Master of Science in Accounting

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ASSOCIATE PROFESSORS

Dee Birnbaum. 1991. B.A., State University of New York at Stony Brook; M.B.A., Baruch College; M.Phil., Ph.D., City University of New York. (General management; human resource management.)

Pamela H. Church. 1988. Director, M.S. in Accounting Program. B.S., M.S., University of Memphis; Ph.D., University of Houston. C.P.A. (Accountancy.)

John M. Planchon. 1986. A.B., M.A., University of Missouri, Columbia; Ph.D., University of Alabama. (Marketing; marketing management; business policy.)

ASSISSTANT PROFESSOR

Stephanie D. Moussalli. 2010. B.S., University of Oregon; B.A., B.S., M.A., Master of Public Administration, University of West Florida, Ph.D., University of Mississippi. (Accountancy.)

PART-TIME ASSISTANT PROFESSOR

Milton L. Lovell. 2003. B.S., J.D., University of Mississippi. LL.M., New York University School of Law. Chief Financial Officer and General Counsel, nexAir, LLC (Accountancy; taxation.)

INSTRUCTOR

Ferron Thompson. 2001. B.A. Vanderbilt University; M.S. University of Memphis. C.P.A. (Accountancy.)

PART-TIME INSTRUCTOR

Chris Nunn. 2010. B.A., M.S., Rhodes College. Chief Financial Officer, Security Bancorp of Tennessee, Inc. (Accountancy.)

Rhodes College offers a 32-credit program of study in accounting and business leading to the Master of Science in Accounting degree. The M.S. in Accounting is a professional master’s degree designed to provide a mature understanding of accepted professional practices in the field of accounting and to support entry and advancement in the various fields of professional accounting.

Admissions Procedure

A student who wishes to apply for admission to the M.S. program should print an application form from the Rhodes College website. The completed form should be mailed to the Director of the M.S. in Accounting program with a nonrefundable application fee of twenty-five dollars.

All applicants for admission to the M.S. in Accounting program are required to submit transcripts from all colleges attended and three letters of reference.

All applicants to the graduate program must have an earned baccalaureate from an accredited institution before being admitted into the program.

Standardized Tests

Non-Rhodes applicants are required to take the Graduate Management Admissions Test (GMAT). Rhodes students may choose to submit a GMAT score as part of the application package. Any student planning to apply to the program for fall admission should plan to take the test no later than December so that his or her scores will be available for the Graduate Admissions Committee by March 1.

Test application forms may be obtained from some colleges and universities or from the GMAT website at www.mba.com.

Applicants whose university instruction was not in English are also required to take the Test of English as a Foreign Language and achieve a score of 550 or above.

Provisional Admission

A limited number of students who would be denied admission based on test scores, letters of recommendation, personal interviews and transcripts may be admitted provisionally to the program if they can demonstrate high probability of success in the program and likelihood of outstanding performance in the profession of accounting in some other manner. Other criteria may include, for example, a record of outstanding performance in a job with increasing levels of responsibility over time. Any student provisionally admitted to the program must attain a grade point average of at least a 3.00 (B) on the first twelve hours of the program completed in order to remain in the program.

Admission of Special Students (Non-degree Candidates)

Students who give evidence of sufficient ability may be admitted as special students to a course offered as part of the M.S. in Accounting curriculum. Special students may take no more than two courses. After two courses, which may total no more than eight credits, the student must make formal application to the M.S. in Accounting program and be accepted into it before taking any additional graduate courses. An undergraduate student in his or her senior year may petition the graduate committee to enroll in a graduate course as a special student. In such a case, no graduate credit will be granted for courses used to satisfy undergraduate requirements. A student may apply no more than a total of four graduate credits earned as a special student and/or for transfer credit toward the requirements for the M.S. in Accounting at Rhodes.

Readmission of Students

The M.S. in Accounting degree must be completed within three academic years from the date of initial enrollment as a degree candidate. Failure to complete the degree requirements within this time will result in being dropped from the program. Any student who wants to continue the program after being dropped must petition the Director for reinstatement.

Additional Information

The M.S. in Accounting program office hours are 8:00 a.m. - 4:00 p.m. Monday through Friday (CST). For additional information, contact:

Dr. Pamela Church
Director of M.S. in Accounting Program
Rhodes College
2000 North Parkway
Memphis, Tennessee 38112-1690
Telephone 901-843-3863 church@rhodes.edu

Expenses

The tuition charges, regulations for payment and withdrawal, activity fees, and special fees and deposits for the M.S. in Accounting are the same as for the undergraduate program at Rhodes. These charges and policies are outlined in the “Expenses” portion of the catalogue. Room charges and policies are also the same as those for the undergraduate programs; however, on-campus rooms will be made available to graduate students only after all undergraduate demand has been satisfied.

