USC Leventhal School of Accounting

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					                                                   USC Leventhal School
                                                   of Accounting



                                                   T
                                                               he Leventhal School of Accounting is dedicated to maintaining a leadership position in

                                                               accounting education and research. We are committed to educational programs that

                                                               seek to establish in each graduate the potential for career development into the high-

                                                   est executive levels of public accounting, controllership, financial management and management

                                                   of accounting information systems. The accounting curriculum explores not only the state of the

                                                   art but also seeks to explore the accounting discipline’s future structures and directions. Relevant

                                                   concepts and techniques from other academic disciplines are drawn upon and integrated into all

                                                   accounting programs.


                                                   Accounting education has been an integral part of USC since 1920, when the Department of

                                                   Accounting offered a Bachelor of Science degree in business administration with an emphasis in

                                                   accounting. The Leventhal School of Accounting was established in 1979, joining less than a dozen

                                                   other leading institutions in the nation emphasizing formal professional accounting education.

                                                   The Leventhal School of Accounting continues to rank as one of the premier AACSB-accredited

                                                   accounting programs in the nation.


Recent economic developments have emphasized       Currently the Leventhal School of Accounting undergraduate program offers a Bachelor of Science,
the importance of good financial stewardship.
The USC Levanthal School of Accounting,            Accounting degree within which a student may choose the accounting track, the accounting infor-
long ranked as one of the nation’s top five        mation systems track or the graduate track. Honors students may be eligible for admission to the
accounting programs, teaches students such as
Chasen Goudeau and Amaka Obiesie the critical      progressive degree, an efficient way to complete both undergraduate and graduate degrees. An
thinking necessary for effective and responsible
                                                   accounting minor is also offered to students outside the Marshall School of Business. The graduate
work.
                                                   programs include a Master of Accounting, a Master of Business Taxation and, in conjunction with

                                                   the Law School, a Juris Doctor/Master of Business Taxation. A Ph.D. degree with an accounting

                                                   major is offered through the doctoral program in the Marshall School of Business.
184                                                USC Leventhal School of Accounting



USC Leventhal School of Accounting                 Deloitte & Touche LLP Chair in Accountancy:      Charles W. Swenson, Ph.D., C.P.A.; S. Mark
Accounting 101                                     Kenneth A. Merchant, Ph.D., C.P.A.               Young, Ph.D.
(213) 740-4838
FAX: (213) 747-2815                                Arthur Andersen & Co. Alumni Associate           Associate Professors: John J. Barcal, J.D.,
Email (graduate students):                         Professor of Accounting: Mingyi Hung, Ph.D.      C.P.A.; Mingyi Hung, Ph.D.; James G.
MAcc.MBT@marshall.usc.edu;                                                                          Manegold, Ph.D.; Robert H. Trezevant*,
(undergraduate students):                          Joseph A. DeBell Professor of Business           Ph.D.; Shiing‑Wu Wang, Ph.D.
lsoa_undergrad@marshall.usc.edu                    Administration: Mark L. DeFond, Ph.D.,
marshall.usc.edu/lsoa                              C.P.A.                                           Assistant Professors: David Erkens, Ph.D.;
                                                                                                    Yaniv Konchitchki, Ph.D.; Yuri Loktionov,
Administration                                     Ernst & Young Professor of Accounting: William   Ph.D.; David Maber, Ph.D.; Tatiana Sandino,
Randolph P. Beatty, Ph.D., C.P.A., Dean            W. Holder, D.B.A., C.P.A.                        Ph.D.; Jieying Zhang, Ph.D.

James G. Manegold, Ph.D., Associate Dean,          KPMG Foundation Professor of Accounting:         Professors of Clinical Accounting: Ruben A.
Academic Affairs                                   K.R. Subramanyam, Ph.D.                          Davila, M.B.A., C.P.A.; Chrislynn Freed,
                                                                                                    M.B.A.*, C.P.A.; Merle Hopkins, Ph.D.*;
Shirley Maxey, M.A., Associate Dean, Master’s      Pricewaterhouse Coopers Professor of Auditing:   Cecil W. Jackson, Ph.D.; Joseph L. Keller,
Programs                                           Zoe‑Vonna Palmrose, Ph.D., C.P.A.                M.S.; Rose M. Layton, M.Acc., C.P.A.*;
                                                                                                    Shirley Maxey, M.A.; Patricia Mills, J.D.,
Mildred G. Penner, M.A., Assistant Dean,           USC Accounting Associates Professor of           L.L.M.; Leslie R. Porter, Ph.D.; Robert S.
Undergraduate Programs                             Accounting: Sarah E. Bonner, Ph.D., C.P.A.       Roussey, B.S., C.P.A.; Robert Scharlach, B.S.,
                                                                                                    C.P.A.; Bob Shames, M.B.A., C.P.A.; Kendall
Faculty                                            Professors: Jerry L. Arnold, Ph.D., C.P.A.;      Simmonds, M.B.A., C.P.A.*
Alan Casden Dean’s Chair at the Leventhal School   Randolph P. Beatty, Ph.D., C.P.A.; Sarah E.
of Accounting: Randolph P. Beatty, Ph.D.,          Bonner, Ph.D., C.P.A.; Mark L. DeFond,           Emeritus Professors: Theodore J. Mock, Ph.D.;
C.P.A.                                             Ph.D., C.P.A.; Michael A. Diamond, Ph.D.,        Anelise N. Mosich, Ph.D., C.P.A.; Rodolph
                                                   C.P.A.; William W. Holder, D.B.A., C.P.A.;       H. Redmond, J.D.; E. John Larsen, D.B.A.,
George Bozanic and Holman G. Hurt Chair in         Thomas W. Lin, Ph.D., C.M.A.; Kenneth A.         C.P.A.
Sports and Entertainment Business: S. Mark         Merchant, Ph.D., C.P.A.; Daniel E. O’Leary,
Young, Ph.D.*                                      Ph.D., C.P.A., C.I.S.A.; Zoe‑Vonna Palmrose,     *Recipient of university-wide or school teaching award.
                                                   Ph.D., C.P.A.; K.R. Subramanyam, Ph.D.;



