Course Listing
Core Curriculum
MAC 881 (1.0 credit hours)
Ethical Aspects of Management addresses ethical theories coupled with critical thinking approaches to analyzing ethical issues. The course helps students understand when they confront ethical issues and provides a mechanism for helping students think their way through to making ethical decisions. Provides a useful way to identify and understand the values they bring to bear in making important decisions with ethical components.
MAC 710, 711 and 712 (9.0 credit hours)
Financial Reporting I, II and III examine the theoretical foundations of financial reporting, the environmental factors which affect accounting standard setting and decision making, and the mechanics of accounting for events and transactions which have an economic effect on the firm. Course participants will gain an understanding of the preparation of financial statements, as well as the skills necessary to interpret financial-accounting information. Prerequisites: 700 for 710, 710 for 711, 711 for 712.
MAC 713 (1.5 credit hours)
Accounting for Mergers and Acquisitions emphasizes the financial and economic aspects of mergers and acquisitions with a focus on the challenges of preparing financial statements for conglomerates with domestic and international subsidiaries. Prerequisite: 711.
MAC 714 (1.5 credit hours)
Financial Statement Analysis provides an in-depth focus on financial statements from the perspective of the financial-statement user. Course participants analyze case studies, evaluating companies based on actual statements and industry data. Prerequisite: 712.
MAC 730 (3.0 credit hours)
Auditing and Assurance Services offers a foundation in the external audit function and stresses the role and value of auditing in business. Students consider the effect of environmental factors and standards on auditors' judgments of client acceptance, risk assessment, planning, evidence gathering, and reporting. Prerequisite: 711.
MAC 725 (1.5 credit hours)
Cost Accounting examines the application of cost accounting techniques and practices for manufacturing, service, and not-for-profit organizations. Special focus is given to the strategic context of cost system design and the integration of computer-based tools for the design of cost systems and the analysis of cost information. Topics include cost accounting systems, strategic costing, activity-based costing, cost management systems, responsibility accounting, and transfer pricing. Prerequisite: 701.
MAC 740 (1.5 credit hours)
Individual Income Taxation covers major tax issues inherent to individual taxation, including filing status, income, deductions, gains and losses, and credits. Prerequisite: 700 (recommended).
MAC 741 (1.5 credit hours)
Introduction to Business Taxation covers the major tax issues inherent in business taxation, including measurement of income, cost recovery, dispositions, nontaxable exchanges, and forms of organization. Prerequisite: 740.
MAC 742 (1.5 credit hours)
Tax and Business Strategy develops a conceptual framework for analyzing taxes that course participants apply to contemporary decision contexts including investments, compensation, organizational form, regulation, financial instruments, shelters, and family wealth planning. Prerequisite: 741.
MAC 743 (1.5 credit hours)
Deloitte Corporate Taxation analyzes tax laws with respect to corporate formation, shareholder distributions, liquidations, divestitures, mergers, and acquisitions. Prerequisite: 742.
Financial Reporting and Assurance Curriculum
MAC 831 (1.5 credit hours)
Special Topics in Auditing covers issues of continuing and emerging significance to the assurance function within public accounting firms. Topics covered include auditor independence, financial reporting fraud, and litigation against public accounting firms. Prerequisite: 730.
MAC 830 (1.5 credit hours)
Advanced Auditing provides an in-depth examination of technical auditing topics introduced in MAC 242A Auditing and Assurance Services. Topics covered include audit sampling, analytical procedures, and audit standards. Prerequisite: 730.
MAC 832 (1.5 credit hours)
Financial Research provides course participants with applied knowledge in the use electronic databases to access the accounting and auditing technical literatures, company financial statements, and industry data for the purpose of analyzing conceptually challenging accounting issues. The course focuses on the development of these skills through the use of case studies. Prerequisite: 711. Corequisite: 712.
MAC 811 (1.5 credit hours)
Fraudulent Financial Reporting is designed to provide a broad overview of the nature of occupational fraud. In particular, the course focuses on asset misappropriation and fraudulent financial reporting. The course is structured as a combination of lectures and case discussions. The regulatory and legal issues surrounding these types of occupational frauds are also covered.
Taxation Curriculum
MAC 840 (1.5 credit hours)
Tax Research considers the diverse sources of tax law. Course participants learn to access numerous electronic databases, analyze typical client situations, and communicate research results. Prerequisite: 740.
MAC 841 (1.5 credit hours)
International, State, and Local Taxation focuses on tax laws applicable to companies operating in multiple jurisdictions and includes income tax nexus, source of income, foreign tax-credit planning, optimal organizational structures, cross-border distributions and sales and use taxes. Prerequisite: 741.
MAC 842 (1.5 credit hours)
Flow-Through Entities (Partnerships) analyzes tax laws related to partnerships, S corporations, limited liability corporations and other flow-through entities. Course participants discuss partnership formation, compensation and allocation of partnership income, transactions and changes in partnership interests, family partnerships, and S corporation and limited liability requirements. Prerequisite: 741.