Financial Aid

Most financial assistance for students in the M.S. in Accounting program will be awarded as grants, loans and student employment.

Loans

Graduate students are currently eligible for Federal Stafford Loans up to $20,500 per year. Federal Stafford Loans are made on an unsubsidized basis, and the student is responsible for interest payment during periods of enrollment. Repayment begins six months after the student graduates or ceases to be enrolled at least half-time. The interest rate is fixed at 6.8%.

Anyone interested in the student loan program should contact:

Office of Financial Aid
Rhodes College
2000 N. Parkway
Memphis, TN 38112-1690
Telephone 901-843-3810

Grants and Graduate Stipends

All grants and graduate stipends for students in the M.S. in Accounting program are merit based; financial need is not a consideration. Selection for a grant and/or stipend is based upon the candidate’s academic record, personal achievements, and promise of success in accounting.

The Educational Program

The graduate program builds upon the undergraduate study of accounting by introducing more complex accounting practices and reasoning into the functional areas of accounting: cost, tax, auditing and advanced financial. The graduate program also addresses the legal environment of business and business ethics, accounting research, and the theory and methodology of the accounting discipline. It is central to the mission of the program that students be able to communicate effectively, both orally and in writing. A significant component of all graduate courses will be oral presentations and discussions as well as written assignments.

The Curriculum

Core courses and prerequisites. The following courses or their equivalents are required before beginning the graduate program. The graduate committee will evaluate a student’s transcript to determine whether a core course requirement has been met. At the committee’s discretion, a student may be allowed to take certain graduate courses concurrently with these core courses.

  1. Financial Accounting.
  2. Intermediate Accounting I and II.
  3. Cost Accounting.
  4. Federal Income Tax.
  5. Auditing.
  6. Introduction to Economics.

Area courses. A student must complete at least one course, either graduate or undergraduate, in each of the following areas:

  1. Finance.
  2. Management or Marketing.

Requirements for the M.S. Degree

A total of thirty (32) credits as follows:

Required courses. (28 credits):

  1. Business 641: Seminar in Financial Accounting Theory and Research.
  2. Business 643: Seminar in Accounting Control.
  3. Business 644: Accounting for Governmental and Not-for-Profit Entities.
  4. Business 645: Taxation of Business Organizations.
  5. Business 646: Consolidations and Advanced Accounting Topics.
  6. Business 647: Legal and Regulatory Environment of Business.
  7. Business 648: Systems Auditing.

Elective course. (4 credits) One 500- or 600-level course in the Department of Commerce and Business.

Changes in Degree Requirements

A student may satisfy the requirements for an M.S. in Accounting degree as described in any catalogue that has been in effect during the student’s enrollment in the M.S. program. Students readmitted to Rhodes may graduate under requirements in effect during the original period of enrollment or by following a program incorporating features of the current and the earlier degree requirements and approved by the Graduate Committee. For students electing to graduate under earlier degree requirements, there is no guarantee that the courses specified in those requirements will be offered.

Transfer Credit

No more than a total of eight graduate credits earned at another institution and/or graduate credit earned as a special student (see above) may be counted toward the M.S. in Accounting at Rhodes. A minimum grade of B- must be earned for any course credit to be transferred.

Transfer Credit Guidelines. The following guidelines are used in evaluating academic work from other institutions for graduate transfer credit.

  1. The institution at which the course work is taken must be an accredited college or university.
  2. Correspondence courses and distance learning (Internet) courses will not be accepted for meeting the program’s prerequisites, area courses, or degree requirements.
  3. To be accepted for credit, each course must be judged comparable in terms of content and quality to a course in the graduate curriculum at Rhodes. The Program Director makes these judgments.
  4. All course work taken at other institutions for which Rhodes receives a transcript will be evaluated for transfer credit, and if acceptable, will be posted to the student’s record.
  5. A maximum of 8 credits (1 credit = 1 semester hour) will be accepted toward the Rhodes M.S. in Accounting degree. Transfer credits based on a quarter system are converted to the Rhodes credit basis using the formula that one quarter hour equals two-thirds credit. Fractional transfer credits will be credited.
  6. Transfer credits are not accepted if the grade is C+ or below. Transfer credits are credited to the Rhodes transcript as credits only; they are not used to determine the grade point average.
  7. Transfer credit may be used to satisfy M.S. degree requirements.

Academic Regulations

The M.S. in Accounting program abides by the same academic regulations as the undergraduate program at Rhodes, with the exceptions noted below.

Registration

Qualification as a full-time, degree student requires registration for a minimum of eight (8) credits in a semester. Degree-seeking students who register for seven (7) credits or less in any one semester are classified as part-time students.

Pass-Fail

A student may enroll in a class on a pass-fail basis. Permission of the instructor and the Director of the M.S. in Accounting is required and must be obtained during the first three weeks of the class in a semester. The Pass/Fail option may not be used to satisfy any of the graduate course requirements for the M.S. in Accounting degree.