Degree Programs

Undergraduate Degree                               Admission does not require an undergraduate      required before applying to the M.B.T. pro‑
Bachelor of Science, Accounting                    degree in accounting or business, nor is work    gram offered by the Leventhal School of
The USC Leventhal School of Accounting             experience a requirement. For students with      Accounting.
offers the Bachelor of Science, Accounting         an undergraduate degree in accounting the
(B.S.) degree designed to prepare students for     program requires 30‑36 units for completion;     Master of Business Administration
entry into the professional program leading to     for non‑accounting students the program          The Master of Business Administration
a Master of Accounting degree. The under‑          requires 45‑54 units.                            (M.B.A.) with an optional accounting con‑
graduate curriculum also provides a general                                                         centration, offered by the Marshall School of
background in business necessary for entry         Master of Business Taxation                      Business is also serviced by the Leventhal
into the accounting profession. There are          This specialized program in taxation requires    School of Accounting. For additional informa‑
three tracks from which students can choose:       30‑51 units (depending on undergraduate          tion, consult the Marshall School of Business
the accounting track, the accounting informa‑      background) and is offered to full‑ or part‑     section in this catalogue.
tion systems track or the graduate track. The      time students and leads to the Master of
graduate track is for USC B.S., Accounting         Business Taxation (M.B.T.). The program is       Doctor of Philosophy
students who plan to apply to the Leventhal        designed for accountants, attorneys and oth‑     The Marshall School of Business offers the
School of Accounting’s Master of Accounting        ers who wish to learn or improve skills and      Doctor of Philosophy (Ph.D.) degree in
or Master of Business Taxation programs.           knowledge through participation in advanced      conjunction with the Graduate School.
                                                   tax study. This group may be engaged in tax      A student electing to major in accounting
Graduate Degrees                                   practice, in business management or in gov‑      may design a research program that empha‑
Master of Accounting                               ernment administration.                          sizes auditing, financial accounting, informa‑
The Master of Accounting (M.Acc.) program                                                           tion systems, management accounting and
provides an integrated curriculum designed         Juris Doctor/Master of Business Taxation         taxation. More information on the doctoral
to prepare graduates for careers in professional   The USC Gould School of Law and the              program is available in the Marshall School
accounting, public accounting, industry and        Leventhal School of Accounting offer this        of Business section of this catalogue, or con‑
government. Students have the opportunity          dual degree program. Admission to the J.D.       tact the doctoral office at (213) 740‑0674 or
to study accounting in greater depth than          program offered by the Law School is             the director of doctoral studies in accounting
in undergraduate accounting programs or                                                             at (213) 740‑4838.
M.B.A. programs with concentrations in
accounting. Students have flexibility in
course choices to reflect their career goals.
                                                Undergraduate Degree                                                                            185




Undergraduate Degree

Bachelor of Science, Accounting

The USC Leventhal School of Accounting          Bachelor of Science, Accounting, Degree            Courses that do not appear on the articulation
offers the Bachelor of Science, Accounting      Tracks: Accounting Track, Accounting               agreement are not transferable. A maximum
(B.S.) degree designed to prepare students      Information Systems Track and Graduate             of 64 semester units may be transferred.
for entry into the professional program lead‑   Accounting Track                                   Check with the Degree Progress Department
ing to a Master of Accounting degree. The       Bachelor of Science, Accounting students           (JHH 010) for questions about transferable
undergraduate curriculum also provides a        choose the accounting track, the accounting        courses or see a counselor in Accounting 101.
general background in business necessary for    information systems track or the graduate
entry into the accounting profession. There     accounting track. The accounting track is          Official transcripts of college work taken
are three tracks which students can choose:     geared toward accounting or auditing in,           elsewhere must be submitted, at the time of
the accounting track, the accounting informa‑   for example, industry, government or not‑          application, to the USC Office of Admission.
tion systems track or the graduate track.       for‑profit entities. The accounting informa‑       A credit evaluation will be completed which
                                                tion systems track focuses on the design,          will list transfer courses accepted for credit.
Admission                                       implementation and utilization of accounting       All business courses completed at a two‑year
Students may be admitted to the program         information systems. The graduate account‑         college, if transferable, will be considered
as incoming freshmen, as USC undergradu‑        ing track is for students planning to continue     elective credit.
ates transferring from another major or as      their undergraduate education in the Master
students transferring from another college or   of Accounting program or the Master of             There is one exception to this policy. Students
university. Admission to Marshall is depen‑     Business Taxation program. For all tracks, the     may transfer two semesters of introductory
dent on admission to the university and on      B.S., Accounting is a 128‑unit program.            accounting and receive credit equivalent to
academic performance, particularly in quan‑                                                        one semester of introductory accounting at
titative areas. USC students who have not       Advisement                                         USC. Then students can register for BUAD
been admitted to the major or the minor in      Academic advisement is provided through the        305 Abridged Core Concepts of Accounting
the Marshall School of Business and/or the      Leventhal School of Accounting Student Ser‑        Information and complete their accounting
Leventhal School of Accounting may com‑         vices Office in Accounting 101, (213) 740‑4838.    course requirement in one semester at USC.
plete a maximum of 12 units from the Mar‑       Pre‑business and business students will be         In this case, students would not be required
shall School of Business and/or the Leventhal   required to meet with an academic advisor          to take BUAD 280 and BUAD 281.
School of Accounting. No further course work    before registering and this requirement will
may be taken unless a student is admitted.      be in effect until 24 USC units are completed.     Four Year Colleges
                                                However, all students are encouraged to            Most courses are acceptable for unit credit
Marshall Honors                                 see an academic advisor on a regular basis.        from all fully accredited four‑year institutions.
Marshall Honors is available upon gradua‑       A record of each student is kept on file.          If the courses do not satisfy specific subject
tion to majors in business administration or    Appointments for advisement may be sched‑          requirements at USC, they will be accepted
accounting and results in a special designa‑    uled at most times during the academic year.       for elective course credit.
tion of departmental honors on a student’s      However, during busy times such as the pre‑
transcript. Achievement of Marshall Honors      registration, registration and drop/add periods,   Students are urged to complete all their
requires completion of BUAD 491 Honors          advisors may be available on a walk‑in basis       required business administration courses at
Seminar (2 units) and maintenance of a mini‑    only.                                              USC. All business courses from four‑year
mum GPA of 3.5 in upper division Marshall                                                          institutions, if transferable, will be considered
School of Business and Leventhal School of      Leventhal Undergraduate Student Services           elective credit unless a challenge examina‑
Accounting courses. To enroll in BUAD 491,      and Marshall Undergraduate Student Services        tion is passed. Only core classes, with the
students must have senior standing, a mini‑     offer students assistance in networking, find‑     exception of BUAD 497, may be challenged.
mum overall GPA of 3.3 and completion of        ing internships, resume writing, interviewing      Students should consult with an academic
at least 32 units of upper division BUAD        techniques and other career related issues.        advisor in Bridge Hall 104 to initiate the chal‑
courses with a minimum GPA of 3.5. For                                                             lenge examination process.
additional information, contact the Marshall    Transferring College Credit
School of Business Office of Undergraduate      College Courses
Advising, Bridge Hall 104, (213) 740‑0690.      USC has established articulation agreements
                                                with most community colleges throughout
                                                California. Most academic courses are accept‑
                                                able for transfer credit from a two‑year school,
                                                but students may not receive credit for
                                                specialized, technical or remedial courses.
186                                                USC Leventhal School of Accounting



