Diploma in Accounting

Diploma in Accounting Looking for a career in Accounting? The program provides a broad-based accounting education for university graduates which will help prepare them for admission to the Chartered Accountant (CA), the Certified General Accountant (CGA) and the Certified Managerial Accountant (CMA) professions as well as for positions as an accountant in the industry. How can a McGill Program Prepare you for a Career as a CGA and CMA or CA? The Diploma in Accounting program provides a broad-based accounting education for university graduates which will help you prepare for admission to the CA, CGA and CMA professions. The Program The Diploma in Accounting is a 30 credit program which consists of 2 co-requisite courses, 7 required courses and 3 complementary courses. The program provides a broad-based accounting education for university graduates which will help prepare them for admission to the CA, CGA and CMA professions as well as for positions as an accountant in the industry. Classes are offered once a week for 13 weeks and are generally from 6 p.m. to 9 p.m. Courses can be taken in the Fall, Winter, Spring and Summer sessions. Classes in the Spring and Summer sessions may be given in less than 13 weeks. Not all courses are offered every semester. The Diploma program requirements are: N.B. Please note there are 2 external courses which are pre-requisites for courses in the program and must be completed prior to commencing the program or can be taken concurrently with the co-requisite courses: MGCR 211 Introduction to Financial Accounting and MGCR 331 Information Systems Students who wish to apply for Advanced Standing for the pre-requisite or corequisite courses to the program, must complete a Credit/Exemption Request form (www.mcgill.ca/conted-students/forms) at the time of admission or they may take an Exemption by Examination Test for these courses. 2 Co-requisites 1 to program: CEC2 532 Business Economics (or the Exemption by Examination Test) CMS2 521 Applied Management Statistics (or the Exemption by Examination Test) 1 Co-requisite: This refers to be academic course requirements that may be completed before or concurrently. Diploma in Accounting Last updated: July 22 nd, 2011 1

7 Required courses: CCAU 511 Auditing 1 CCFC 511 Financial Accounting 1 CCFC 512 Financial Accounting 2 CCFC 513 Financial Accounting 3 CCMA 511 Managerial Accounting 1 CCTX 511 Taxation 1 CFIN 512 Corporate Finance The 4 complementary courses may be chosen from among all courses listed below if you are not pursuing a specific stream. CA Stream: In addition to the 6 required and co-requisite courses listed in the Diploma in Accounting, you must take the following courses if you wish to follow the CA stream (other courses may be required; contact the CA Program)** CGA Stream: CCMA 522 Managerial Accounting 2 CCFC 514 Accounting Theory and Practice CCTX 532 Taxation 2 In addition to the 6 required and co-requisite courses listed in the Diploma in Accounting, you must take the following courses if you wish to follow the CGA stream (other courses may be required; contact CGA office)*** CCAU 520 External Auditing CCAU 525 Operational Auditing CCFC 514 Accounting Theory and Practice CCMA 522 Managerial Accounting 2 CCTX 532 Taxation 2 CFIN 522 Applied Topics in Corporate Finance CMIS 520 Accounting Information Support Systems Only one of these courses can be taken for credit towards the Diploma in Accounting. CMA Stream: In addition to the 6 required and co-requisite courses listed in the Diploma in Accounting, you must take the following courses if you wish to follow the CMA stream (other courses may be required; contact the CMA office)**** CCAU 525 Operational Auditing CCFC 514 Accounting Theory and Practice CFIN 522 Applied Topics in Corporate Finance CCMA 522 Managerial Accounting 2 CCMA 523 Managerial Accounting 3 CMIS 520 Accounting Information Support Systems Program Structure continues on the next page Diploma in Accounting Last updated: July 22 nd, 2011 2

Other Complementary courses: CCFC 516 Forensic Accounting CCFC 590 Topics in Accounting and Auditing CCTX 540 U.S. Taxation ** CA Contact Information Graduate Diploma in Public Accountancy Program (CA Program): Faculty of Management, Ms. Patricia Strutz (514) 398-4648 http://www.mcgill.ca/ca patricia.strutz@mcgill.ca *** CGA Contact Information http://www.cga-quebec.org General Information and Course Equivalencies (514) 861-1823 Ext. 246 E-mail : formation@cga-quebec.org CGA Exams and Exemptions Tel : (514) 861-1823 Ext. 220 E-mail : examens@cga-quebec.org **** CMA Contact Information Mme. Karine Blais (514) 849-1155 Ext. 227 http://www.cma-quebec.org k.blais@cma-quebec.org Note: Kindly note that your academic record must be evaluated by the relevant Professional Order listed above if you wish to acquire -a professional designation. Diploma in Accounting Last updated: July 22 nd, 2011 3