Academic Probation and Suspension

To maintain acceptable scholastic standing and to graduate, a student must have an overall grade point average of 3.000 (B) for all graduate work attempted. The Graduate Committee places on academic probation any student whose cumulative grade point average at the end of a semester falls below the minimum standard. Notification of academic probation will be printed on the student grade report. A student on academic probation is not considered to be in good academic standing. Such students are ineligible to participate in some extracurricular activities, including intercollegiate athletics. A student is removed from academic probation upon attainment of a 3.000 average in graduate courses. A student placed on academic probation because of a grade point average below 3.000 has one academic semester of course work to raise his or her average to the required 3.000. If the grade point average is not raised to a 3.000, he or she may be dropped from the program. Any student who earns a D or an F in any graduate course may be dismissed immediately from the program.

Courses of Instruction

Courses numbered 500-599 have a 300 or 400 level cognate course in which undergraduates may be enrolled. (See Course Offerings.) Courses numbered 600 and above are graduate-level-only courses. Students may not enroll in graduate courses if they have undergraduate credit in a course with comparable content. The Director and the professor teaching the graduate course will determine comparability.

Fall and Spring following the course titles indicate the semester in which the course is usually taught. Course credit is shown to the right of the semester.

The College reserves the right to cancel any course for which there is insufficient enrollment.

COURSE OFFERINGS

552. Cases in Market Strategy and Value Analysis.

Credits: 4.

Same as Business 452 with additional requirements for graduate credit.

Prerequisites: Business 351 or the permission of the instructor and program director.

554. International Finance.

Credits: 4.

Same as Business 454 with additional requirements for graduate credit.

Prerequisites: Business 351 or the permission of the instructor and program director.

563. International Management.

Fall or Spring. Credits: 4.

Same as Business 463 with additional requirements for graduate credit.

Prerequisites: Business 361 or 362 or the permission of the instructor and program director.

565. Graduate Topics in Accounting.

Fall or Spring. Credits: 1-4.

Content of the course varies with instructor. The course may be repeated for credit as long as topics covered are different. The course will include international accounting, accounting for not-for-profit organizations, including governmental entities.

Prerequisites: Graduate standing and the permission of the instructor.

566. Personnel and Human Resource Management.

Fall or Spring. Credits: 4.

Same as Business 466 with additional requirements for graduate credit.

Prerequisites: Economics 290 and Business 243 and 361 or 362 or the permission of the instructor and program director.

572. Cases in Market Strategy and Value Analysis.

Fall. Credits: 4.

Same as Business 472 with additional requirements for graduate credit. Prerequisites: Economics 290 and Business 243 and 371 or the permission of the instructor and program director.

573. International Marketing.

Fall or Spring. Credits: 4.

Same as Business 473 with additional requirements for graduate credit.

Prerequisites: Business 371 or the permission of the instructor and program director.

583. Advanced International Business Cases.

Maymester. Credits: 4.

Same as Business 483 with additional requirements for graduate credit.

Prerequisites: One of the following: Business 351, 361, 362, 371.

585. Cases in Asset Valuation and Business Strategy.

Spring. Credits: 8.

Same as Business 485 with additional requirements for graduate credit. Students who have taken Business 452 and 472 may not take 585. Business 585 (8 credits) will fulfill both Business 552 and 572 wherever they are listed as requirements for the M.S. in Accounting degree.

Prerequisites: Economics 290 and Business 243, 351 and 371 or the permission of the instructor and program director.

641. Seminar in Financial Accounting Theory and Research.

Fall or Spring. Credits: 4.

An in-depth analysis of the measurement and reporting of financial information to investors and managers. Conventional accounting methods, asset valuation, and income determination, as well as other current topics, will be explored. The course will utilize current articles to study contemporary research issues in financial accounting.

Prerequisites: Completion of core courses.

643. Seminar in Accounting Control.

Fall or Spring. Credits: 4.

An advanced study of conceptual and practical aspects of accounting as a control system. Topics will include measurement of organizational performance, resource allocation, activity-based costing, break-even analysis, process costing, cost variances, transfer pricing, and choosing among alternative projects. Students will analyze case studies, work problems similar to real-world situations, read journal articles on current cost issues, and prepare written reports and presentations.

Prerequisites: Completion of core courses.

644. Accounting for Governmental and Not-for-Profit Entities.

Credits: 4.

An overview of the accounting principles, procedures, and reporting for governmental and not-for-profit entities. Topics covered include accounting for state and local governments, operating statement accounts, budgetary accounting, general capital assets, long-term liabilities and debt service, college and university accounting, and health care accounting. The course will stress comparisons between governmental accounting and corporate accounting to strengthen the students’ understanding of the conceptual bases of each.

Prerequisites: Completion of core courses.