Grade Point Average Prerequisites for              major in the Leventhal School of Accounting.       ACCOUNTING/BUSINESS FOUNDATION COURSES          UNITS
Transfer Students                                  Exceptions to this policy may be granted only      BUAD 280             Accounting I                     4
Transfer students are required to meet the         in unusual circumstances by the Academic           BUAD 281             Accounting II                    2
following grade requirements to be admit‑          Standards Committee of the Leventhal               BUAD 302T**          Business Communication
ted to the Leventhal School of Accounting.         School of Accounting. Decisions of the                                  for Accountants                  4
An average grade of B in the two transferred       Academic Standards Committee are final.            BUAD 304             Leading Organizations            4
accounting courses and BUAD 305 (with no                                                              BUAD 306             Business Finance                 4
grade lower than B‑). Grades in accounting         To be removed from probationary status, a          BUAD 307             Marketing Fundamentals           4
courses taken at other institutions will only be   student may elect to take another account‑         BUAD 310             Applied Business Statistics      4
considered in meeting the admission require‑       ing course or courses for which prerequisites      BUAD 311             Operations Management            4
ment for the Leventhal School of Accounting.       are met or to repeat an accounting course or       BUAD 497             Strategic Management             4
Once a transfer student completes a mini‑          courses in an attempt to earn a higher grade.      ECON 251x            Microeconomics for
mum of two accounting courses at USC,              Regardless of the course of action taken, all                           Business                         4
the student’s accounting grades at the prior       courses completed will be counted in com‑          ECON 252x            Macroeconomics for
institution will no longer be considered in        puting the cumulative accounting grade point                            Business                         4
determining whether the student meets the          average.                                           MATH 118x*           Fundamental Principles
2.5 grade point average standard (see Grade                                                                                of the Calculus (MATH
Point Average Prerequisites following).            A grade of “W” in an accounting course taken                            125 Calculus I may be
                                                   while on probation will not extend probation.                           substituted)                     4
In the computation of grade point averages         The probation period ends at the end of that
for accounting courses taken at other colleges     semester during which the student completes        *Placement into MATH 118x is contingent on success-
or universities, the courses will be weighted      a cumulative total of 12 semester hours of         ful completion of MATH 117 or obtaining an accept-
in terms of the number of units provided for       courses in any subject(s) at the university.       able score on the math placement exam or AP calculus
the equivalent USC accounting courses.             Under no conditions will the student be per‑       or IB mathematics exam.
                                                   mitted more than two successive semesters,
Grade Point Average Prerequisites                  including the summer semester, to complete         **If an accounting student has already completed
The following are grade point average pre‑         the 12 semester hours of courses.                  the course in a section not designated for account-
requisites for any undergraduate student                                                              ing majors, he or she must check with an academic
enrolled in any accounting course. Individual      Graduation Standard                                advisor in the Leventhal School of Accounting for
instructors may not waive these standards:         Students must attain a minimum 2.5 cumu‑           advisement.
(1) an average grade of B or better in BUAD        lative accounting grade point average (A =
280 and BUAD 281 with no grade lower than          4.0) to graduate with a Bachelor of Science,       All prerequisites for business and all account‑
a B‑ (transfer students see previous section);     Accounting degree.                                 ing and business courses must be taken for a
and (2) a minimum 2.5 grade point average                                                             letter grade.
(A = 4.0) for all accounting courses taken         USC Core Requirements
previously.                                        All USC undergraduates take the USC Core,          A maximum of 24 units of undergraduate
                                                   which comprises the general education, the         course work taken on a pass/no pass basis may
In meeting the B average required in BUAD          writing, and the diversity requirement. The        be used toward the B.S., Accounting degree.
280 and BUAD 281, only one of the courses          general education program provides a coher‑        No more than four units of credit (or one
may be repeated. If the repeated course grade      ent, integrated introduction to the breadth of     course) counting toward the general educa‑
is higher, that grade will be considered in        knowledge you will need to consider yourself       tion categories may be taken on a pass/no pass
determining whether the student meets the          (and to be considered by other people) a           basis. The writing course cannot be taken on a
B average, and the original course grade will      generally well‑educated person. The general        pass/no pass basis.
be disregarded by the Leventhal School of          education program requires six courses in
Accounting in the administration of its grade      different categories. The writing program          The Bachelor of Science, Accounting degree
point average requirements. See Repeated           requires two courses: WRIT 140 and WRIT            includes the following required accounting
Course Work at USC for further restrictions        340. The diversity requirement is met by pass‑     courses in addition to the accounting/business
on including grades in repeated courses in         ing any one course with the “m” designation.       foundation courses listed above.
the overall university grade point average         See page 61 and page 241 for more informa‑
computation.                                       tion. In addition, a total of 60 units of non‑     REQUIRED ACCOUNTING COURSES                     UNITS
                                                   business course work is required for the B.S.      Courses required for the accounting track, the
In computing grade point average prerequi‑         Accounting degree.                                 accounting information systems track and the
sites, BUAD 280, BUAD 281 or BUAD 305x,                                                               graduate accounting track
and BUAD 302T will be considered account‑          Business Foundation Requirements                   ACCT 370             External Financial
ing courses.                                       All students in the Leventhal School account‑                           Reporting Issues            4
                                                   ing undergraduate degree program take busi‑        ACCT 371ab           Introduction to
When a student’s cumulative accounting             ness foundation courses that focus on neces‑                            Accounting Systems        2‑2
grade point average falls below 2.5, the           sary analytic skills and theoretical knowledge     ACCT 372             Internal Reporting Issues 2
student is placed on probation. If a student       in math, statistics, accounting and economics.     ACCT 373             Introduction to
on probation does not regain a minimum             Fundamental knowledge of the functional                                 Assurance Services          2
accounting cumulative GPA of 2.5 after             business disciplines and the strategic interplay   ACCT 374             Introduction to Tax Issues 2
completing the next 12 semester hours in all       among them completes the business core.
courses (including accounting units) attempt‑
ed within the university, that student will not
be permitted to continue as an accounting
                                                       Graduate Degrees                                                                                    187