Course Sequence Diploma in Accounting MGCR 211 Intro to Financial Accounting CCMA 511 Managerial Accounting 1 CCTX 511 Taxation 1 CCMA 522 Managerial Accounting 2 CCTX 532 Taxation 2 CCMA 523 Managerial Accounting 3 CCTX 540 U.S. Taxation CCFC 511 Financial Accounting 1 CCFC 512 Financial Accounting 2 CCFC 513 Financial Accounting 3 CCAU 520 External Auditing Co-requisite: CMS2 521* Applied Management Statistics CFIN 512 Corporate Finance CCAU 511 Auditing 1 CCAU 525 Operational Auditing MGCR 331* Information Systems CCFC 514 Accounting Theory and Practice CCFC 590* Topics in Accounting and Auditing Co-requisite: CEC2 532 Business Economics CMIS 520 Accounting Info Support Systems CCFC 516 Forensic Accounting CFIN 522* Applied Topics: Corporate Finance NOTE: Required Course Complementary Course To obtain information on course offerings, please refer to the interactive timetable at http://cce.mcgill.ca/timetable/d_acct_acc.htm. Pre-requisite to course * Please refer to course descriptions for additional pre-requisites. Diploma in Accounting Last updated: July 22 nd, 2011 4

Course Descriptions CACC 520 Accounting for Management Co-requisite: CMS2 500 Mathematics for Management This course covers financial and managerial accounting. The course provides an understanding of the various financial statements as well as cost behaviour, cost/volume/profit relationships, budgets, responsibility accounting and relevant costing. CCAU 511 Auditing 1 Requirements for entry into the Graduate Diploma in Public Accountancy CCFC 512 Financial Accounting 2 An introduction to: the nature and purpose of auditing, appointment, remuneration, powers, duties and responsibilities of an auditor; internal control; audit programs, financial statement presentation; procedures for verification of items in financial statements; audit reports. CCAU 520 External Auditing CGA requirement and requirement for the Graduate Diploma in Public Accountancy CCAU 511 Auditing 1 and CCFC 512 Financial Accounting 2 Auditing standards; auditor's legal rights and responsibilities in carrying out the external audit function with particular attention to current auditing standards and any current developments affecting them. CCAU 525 Operational Auditing CGA and CMA Requirement CCAU 511 Auditing 1 Appraisal of the internal control structure with the aim of providing management with recommendations on how to design, develop and implement findings will be examined taking into account the objectives and responsibilities of the internal audit function, its relationship with other units of the organization, various techniques and tools available. CCFC 511 Financial Accounting 1 MGCR 211 Introduction to Financial Accounting Theoretical and practical foundation of financial reporting, specifically focusing on the accounting process, revenue and asset recognition, their measurement and disclosure. CCFC 512 Financial Accounting 2 CCFC 511 Financial Accounting 1 A detailed review of the accounting for current and long term assets and liabilities, intangibles and shareholders' equity; determination of accounting income and the treatment of prior period adjustments and extraordinary items; working capital and flow of funds; financial statement presentation; partnerships. Current practices and the relevant CICA recommendations will be reviewed in terms of theoretical concepts and principles. Diploma in Accounting Last updated: July 22 nd, 2011 5

CCFC 513 Financial Accounting 3 CCFC 512 Financial Accounting 2 The underlying concepts and accounting treatment of inter-corporate investments, business combinations, purchases and pooling of interests, including a detailed examination of the CICA recommendations. Reorganizations; valuation of business enterprises; branches, domestic and foreign; consignments; installment sales; estate and trust accounting. CCFC 514 Accounting Theory and Practice Requirements for entry into the Graduate Diploma in Public Accountancy CCFC 512 Financial Accounting 2 and MGCR 331 Information Systems The study of conceptual underpinnings of current accounting thought and their application to the current practice. An in-depth study of current Canadian accounting standards and practices with an emphasis on financial reporting. CCFC 516 Forensic Accounting ACCT 475 Principles of Auditing or CCAU 511 Auditing 1 or Departmental Approval Forensic accounting including legislative and regulatory approaches to economic crime; accountants professional legal responsibilities concerning error and fraud detection during engagements; and fraud prevention, detection and management. CCFC 590 Topics in Accounting and Auditing CCAU 511 Auditing 1 and CCFC 514 Accounting Theory and Practice Specialized course covering an advanced topic in the accounting and auditing areas selected from current issues or themes in literature. (Content will vary from year to year). CCMA 511 Managerial Accounting 1 CCFC 512 Financial Accounting 2 or MGCR 211 Introduction to Financial Accounting Introduction to cost accounting. Elements of cost; job order and process cost systems; budgeting; standard costs and analysis of variances; cost/volume/profit relationships; variable costing; relevant costs. CCMA 522 Managerial Accounting 2 Requirements for entry into the Graduate Diploma in Public Accountancy CCMA 511 Managerial Accounting 1 Building on Managerial Accounting I, this course examines the processes used by management to make decisions relating to business operations; investments; financing (including income tax implications); bankruptcy; liquidation and receivership. Business and Securities Valuation Techniques and considerations; and operations management techniques and considerations are included. Diploma in Accounting Last updated: July 22 nd, 2011 6