Elective Courses
MAC 875 (1.5 credit hours)
Agency and Unincorporated Business Associations covers agency law, property law, bankruptcy, partnerships, limited partnerships, limited liability companies, limited liability partnerships, and limited-liability limited partnerships. Prerequisite: 703.
MAC 877 (1.5 credit hours)
Commercial Law I covers sales (Article 2) and leases (Article 2A) of goods under the Uniform Commercial Code. Goods are tangible personal property and are the subject of many important commercial contracts. Prerequisite: 703.
MAC 876 (1.5 credit hours)
Corporations and Securities Regulations covers state law governing corporations and federal regulations of securities. Prerequisite: 703.
MAC 878 (1.5 credit hours)
Commercial Law II covers negotiable instruments (Article 3) and secured transactions (Article 9) under the Uniform Commercial Code. Negotiable instruments qualify as formal contracts. Secured transactions are collateralized contracts. These important features enhance their worth and marketability. Prerequisite: 703.
MAC 880 (1.5 credit hours)
Negotiation addresses basic theories of good negotiation with a heavy focus on "Principled Negotiation" as advanced by Professors Roger Fisher and Bill Ury. Also work extensively on effective techniques for planning and conducting negotiations. Specific topics include: emotions, power, dealing with difficult people, persuasion and negotiation "tricks."
MAC 857 (1.5 credit hours)
Equity Valuation explains how and why the wealth and business decisions of auditors, consultants, CFO's, CEOs, investors, regulators and employees depend on a firm's past, present, and future stock value. It will provide course participants with the theoretical and practical tools necessary to both value a firm and understand the valuation techniques used by other business professionals. Prerequisite: 714.
MAC 889 (1.5 credit hours)
Accounting Information Systems introduces course participants to the technology and internal controls used in contemporary information systems to capture, process and communicate financial and managerial accounting data.
MAC 856 (3.0 credit hours)
Global Immersion Elective The Global Immersion Electives (GIEs) provide students in the MAC Program at Kenan-Flagler with an opportunity to engage in short-term experiential learning abroad for academic credit. There are several successful GIE's to the Program's credit. Previous countries visited include Germany, Czech Republic, South Korea, Japan, Russia, England and China. GIEs combine relevant and timely international business issues with nuts-and-bolts discussions of how to do business in targeted countries or regions; the Electives highlight some of the most dynamic economies in the world. Prerequisite: by application only.
MAC 866 (1.5 credit hours)
Intro Derivative Securities Markets examines the economic fundamentals and inherent risk features of various financial instruments such as options, and forward and futures contracts. Prerequisite: 709.
MAC 868 (1.5 credit hours)
Topics in Corporate Finance focuses on the fundamental concepts of corporate finance and how to apply them to real-life situations. The primary focus is on capital structure (debt, equity, convertibles and warrants). In addition, payout policy (dividends and share repurchases), financial distress and bankruptcy will also be covered. Prerequisite: 709.
Functional Area Requirements
MAC 703 (1.5 credit hours)
Legal Environment of Business will present an overview of the American legal system, the role of the courts, and regulation, litigation, and constitutional issues. The primary purpose of this course is to introduce the student to the legal environment of business.
MAC 700 (1.5 credit hours)
Introduction to Financial Accounting provides course participants with an understanding of the basic mechanics underlying the process of financial accounting. The course covers the basic accounting equation, the recording process, adjusting and closing entries, and financial statement preparation.
MAC 707 (1.5 credit hours)
Introduction to Technology emphasizes the hands-on use of software applications and covers advanced features of spreadsheet applications enabling course participants to create efficient models of common business problems.
MAC 701 (1.5 credit hours)
Introduction to Managerial Accounting introduces management accounting techniques and practices. The focus is on the managerial uses of accounting information, particularly cost information. Topics include cost accounting systems, budgeting, responsibility accounting, and decision making.
MAC 709 (1.5 credit hours)
Financial Management provides a theoretical and practical foundation in the basic concepts of finance, including the time value of money, valuation, portfolio theory, asset pricing, and the risk-return tradeoff, as well as the development of skills in financial analysis.
MAC 865 (1.5 credit hours)
Microeconomics provides course participants with the microeconomic tools and intuition necessary to analyze a variety of standard business problems as well as new issues that will arise in the ever-changing business environment. The course covers traditional topics such as production, consumer behavior, pricing, and market analysis, as well as several advanced topics.
MAC 702 (1.5 credit hours)
Analytical Tools For Decision Making provides an introduction to the analytical tools required in the MAC Program. Topics include basic descriptive statistics, basic probability, probability distributions, sampling, sampling distributions, estimation, hypothesis testing, and regression analysis. While the majority of the course involves probability and statistics, additional quantitative topics useful to MAC students will be included as needed. These include an introduction to differential calculus, and the application of logarithms. Emphasis is given to problem recognition and interpretation rather than computational details. Extensive use is made of Excel. Course grades are based on homework, a midterm, and a final examination.
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