Elective Courses for the Accounting Track              Required Courses for the Graduate Accounting Track     Choose two of the following courses:
Choose four of the following two‑unit courses:     8   ACCT 470ab          Advanced External                  ACCT 416**        Financial Reporting and
ACCT 416              Financial Reporting and                              Financial Reporting                                  Analysis                       2
                      Analysis                     2                       Issues                      2‑2    ACCT 417**        Advanced Financial
ACCT 462              Detecting Fraudulent             ACCT 473            Financial Statement                                  Accounting for Non‑Majors      2
                      Financial Reporting          2                       Auditing                       2   ACCT 418x         Accounting for
ACCT 463              Internal Audit               2   ACCT 474            Tax Issues for Business        2                     Management Decisions           2
ACCT 470ab            Advanced External                                                                       ACCT 419x         Understanding Accounting
                      Financial Reporting Issues   2   Accounting Minor                                                         Information Systems            2
ACCT 471              Accounting Information           A minor in accounting is available to students         ACCT 420x         Understanding Income
                      Systems                      2   in all schools and departments except the                                Tax                            2
ACCT 472              Managerial Accounting        2   Marshall School of Business. The minor pro‑            ACCT 462**        Detecting Fraudulent
ACCT 473              Financial Statement              vides the opportunity for non‑business majors                            Financial Reporting            2
                      Auditing                     2   to gain an understanding, from the perspec‑            ACCT 499          Special Topics                 2
ACCT 474              Tax Issues for Business      2   tive of the user of accounting information, of
ACCT 475              Systems Security and             how accounting is used in the business world.          Choose one of the following courses:
                      Audit                        2   To be approved for the accounting minor,               BUAD 302          Communication Strategy
ACCT 476              Performance                      students must have completed a minimum of                                in Business                    4
                      Measurement Issues           2   32 units of college‑level courses and attained         BUAD 304          Leading Organizations          4
                                                       a minimum GPA of 2.75. Successful comple‑              BUAD 307          Marketing Fundamentals         4
Required Courses for the Accounting Information        tion of the 22 units for the accounting minor          BUAD 311          Operations Management          4
Systems Track                                          requires a minimum GPA of 2.0 in the follow‑           FBE 400x          Introduction to Real Estate
ACCT 478            Accounting Systems                 ing courses:                                                             Finance and Development        4
                    Design                         4                                                          FBE 403           Legal Environment of
ACCT 479            Accounting Systems                 COURSE REQUIREMENTS                           UNITS                      Business                       4
                    Development                    4   ACCT 410x           Foundations of Accounting     4
                                                                                                              *Students who have taken ECON 203 or ECON 251
                                                       ACCT 415x           Intermediate Financial
                                                                                                              and ECON 205 or ECON 252 will be waived out of
                                                                           Accounting for Non‑
                                                                                                              BUAD 200x.
                                                                           Accounting Majors             4
                                                       BUAD 200x*          Economic Foundations
                                                                                                              **Prerequisite ACCT 415x
                                                                           for Business                  2
                                                       BUAD 215x           Foundations of Business
                                                                           Finance                       4




Graduate Degrees

The USC Leventhal School of Accounting                 The Marshall School of Business offers the             and the merits of the applicant pool for the
offers two graduate degrees: the Master                Doctor of Philosophy (Ph.D.) degree in con‑            semester in which they seek admission.
of Accounting (M.Acc.) and the Master of               junction with the Graduate School. A student
Business Taxation (M.B.T.). The M.Acc.                 electing to major in accounting may design a           Applicants to the full‑time programs are not
program provides an integrated curriculum              research program that emphasizes auditing,             required to have any previous work experi‑
designed to prepare graduates for careers in           financial accounting, information systems,             ence. Applicants to the part‑time M.B.T. pro‑
professional accounting, public accounting,            management accounting or taxation. For                 gram are required to have a minimum of one
industry and government. Through its inte‑             more information on the doctoral program,              year full‑time professional experience in tax
grated curriculum, students have the oppor‑            see the Marshall School of Business section            after receiving an undergraduate degree.
tunity to study accounting in greater depth            of this catalogue, page 165, or contact the
than in undergraduate accounting programs              doctoral office at (213) 740‑0670 or the direc‑        Application to the Programs
or M.B.A. programs with concentrations in              tor of Doctoral Studies in Accounting at               To ensure a place in a program and adequate
accounting. The M.B.T. program provides                (213) 740‑5025.                                        time to receive an admission decision, it
in‑depth specialization in taxation to prepare                                                                is important to submit completed applica‑
the student for a successful career as a tax           Admission to Master’s Programs                         tion materials to the Leventhal School of
professional.                                          The Leventhal School of Accounting seeks               Accounting Master’s Programs Admissions
                                                       individuals who have the potential for out‑            Office through the online application system
The Leventhal School of Accounting also                standing achievement in accounting or taxa‑            well in advance of the term in which the
offers the dual Juris Doctor/Master of                 tion. The Admissions Committee takes into              applicant wishes to register. If work is still in
Business Taxation (J.D./M.B.T.) degree pro‑            consideration the candidate’s academic record,         progress, the applicant should state specifi‑
gram in conjunction with the USC Gould                 the Graduate Management Admission Test                 cally what courses are in progress and an esti‑
School of Law. The combination of broad                (GMAT), the professional resume, recommen‑             mated completion date.
legal education with detailed tax specializa‑          dation letters and written essays. Candidates
tion prepares graduates for fast‑track careers         are reviewed on the merits of their application
in law and accounting tax practices.
188                                                USC Leventhal School of Accounting