CCMA 523 Managerial Accounting 3 CMA Requirement CCMA 522 Managerial Accounting 2 Core management control problems, the management control systems available to address those problems, and important situational factors that can cause managers to choose one set of management controls over another are examined. Coverage of management controls is extended to situations that deserve special attention. CCTX 511 Taxation 1 MGCR 211 Introduction to Financial Accounting Basic principles of tax law; residence, meaning and computation of taxable income; computation of personal tax; foreign tax credits; capital gains; partnerships; trusts; administration and enforcement; case decisions; Revenue Department bulletins, circulars and rulings; appeals. CCTX 532 Taxation 2 CGA Requirement and requirement for Graduate Diploma in Public Accountancy CCTX 511 Taxation 1 The theory, techniques and considerations in federal corporate taxation will be analyzed. Federal sales tax; provincial sales tax and current issues in taxation will also be discussed. CCTX 540 U.S. Taxation CCTX 511Taxation 1 and CCTX 532 Taxation 2 Examination of U.S. taxation at the federal, state and local level from the perspectives of both the individual and the corporation. CEC2 532 Business Economics None Introductory micro and macro economic theory and practice in profit and non-profit organizations from a managerial perspective. Topics include: demand and supply analysis, production costs, firms pricing and output determination, aggregate demand and supply, national income, output and employment determination, inflation, interest rate, exchange rate determination, fiscal and monetary policy. CFIN 512 Corporate Finance [CACC 520 Accounting for Management (Diploma in Management students) or CCFC 511 Financial Accounting 1 (Diploma in Accounting students)] and CMS2 521 Applied Management Statistics Fundamental finance theory as applied to the firm s short and long-term financing and investment decisions and the sources of funds available to it (stocks, bonds, derivatives). Exposure to critical concepts of firm value maximization emphasizing capital budgeting, cost of capital, capital structure, derivatives, dividend policy, risk and return. Diploma in Accounting Last updated: July 22 nd, 2011 7

CFIN 522 Applied Topics in Corporate Finance CGA and CMA Requirements CFIN 512 Corporate Finance Concepts and techniques developed in earlier courses are extended and/or applied to problems faced by managers in Corporate Finance. Such problems include: working capital management, capital budgeting, capital structure, dividend policy, cost of capital and mergers and acquisitions. Stresses the application of theory and techniques; and makes extensive use of case studies. CMIS 520 Accounting Information Support Systems Requirement for CGA and CMA and Graduate Diploma in Public Accountancy MGCR 211 Introduction to Financial Accounting and MGCR 331 Information Systems Principles of accounting information systems and the influence of technology in the accounting process, allowing for the design, evaluation and implementation of such systems. CMSC 000 Foundations for Mathematics None Operations with real numbers, polynomials, first-degree equations and applied word problems. Factoring, fractions, exponents, roots and radicals. Systems of linear equations and linear inequalities. Absolute values, equations and inequalities. Quadratic equations, applied problems. CMS2 500 Mathematics for Management CMSC 000 Foundations of Mathematics or the Exemption by Examination Test Basic mathematics needed for business applications, including graphs, series summation, mathematics of finance, annuity, discounted cash flow, internal rate of return, permutations, combinations, maxima and minima functions with business applications in optimization, introductory statistics and probability. CMS2 521 Applied Management Statistics CMS2 500 Mathematics for Management or the Exemption by Examination Test Statistical methods used in a variety of business situations, emphasizing application and providing a working knowledge of the most widely-used techniques. Topics include descriptive statistics; probability distributions; sampling procedures and distributions; inferential statistics including estimation; hypothesis testing. MGCR 211 Introduction to Financial Accounting None The role of financial accounting in the reporting of the financial performance of a business. The principles, components and uses of financial accounting and reporting from a user s perspective, including the recording of accounting transactions and events, the examination of the elements of financial statements, the preparation of financial statements and the analysis of financial results. Diploma in Accounting Last updated: July 22 nd, 2011 8