645. Taxation of Business Organizations.

Fall or Spring. Credits: 4.

An intensive examination of the federal income tax laws as they relate to partnerships, trusts, and corporations. Discussions will focus on economic and policy issues surrounding the current tax structure. Also, emphasis will be placed on tax research to enable students to analyze complex tax problems.

Prerequisites: Completion of core courses.

646. Consolidations and Advanced Accounting Topics.

Fall or Spring. Credits: 4.

This course will address various topics in advanced accounting. Accounting for investments including fair value, equity and consolidation of financial statements will be covered in depth. Bankruptcy and partnership accounting issues will be reviewed. Foreign currency transactions and translation will be examined. Emerging issues related to the accounting profession will be discussed as an integral part of the course.

Prerequisites: Completion of core courses.

647. Legal and Regulatory Environment of Business.

Fall or Spring. Credits: 4.

The impact of federal regulations on businesses, particularly in the areas of antitrust law and securities regulations. This course will examine the legal responsibilities of business owners and directors, as well as the responsibilities of business entities.

Prerequisites: Completion of core courses.

648. Systems Auditing.

Fall or Spring. Credits: 4.

A comprehensive view of the development, implementation, and auditing of accounting information systems. The course will cover the theoretical and technical aspects of the attest function, with an emphasis on the establishment and analysis of controls in computer-based systems. Topics will include data integrity and quality, materiality, sampling, reports, ethics, and regulations.

Prerequisites: Completion of core courses.

665. Graduate Topics in Accounting.

Fall or Spring. Credits: 1-4.

Content of the course varies with instructor. The course may be repeated for credit as long as topics covered are different. The course will include international accounting, accounting for not-for-profit organizations, including governmental entities.

Prerequisites: Graduate standing and the permission of the instructor.

680. Ethics: Business and Society.

Fall or Spring. Credits: 4.

This is a survey course of the relationship between business and society. The course explores a wide variety of analytical models that might be used to evaluate business decisions from an ethical perspective. The course uses lectures, discussion and case methods to analyze the relationship between business and the public with which it interacts.

Prerequisites: Completion of core courses.

SUMMER PREREQUISITE COURSE OFFERINGS

These courses are offered during the summer for graduates interested in the M.S. in Accounting program. Please note that the courses serve as alternative prerequisites to the program, but do not fulfill any M.S. in Accounting degree requirements. The selection of courses may vary from year to year. Course offerings for the upcoming summer will be announced by March 15.

501. Introduction to Financial Accounting.

Summer. Credits: 4.

Basics of financial accounting including the accounting equation, journal entries, and accounting reports. Students will learn to prepare and interpret corporate financial statements such as the balance sheet, income statement, and statement of cash flows. Computer problem sets will reinforce the course material.

502. Introduction to Managerial Accounting.

Summer. Credits: 4.

The use of accounting information within the firm to serve management goals. Topics include measurement, classification, and analysis of manufacturing costs; job order and process costing; cost allocation; and budgeting. Projects will include the preparation of financial statements, process cost reports, variance analyses, and comprehensive budgets.

Prerequisites: BUS 241 or 501 or permission of the instructor.

503. Financial Reporting I.

Summer. Credits: 4.

Theoretical and technical aspects of financial accounting, including transaction analysis, recordkeeping, and report preparation. Explores the underlying concepts, authoritative standards, and environmental factors impacting financial accounting, as well as current developments. Compares U.S. reporting standards of the Financial Accounting Standards Board to those of the International Accounting Standards Board. Topics covered include the balance sheet, income statement, cash, receivables, inventory, fixed assets, and investments.

Prerequisites: BUS 241 or 501 or permission of the instructor.

504. Financial Reporting II.

Summer. Credits: 4.

Theoretical and technical aspects of financial accounting, including transaction analysis, recordkeeping, and report preparation. Explores the underlying concepts, authoritative standards, and environmental factors impacting financial accounting, with an emphasis on current developments. Compares U.S. reporting standards of the Financial Accounting Standards Board to those of the International Accounting Standards Board. Topics covered include warranties, contingencies, bonds, leases, pensions, income tax accounting, earnings per share, treasury stock, and the statement of cash flows.

Prerequisites: BUS 341 or 503 or permission of the instructor.

505. Taxation for Individuals.

Summer. Credits: 4.

Theoretical and statutory aspects of taxation for individuals including the determination of taxable income, fundamentals of tax planning, and preparation of tax returns using computer software. Topics include income sources, allowable deductions, credits, property transactions, capital gains and losses, and tax computation. Comprehensive cases will be used throughout the course to integrate material and provide practice in the preparation of tax documents.

Prerequisites: BUS 241 or 501 or permission of the instructor.




PLEASE NOTE: This document reflects information as it was published in the 2013-14 Rhodes Catalogue. You may find more current information elsewhere on rhodes.edu.