For all programs, an admission decision can‑       Progressive Degree Programs: Bachelor of          Change of Degree Program
not be made without the following: (1) a com‑      Science, Accounting/Master of Accounting          Students currently enrolled in a USC degree
pleted USC Leventhal School of Accounting          and Bachelor of Science, Accounting/Master        program who wish to change their degree sta‑
online graduate application (available at          of Business Taxation                              tus to the Master of Accounting or the Master
www.marshall.usc.edu/leventhal/grad); (2) an       The Leventhal School of Accounting offers         of Business Taxation programs must submit a
application fee of $85; (3) one official tran‑     students who have demonstrated exceptional        formal application to the Leventhal School of
script from the registrar of each college or       academic success in undergraduate account‑        Accounting.
university attended (undergraduate and/            ing the opportunity to earn both the Bachelor
or postgraduate) whether course work was           of Science, Accounting, and a master’s degree     Limited Status
completed or not. If all college or postgradu‑     in five years. Applicants to the program must     The Leventhal School of Accounting does
ate work has not been completed, transcripts       have completed 64 units of course work and        not permit students to take classes prior to
must be requested when work in progress            must submit their applications before com‑        receipt of completed application materi‑
is completed and degree is earned; (4) two         pleting 96 units of course work. AP units,        als and a positive recommendation by the
letters of recommendation from faculty mem‑        IB units and course work taken prior to high      Admissions Committee. Students completing
bers or employers; (5) a written essay, not        school graduation are excluded from the unit      a program at another accredited university
to exceed two pages, describing your career        count. Applicants to the progressive degree       outside of Los Angeles may take courses in
plans and how a M.Acc. or M.B.T. degree            program in Accounting may not have to sub‑        the Leventhal School of Accounting. They
will help you achieve these plans; (6) a           mit GMAT scores.                                  must provide a letter from their dean stating
professional resume summarizing your back‑                                                           that the requested classes will be accepted
ground; (7) an official Graduate Management        The application for admission to a progres‑       for transfer to their degree program.
Admission Test (GMAT) score report or, for         sive degree program must be accompanied by
J.D./M.B.T. applicants or attorneys, an official   an approved course plan proposal and letters      Retention of Files
Law School Admission Test (LSAT) score             of recommendation from two USC faculty            Files for applicants who (1) were not admitted,
report; and (8) an interview.                      members in accounting. The requirements           (2) did not complete their files or (3) declined
                                                   for both the B.S. and the master’s degree         admission will be purged 12 months after the
Interviews are required for all qualified          must be satisfied. For more information on        semester for which they applied. Files for
applicants to the full‑time M.Acc. and M.B.T.      progressive degree programs, see page 84.         graduated students will be purged after five
programs. If you live outside of the U.S., tele‑                                                     years.
phone interviews are required. The graduate        Application Deadlines
admissions advisor will contact applicants         M.Acc.                                            Residence Requirements
to discuss scheduling an interview after an        Full‑time only:                                   Subject to approval of the Leventhal School
application is complete.                           Jan. 10 – All international applicants            of Accounting, the maximum number of
                                                   March 31 – U.S. citizens/permanent residents      transfer credits that may be applied toward
Following the requirements noted above,                                                              the master’s degree is three units. To be
applicants for the J.D./M.B.T. dual degree         M.B.T.                                            applied to the degree, transfer work must
program should apply to the Leventhal              Full‑time:                                        have been completed within five years of
School of Accounting for admission to the          Jan. 10 – All international applicants            admission to the master’s program. Graduate
M.B.T. program in the second semester of           March 31 – U.S. citizens/permanent residents      transfer credit will not be granted for course
their first year in the USC Gould School of                                                          work taken elsewhere after a student has
Law. In addition, current Law School tran‑         M.B.T. – Working Professionals program            been admitted and enrolled at USC. Credit
scripts and a “letter in good standing” from       (part‑time):                                      will only be allowed for courses (1) from an
the registrar of the Law School must be sub‑       Nov. 1 – All applicants for the spring            AACSB‑accredited graduate school, (2) of
mitted as part of the application. The same        semester                                          a quality of at least 3.0 on a 4.0 grading scale,
Leventhal School of Accounting admission           June 1 – All applicants for the fall semester     (3) constituting a fair and reasonable equiva‑
criteria apply to the M.B.T. portion of the                                                          lent to current USC course work at the
J.D./M.B.T. program.                               We recommend that applicants to the full‑         graduate level, and (4) fitting into the logical
                                                   time master’s programs who wish to be con‑        program for the degree. Transfer course work
International Students                             sidered for scholarship submit all application    is applied as credit (CR) toward the degree
In addition to the application process men‑        materials by January 10. For applications         and is not included in the calculation of a
tioned above, international students must          received after this date, financial awards will   minimum grade point average for graduation.
submit results from the Test of English as         be given only if funds are available.
a Foreign Language (TOEFL) or from the                                                               Duplication of Courses
Pearson Test of English Academic (PTE              Application decisions will be made on a           Ordinarily, courses may not be repeated for
Academic). A letter of financial support is        rolling admission basis until the programs        credit. For courses that may be repeated for
also required. Transcripts from international      are filled. Applicants are urged to file a        credit, the maximum amount of credit is indi‑
universities must be submitted in the original     completed application as early as possible.       cated after the unit value.
language, as well as in English. The transcripts   Applications that arrive after the regular
may have either percentile grades or letter        deadline will be considered on a space avail‑
grades.                                            able basis. The summer program is limited to
                                                   a maximum of 75 students, so applicants for
                                                   this part of the program should submit appli‑
                                                   cations as early as possible.
                                                   Graduate Degrees                                                                                           189




Waivers                                            field, the student must have (1) completed at            Further information regarding the waiver pol‑
Subject waiver of required courses may be          least two relevant courses in the field at the           icy in the Marshall School of Business may
granted to students based upon prior academ‑       upper division or graduate level, (2) earned             be obtained from USC Leventhal Graduate
ic work. All waived courses must be replaced       a grade of B or better, and (3) completed                Programs, Accounting 101, (213) 740‑4838,
with approved electives.                           the courses no more than five years before               macc.mbt@marshall.usc.edu.
                                                   entering the master’s program at USC from
Students should carefully read their program       an AACSB accredited business school (or
evaluation form to know what electives must        equivalent economics department).
be taken if they are granted subject waivers.
To be granted a subject waiver in a particular