Admission Requirements 1. Bachelor s degree (or equivalent) as approved by the Graduate and Postdoctoral Studies Office, and have a minimum cumulative grade point average (CGPA) of 3.0/4.0 or a CGPA of 3.2/4.0 for the last two full-time academic years. 2. If your CGPA is lower than the above requirement, please submit the following for consideration with your application and official transcript. Letter of Intent: A letter, 1 to 2 pages in length single-spaced, written in English or French, which addresses the following: basis for interest in the program; your knowledge that would be pertinent to the program; your interest in the field of study and the reasons for applying to our program plans for integrating the training into your current or future career; a description of your professional experience and its relevance, if applicable, to the program awards received or other contributions; any additional information relevant to your application. Curriculum Vitae Two Letters of Reference: At least one should be from a current or former employer. GMAT and/or GRE Test Score Results (optional): Submit a copy of the official test score results Supporting documents should be delivered to: Client Services Admissions School of Continuing Studies 688 Sherbrooke Street West Room 1125 Montreal, QC H3A 3R1 Canada 3. If you have studied outside of Canada, you are strongly advised to request an evaluation of your degree called Évaluation comparative des etudes effectuées hors du Québec, from MRCI. For further details you may contact their office at: (514) 864-9191 or visit them on the web at: www.immigration-quebec.gouv.qc.ca/en/education/comparative-evaluation/index.html 4. If you have completed an undergraduate degree from a recognized university outside of Canada and are applying to this program for which a minimum CGPA is required, please visit the following website for International Degrees CGPA calculation: http://www.mcgill.ca/gps/documents/admissions/country_sheets/ Diploma in Accounting Last updated: July 22 nd, 2011 9

Language Requirements The language of instruction for most courses and programs at McGill is English; however, students may submit any written work that is to be graded in English or French, except in cases where knowledge of the language is one of the objectives of the course. Applicants must demonstrate an adequate level of proficiency in English prior to admission, regardless of citizenship status or country of origin. McGill University has this language requirement in place to ensure that all students are provided with the opportunity to succeed in their chosen program. In all cases, the University reserves the right to require proof of English proficiency if it is deemed necessary. Below you will find information on when proof of proficiency is required. If you answer yes to any of the following seven statements, you do NOT necessarily need to provide proof of English proficiency, but must provide documentation to support your answer. Have you lived and attended school, for at least four years, in a country where English is the acknowledged primary language? Have you completed both Secondary V and a DEC at a French CEGEP in Quebec? Have you completed a DEC at an English CEGEP in Quebec, during or later than 2003? Have you or will you complete a French Baccalaureate Option Internationale (British or American section)? Have you or will you complete International Baccalaureate English A with a final result of 5 or better? Have you or will you complete the British Curriculum A-Level English with a final grade of C or better? Have you completed the British Curriculum GCSE/IGCSE/GCE O-Level English, English Language, English First Language, or English as a Second Language with a final grade of B or better? If you answered no to all of the above, but answer yes to any of the following questions, you will be asked to provide supporting documentation to this effect and may still be asked to provide proof of English language proficiency. Do you consider English to be your mother tongue? Have you been attending school, for at least four consecutive years, at an accredited educational institution (in a non-english speaking country) where English is the language of instruction? Have you obtained an undergraduate degree from an accredited educational institution where the language of instruction in your program of study was English (minimum three years)? Have you obtained a graduate degree from an accredited educational institution where the language of instruction in your program of study was English (minimum two years)? Applicants to the Department of Career and Professional Development who do not meet any of the abovelisted conditions must demonstrate proficiency in English using one of the following options: 1) TOEFL (Test of English as a Foreign Language): minimum acceptable scores are ibt (internet based test) PBT (paper based test) CBT (computer based test)* 90 overall (a minimum individual 577 233 component score of 21 in each of the four components i.e. reading, writing, listening and speaking) *The CBT is no longer being offered. CBT results will be accepted as long as considered valid by Diploma in Accounting Last updated: July 22 nd, 2011 10

ETS. N.B. an institutional version of the TOEFL is not acceptable. 2) IELTS (International English Language Testing System): a band score of 6.5 or better. 3) MELAB (Michigan English Language Assessment Battery): a minimum mark of 85%. 4) APIEL (Advanced Placement International English Language): a minimum score of 4. 5) McGill SCS TELP (McGill SCS Test of English Language Proficiency): a Category A result. 6) McGill Certificate of Proficiency in English or McGill Certificate of Proficiency English for Professional Communication: Certificate of Proficiency awarded. 7) University of Cambridge ESOL Certificate in Advanced English (CAE): a grade of B (Good) or higher. 8) University of Cambridge ESOL Certificate of Proficiency in English (CPE): a grade of C (Pass) or higher. 9) Edexcel London Test of English Level 4 with an overall grade of at least Merit Pass. 10) Edexcel London Test of English Level 5 with an overall grade of at least Pass. NOTE: Your test results must be reported directly to the University by the test centre; consequently, candidates copies of results will not be accepted as proof of English language proficiency. It is your responsibility to ensure that the official test results in an official format are forwarded directly by the testing service to Client Services (Admissions) of the School of Continuing Studies, 688 Sherbrooke St. West, 11 th Floor, Montreal, Quebec, H3A 3R1. For TOEFL and APIEL, the institutional code at McGill University is 0935-00. Diploma in Accounting Last updated: July 22 nd, 2011 11