life of an accountant. The objectives of this course will be to enhance the ability to write, speak, and listen more effectively in the business environment. Topics covered will be writing a resume and a job application for an accounting position, writing instructions to staff for an audit, writing a letter to a client on the results of an audit, preparing an analysis of an annual report, communicating during an interview and a business meeting, listening skills, and preparing a financial presentation with multimedia aids.

ACCT 748. Advanced Accounting Information Systems. 3 hr.; 3 cr. Prereq: Open to students who have completed an undergraduate degree in accounting or who have completed the graduate core coursework for the MS in accounting or the MS in enterprise risk management accounting/CPA concentration or permission of the department. Methods and techniques of using accounting as an information system. The design, analysis, installation, and evaluation of a system, either manual or computer-based, will be covered. Topics will include accounting systems theory, design theory, accounting file structure, implementation, maintenance, and evaluation of the system. General ledger software and database programs will be discussed and used in the classroom. The use of the Internet and expert systems as they relate to accounting information will be included.

ACCT 751. Public Interest Law. 3 hr.; 3 cr. This course seeks to examine the various aspects of public interest law. It will study public institutions and the phenomenon of bureaucracy in order to gain some understanding of the public law system. Emphasis will focus on the relationship of the government and its citizens with respect to a variety of specific areas of concern. Topics will include administrative law, civil rights and civil liberties, law and education, immigration law, consumer protection, environmental law, poverty law, disability rights, children and the law, and international human rights.

ACCT 752. Advanced Studies in Business Law. 3 hr.; 3 cr. Prereq: Open to students who have completed an undergraduate program in accounting or who have completed the graduate core coursework for the MS in accounting or the MS in enterprise risk management accounting/CPA concentration or permission of the department. This course examines the Uniform Commercial Code, with particular emphasis on sales law, commercial paper, and the laws of secured transactions. Laws relating to bankruptcy, suretyship, as well as laws specifically applicable to accountants’ professional responsibilities, including securities laws and corporate governance, will also be examined.

ACCT 757. Taxation of Business Entities. 3 hr.; 3 cr. Prereq: Open to students who have completed an undergraduate degree in accounting or who have completed the graduate core coursework for the MS in accounting or the MS in enterprise risk management accounting/CPA concentration or permission of the department. This course focuses on the taxation of the primary forms of business entities: sole proprietorship, corporations (including S corporations), and partnerships (including limited liability companies, often known as LLCs). The decision process necessary to select a particular type of business entity as well as the tax advantages and disadvantages inherent in the operations, liquidation, and termination of these entities will be stressed. Emphasis is placed on tax planning, problem-solving, and research.

ACCT 758. State and Local Taxation. 3 hr.; 3 cr. This course examines the law of state and local taxation with a particular emphasis on the tax laws of the State of New York. Income, corporate franchise, inheritance, and sales taxes are studied where appropriate, distinguished from the rules of federal taxation that apply. Both substantive and procedural rules are studied. Problems of multistate residence and taxation, related constitutional issues, and conflict of laws are studied. The course addresses ongoing compliance issues as well as tax dispute resolution mechanisms such as making and pleading disputes to the tax tribunal.

ACCT 759. Estate and Gift Taxation and Administration. 3 hr.; 3 cr. This course focuses on the rules and regulations governing estate and gift taxation and the administration of estates. Topics covered include the rules and regulations governing gifts and bequests, both from the standpoint of tax compliance and tax planning. The administrative rules governing probate administration are covered, as is the role of the accountant in the administrative process.

ACCT 773. Government and Not-For-Profit Accounting and Auditing. 3 hr.; 3 cr. The course focuses on accounting, financial reporting, and auditing relevant to governmental and not-for-profit entities. Financial information that is required internally by public officials and governmental and not-for-profit managers is discussed. The financial reporting standards covered are those of the Government Accounting Standards Board (GASB) and the Financial Accounting Standards Board (FASB). Auditing standards set out in the “Yellow Book” issued by the General Accounting Office (GAO) and by the Office of Management and Budget (OMB) circulars of the Federal Office of Management and Budget are discussed. The “single audit” approach is covered. The foundation of accounting and reporting for governmental entities is developed in terms of public goods theories of governmental activities.

Courses in Economics

ECON 601. Introduction to Micro and Macro Economics. 4 hr.; 4 cr. Prereq.: MATH 131 or equivalent. Principles of microeconomics and macroeconomics. Analysis of the economy as a distinctive whole that is also composed of multiple small parts. Critical examination of economic theories and policies, especially as they are used by government officials to shape and guide the economy.

ECON 602. Introduction to Corporate Finance and Money and Banking. 4 hr.; 4 cr. Prereq.: ECON 601 or equivalent. Principles of banking and financial economics. Topics include interest rates, financial markets, financial institutions, the money supply and monetary policy, and how the financial system operates in a macroeconomy.

ECON 649. Statistics as Applied to Economics and Business. 3 hr. plus 1 Lab. hr.; 3 cr. Prereq.: ECON 601 or equivalent, and MATH 131 or equivalent. Descriptive statistics, elementary probability theory, sampling statistical inference, estimation, correlation and regression. Statistical applications will be on business and economics-related topics.

ECON 703. Price and Distribution Theory. 2 hr. plus conference; 3 cr. A one-semester course in microeconomic theory.

ECON 705. Mathematical Economics. 3 hr.; 3 cr. Prereq.: A one-semester course in differential calculus and a course in price theory; and either graduate matriculation or permission of the chair. An introduction to applications of mathematics to economic theory and problems. Illustrations are drawn from linear programming, theory of games, and difference equations.

ECON 711. Money and Capital Markets. 2 hr. plus conference; 3 cr. Examination of the sources and uses of funds in financial markets; market structure of interest rates; flow-of-funds analysis.

ECON 715. Corporate Finance. 2 hr. plus conference; 3 cr. Prereq.: BUS 241 or equivalent. Students who have taken BUS 341 will not receive credit for this course. The theory of investor and firm behavior in financial markets under uncertainty. Among the topics discussed are portfolio theory, the capital asset pricing model, arbitrage pricing theory, asset valuation theory, and optimum firm decision-making rules with regard to capital budgeting, capital structure, and dividend policy.

ECON 721. Econometrics. 2 hr. plus conference; 3 cr. Prereq.: One semester of calculus and ECON 249 or equivalent. Analysis of the classic single-equation regression models (simple and multiple), simultaneous equation models, and special problems associated with time series and qualitative data.

ECON 726. Introduction to Operations Research. 3 hr.; 3 cr. Prereq.: ECON 249 or equivalent; calculus recommended. Methods of operations research in economic and business decision-making. Topics include linear and nonlinear programming, queuing, theory, and sensitivity analysis.

ECON 750. Industrial Organization and Control. 2 hr. plus conference; 3 cr. Structure of the American economy; governmental policies aiming at the preservation of competition in industrial markets and regulation of trade practices.

ECON 770. Urban Economics: Tools, Methodology, and Applications. 2 hr. plus conference; 3 cr. Introduces students to major subject areas, theories, and research tools of urban and regional economics and their applications.

Courses in Other Departments (see department listings for complete course information)

CSCI 688. Advanced Productivity Tools for Business

HIST 774. History of American Business

PHIL 760. Business Ethics

PSCI 640. Public Administration

PSCI 715. Organization Theory

PSYCH 754. Behavioral Science and Business

SOC 716. Professional Writing and Communication for Social Research

SOC 728. Sociology of Organizations and Industry

URBST 727. Public Management

URBST 742. Public Budgeting