Master of Accounting

The Master of Accounting program (M.Acc.)          REQUIRED COURSES (9 UNITS)                      UNITS    BAEP 5XX             Business Entrepreneurship
prepares graduates for careers in public           ACCT 547*            Enterprise Information                                   electives                  3
accounting, industry and government. USC’s                              Systems                  3          FBE 5XX              Finance and Business
M.Acc. program is one of the first professional    GSBA 523T**          Communication for                                        Economics electives        3
accounting curricula integrating undergradu‑                            Accounting Professionals 3          IOM 5XX              Information and Operations
ate and graduate education in the nation. The      MOR 569              Negotiation and                                          Management electives       3
objectives of the program include developing                            Deal‑Making, or                     MKT 5XX              Marketing electives        3
the sound conceptual, technical, analytical        BUCO 533             Managing Communication              MOR 5XX              Management and
and communication skills that are required                              in Organizations         3                               Organization electives     3
to succeed in the accounting profession. The
program employs a rigorous case analysis           *Can be replaced with a graduate level account-          Business Graduates
approach that requires students to exercise        ing course IF student has successfully completed an      Business graduates should expect to com‑
their analytical abilities and develop effective   equivalent course (determined by the Leventhal School    plete their degree with a total of 45 units.
verbal and written communication skills. The       of Accounting Master’s Program office).
program also seeks to instill a deep apprecia‑                                                              REQUIRED COURSES (33 UNITS)                     UNITS
tion and respect for the crucial role of the       **Requirement may be waived and substituted with
                                                                                                            ACCT 525x            Intensive Accounting
independent accountant in our free enterprise      a non-accounting graduate elective in the Marshall
                                                                                                                                 Principles and Practices 15
economy. This perspective provides the bed‑        School IF student has completed an equivalent under-
                                                                                                            ACCT 535*            Management Accounting
rock of the professional attitudes and respon‑     graduate course with high performance or successfully
                                                                                                                                 and Control Systems       3
sibilities of CPAs today.                          passed oral and written assessment tests (to be deter-
                                                                                                            ACCT 546             Assurance Services        3
                                                   mined by the Leventhal School of Accounting Master’s
                                                                                                            ACCT 547*            Enterprise Information
In this world of “re‑engineering,” the term        Program office).
                                                                                                                                 Systems                   3
“public accounting firm” is becoming obso‑                                                                  ACCT 585             Professional Accounting:
lete. CPA firms now view themselves as             ELECTIVE COURSES (21 UNITS; MINIMUM OF 12 UNITS OF
                                                                                                                                 Theory, Research and
“professional service firms.” This dramatically    ACCT 5XX ELECTIVES AND A MINIMUM OF 3 UNITS OF
                                                                                                                                 Policy                    3
changes the role of the CPA. The profession        NON-ACCT 5XX ELECTIVES)                         UNITS
                                                                                                            GSBA 523T**          Communication for
requires highly visible, articulate business       ACCT 536             Advanced Cost Analysis                                   Accounting Professionals 3
professionals with the ability to interact                              and Management                      MOR 569              Negotiation and
on many levels within a client’s organiza‑                              Accounting                      3                        Deal‑Making, or
tion. This requires individuals with diverse       ACCT 537             Management Control                  BUCO 533             Managing Communication
backgrounds, making the profession ideally                              Systems                         3                        in Organizations          3
suited for those with accounting, business,        ACCT 544             Introduction to Strategic
liberal arts or sciences undergraduate degrees.                         Tax Planning                    3
Students may apply to the M.Acc. program           ACCT 546             Assurance Services              3   *Can be replaced with a graduate level account-
during their senior year or after completing a     ACCT 549             Advanced Enterprise                 ing course IF student has successfully completed an
baccalaureate degree from an accredited col‑                            Systems and Technologies        3   equivalent course (determined by the Leventhal School
lege or university. An undergraduate account‑      ACCT 574             Accounting in the Global            of Accounting Master’s Program office).
ing or business major is not necessary, nor is                          Business Environment            3
work experience a requirement.                     ACCT 581             Financial Statement                 **Requirement may be waived and substituted with
                                                                                                            a non-accounting graduate elective in the Marshall
                                                                        Analysis                        3
Accounting Graduates                               ACCT 585             Professional Accounting:            School IF student has completed an equivalent under-
Accounting graduates and graduates in other                             Theory, Research and                graduate course with high performance or successfully
disciplines who have demonstrated high                                  Policy                          3   passed oral and written assessment tests (to be deter-
academic performance in the completion             ACCT 588             Analysis and Implications           mined by the Leventhal School of Accounting Master’s
of the required business and accounting                                 of SEC Registration and             Program office).
courses should expect to complete their                                 Reporting                       3
degree in two semesters with a total of            GSBA 568             The Economics and
30 units. Of these 30 units, at least 15 units                          Marketing of a Professional
must be in accounting courses and at least                              Services Firm                   3
9 units must be in business courses other
than accounting.
190                                                 USC Leventhal School of Accounting



ELECTIVE COURSES (12 UNITS; MINIMUM OF 3 UNITS OF   ACCT 585             Professional Accounting:            ACCT 588          Analysis and Implications
ACCT 5XX ELECTIVES AND A MINIMUM OF 3 UNITS OF                           Theory, Research and                                  of SEC Registration and
NON-ACCT 5XX ELECTIVES)                     UNITS                        Policy                          3                     Reporting                   3
                                                    GSBA 511*            Managerial Economics                GSBA 568          The Economics and
ACCT 536           Advanced Cost Analysis
                                                                         (2‑3), or                                             Marketing of a Professional
                   and Management
                                                    GSBA 514             Foundations of Business                               Services Firm               3
                   Accounting                  3
                                                                         I and II                        6   BAEP 5XX          Business Entrepreneurship
ACCT 537           Management Control
                                                    GSBA 523T***         Communication for                                     electives                   3
                   Systems                     3
                                                                         Accounting Professionals        3   FBE 5XX           Finance and Business
ACCT 544           Introduction to Strategic
                                                    MOR 569              Negotiation and                                       Economics electives         3
                   Tax Planning                3
                                                                         Deal‑Making, or                     IOM 5XX           Information and Operations
ACCT 549           Advanced Enterprise
                                                    BUCO 533             Managing Communication                                Management electives        3
                   Systems and Technologies 3
                                                                         in Organizations                3   MKT 5XX           Marketing electives         3
ACCT 574           Accounting in the Global
                                                                                                             MOR 5XX           Management and
                   Business Environment        3
                                                    *Students can waive GSBA 511 based upon prior                              Organization electives      3
ACCT 581           Financial Statement
                                                    academic work of high quality.
                   Analysis                    3
                                                                                                             Intensive Accounting Principles and
ACCT 588           Analysis and Implications
                                                    **Can be replaced with a graduate level account-         Practices Course
                   of SEC Registration and
                   Reporting                   3    ing course IF student has successfully completed an      Each summer the Leventhal School of
GSBA 568           The Economics and                equivalent course (determined by the Leventhal School    Accounting offers an eight‑week course,
                   Marketing of a Professional      of Accounting Master’s Program office).                  ACCT 525x Intensive Accounting Principles
                   Services Firm               3                                                             and Practices, that provides college graduates
BAEP 5XX           Business Entrepreneurship        ***Requirement may be waived and substituted with        without an accounting undergraduate degree
                   electives                   3    a non-accounting graduate elective in the Marshall       with the prerequisite technical accounting
FBE 5XX            Finance and Business             School IF student has completed an equivalent under-     knowledge necessary for graduate work.
                   Economics electives         3    graduate course with high performance or successfully    Fifteen semester hours of credit will be
IOM 5XX            Information and Operations       passed oral and written assessment tests (to be deter-   received upon successful completion of the
                   Management electives        3    mined by the Leventhal School of Accounting Master’s     course. Second‑year M.B.A. students seek‑
MKT 5XX            Marketing electives         3    Program office).                                         ing accounting positions will also find this
MOR 5XX            Management and                                                                            program useful. The technical accounting
                   Organization electives      3    ELECTIVE COURSES (12 UNITS; MINIMUM OF 3 UNITS OF        skills taught in this course may also enhance
                                                    ACCT 5XX ELECTIVES AND A MINIMUM OF 6 UNITS OF           employability and career advancement for
                                                    NON-ACCT 5XX ELECTIVES)                         UNITS    law students and graduate students in non‑
Non-Accounting/Non-Business Graduates               ACCT 536             Advanced Cost Analysis and          business areas of study. This course is not
Non‑accounting/non‑business graduates                                    Management Accounting 3             designed to be a preparation course or a
should expect to complete their degree with         ACCT 537             Management Control                  review course for the CPA Exam. For further
a total of 54 units.                                                     Systems                    3        information regarding the intensive course,
                                                    ACCT 544             Introduction to Strategic           contact the Leventhal School of Accounting
REQUIRED COURSES (41-42 UNITS)              UNITS
                                                                         Tax Planning               3        at (213) 740‑4838.
ACCT 525x          Intensive Accounting             ACCT 549             Advanced Enterprise
                   Principles and Practices 15                           Systems and Technologies 3
ACCT 535**         Management Accounting            ACCT 574             Accounting in the Global
                   and Control Systems       3                           Business Environment       3
ACCT 546           Assurance Services        3      ACCT 581             Financial Statement
ACCT 547**         Enterprise Information                                Analysis                   3
                   Systems                   3




Master of Business Taxation

Understanding taxation is critical to under‑        The Master of Business Taxation (M.B.T.)                 administration. As important as learning the
standing every business decision and many           program is designed to develop the skills                law and mastering research skills is the abil‑
personal decisions as well. Whether starting        and expertise professionals need to assist               ity to communicate professional insights to
a business or starting a family, tax planning       individuals and firms trying to cope with                others. The program provides a broad under‑
must be done. Because of the complexity             myriad tax legislation and regulation at both            standing of taxation, an appreciation for the
of the tax law and its pervasive influence,         the federal and local levels. While gaining              complexities of decision‑making and practice
people facing tax decisions routinely call on       technical expertise is a central aim of those            in explaining the tax implications of various
tax professionals for advice in planning and        enrolled in the program, this expertise is not           courses of action.
structuring their affairs in order to comply        enough. Taxation encompasses law, econom‑
with the law and to ensure economic good            ics, accounting and politics, and the astute
sense.                                              tax advisor must understand all of the factors
                                                    that influence the making of tax law and its
                                                    Graduate Degrees                                                                                       191




The M.B.T. program provides an opportunity          the master’s degree may overlap with units                 ACCT 569T          Advanced Partnership
to examine tax topics thoroughly in an orga‑        for the bachelor’s degree per departmental                                    Taxation                   3
nized, rigorous fashion. Both full‑ and part‑       approval. For more information on progressive              ACCT 570T          State and Local Tax
time students examine in depth an area of           degrees, see page 84.                                                         Concepts                   3
taxation, such as estate planning or taxation of                                                               ACCT 571T          Advanced Individual
foreign operations. Tax practice does not pro‑      GROUP I COURSES (15 UNITS)                      UNITS                         Tax Planning               3
vide sufficient opportunities to study all of the   ACCT 544            Introduction to Strategic              ACCT 573T          Federal Tax Procedure      3
areas influenced by taxation, nor does it allow                         Tax Planning                       3   ACCT 575T          Taxation of Financial
the time to take an in‑depth look at one area.      GSBA 510            Accounting Concepts and                                   Markets                    3
In the M.B.T. program, a student develops an                            Financial Reporting                3   ACCT 576T          Tax Consolidations         3
overview of the important areas of tax practice     GSBA 511            Managerial Economics, and              ACCT 577T          Compensation               3
and builds expertise in specific topics.            GSBA 548            Corporate Finance, or                  ACCT 578T          Advanced Corporate
                                                                                                                                  Taxation                   3
                                                    GSBA 514            Foundations of Business I
The career opportunities today in the area                              and II                             6   ACCT 579T          Advanced International
of taxation are as great as the need for pro‑       GSBA 518            Accounting Control                                        Taxation                   3
fessional tax advice. The M.B.T. program                                Systems, or                            ACCT 580T          Tax Accounting Methods     3
prepares men and women for major roles in           ACCT 572            Corporate Accounting and               ACCT 583           Accounting for Income
planning and decision‑making with firms.                                Reporting                          3                      Taxes                      3
                                                                                                               ACCT 584           Family Wealth
Program Requirements                                GROUP II COURSES (15 UNITS)                     UNITS                         Preservation               3
The program requirements include courses            GSBA 523T*          Communication for
in taxation, accounting and business selected                           Accounting Professionals, or           GROUP IV COURSES (0-6 UNITS)               UNITS
from the four groups of courses listed below.       MOR 569*            Negotiation and                        GSBA 568           The Economics and
A minimum of 21 units must be in taxation                               Deal‑Making, or                                           Marketing of a Professional
(“T” designated) courses. Waiver of courses         BUCO 533*           Managing Communication                                    Services Firm               3
in Group I may be granted to students based                             in Organizations             3         ACCT 574           Accounting in the Global
on prior academic work of high quality from         ACCT 550T           Tax Research and Practice 3                               Environment                 3
an AACSB International, the Association             ACCT 551T           Taxation of Partnerships               ACCT 581           Financial Statement
to Advance Collegiate Schools of Business,                              and S‑Corps                  3                            Analysis                    3
accredited school. Waiver of such courses may       ACCT 560T           Tax Theory and Its                     ACCT 588           Analysis and Implications
reduce the minimum number of units to be                                Business Applications        3                            of SEC Registration and
taken within the M.B.T. program to 30 units.        ACCT 561T           Income Tax of                                             Reporting                   3
The courses in Group II are required of all                             Corporations and                       ACCT 5XX           Other Accounting electives 3
students. The student must choose a total                               Their Shareholders           3         BAEP 5XX           Business Entrepreneurship
of 15 units from Groups III and IV, with a                                                                                        electives                   3
minimum of 9 units from the courses listed in       *Required course to be determined by the director of
                                                                                                               FBE 5XX            Finance and Business
Group III. The student may choose up to six         master’s programs, Leventhal School of Accounting,
                                                                                                                                  Economics electives         3
units from the courses in Group IV or other         based on prior academic work or oral and written
                                                                                                               IOM 5XX            Information and Operations
courses approved in advance by the director         assessment test.
                                                                                                                                  Management electives        3
of the M.B.T. program.                                                                                         MKT 5XX            Marketing electives         3
                                                    GROUP III COURSES (MINIMUM 9 UNITS)             UNITS
                                                                                                               MOR 5XX            Management and
Progressive degree students earning their B.S.,     ACCT 563T           Federal Estate and Gift                                   Organization electives      3
Accounting/Master of Business Taxation must                             Taxes                              3   BUCO 533           Managing Communication
begin the graduate level course work specified      ACCT 565T           Estate Planning                    3                      in Organizations            3
in the fall semester. Students should have suc‑     ACCT 566T           Income Taxation of                     MOR 569            Negotiation and
cessfully completed all accounting course work                          Estates and Trusts                 3                      Deal‑Making                 3
required for a B.S., Accounting prior to the fall   ACCT 567T           Taxation of Transactions
semester in which they begin their graduate                             in Property                        3
level requirements. These students will com‑        ACCT 568T           Taxation of Foreign
plete the same program requirements as a full‑                          Business Operations                3
time M.B.T. student with the exception that a
maximum of one‑third of the course units for



Juris Doctor/Master of Business Taxation

Dual Degree Program                                 in taxation through courses in the Marshall                Business and Leventhal School of Accounting
The Leventhal School of Accounting, in              School of Business, the Leventhal School                   courses are recognized by the law school
conjunction with the USC Gould School of            of Accounting and the USC Gould School                     toward the J.D./M.B.T. Students must com‑
Law, offers a program leading to the dual           of Law. The M.B.T. portion of the program                  plete 76 law units to satisfy the J.D. portion
degree of Juris Doctor/Master of Business           leading to the J.D./M.B.T. is 45 units, includ‑            of the dual degree.
Taxation (J.D./M.B.T.). This program permits        ing 10 units of law school courses that are
a student to pursue a specialized program           recognized by the Leventhal School of
                                                    Accounting toward the J.D./M.B.T.; a maxi‑
                                                    mum of 33‑36 units of Marshall School of
192                                                USC Leventhal School of Accounting



Unit Requirements                                  GROUP II COURSES* (10 UNITS)                   UNITS     GROUP V COURSES (0-3 UNITS)                   UNITS
The total number of units required for the         ACCT 550T           Tax Research and Practice 3          ACCT 572           Corporate Accounting
M.B.T. portion of the J.D./M.B.T. program          LAW 600             Taxation               3 or 4                           and Reporting                    3
will vary, depending on the educational back‑      ACCT 561T           Income Taxation of                   ACCT 574           Accounting in the Global
ground of the individual student, but all stu‑                         Corporations and Their                                  Business Environment             3
dents are required to complete a minimum                               Shareholders, or                     ACCT 581           Financial Statement
of 30 units of business courses and maintain       LAW 644             Corporate Tax, or      2 or 3                           Analysis                         3
an overall grade point average of 3.0 for          LAW 868             Business Enterprise                  ACCT 585           Professional Accounting:
these courses. A total of 15 units of taxation,                        Taxation                  2‑4                           Theory, Research and
accounting and business courses listed below                                                                                   Policy                           3
in Group I may be waived by the Leventhal          GROUP III COURSES* (A MINIMUM OF 6 UNITS)      UNITS
                                                                                                            BUCO 533           Managing Communication
School of Accounting if the student has            LAW 644             Corporate Tax              2 or 3                       in Organizations                 3
completed substantial academic work of high        LAW 717             Estate Planning                 3    FBE 527            Entrepreneurial Finance:
quality from an International Association for      LAW 842             Partnership Taxation       2 or 3                       Financial Management
Management Education‑accredited school.                                                                                        for Developing Firms             3
                                                   *Students should seek counseling at the law school
                                                                                                            FBE 555            Investment Analysis and
The courses in Group II are required of all        regarding all LAW courses.
                                                                                                                               Portfolio Management             3
J.D./M.B.T. students. Students must choose a                                                                FBE 588            Advanced Real Estate
minimum of six units from Group III courses        GROUP IV COURSES (A MINIMUM OF 12 UNITS)       UNITS
                                                                                                                               Law                              3
and a minimum of 12 units from Group IV            ACCT 551T           Taxation of Partnerships             FBE 589            Mortgages and Mortgage‑
courses. In addition, a student may choose                             and S‑Corps                      3                      Backed Securities and
three elective units from Group V courses or       ACCT 563T           Federal Estate and Gift                                 Markets                          3
another course approved in advance by the                              Taxes                            3   FBE 591            Real Estate Finance
director of the M.B.T. program.                    ACCT 565T           Estate Planning                  3                      and Investment                   3
                                                   ACCT 566T           Income Taxation of                   MOR 542            Strategic Issues for
First Year                                                             Estates and Trusts               3                      Global Business                  3
Required USC Gould School of Law courses           ACCT 567T           Taxation of Transactions
(33 units)                                                             in Property                      3
                                                                                                            Course Duplication and Prerequisites
                                                   ACCT 568T           Taxation of Foreign
Second, Third and Fourth Years                                         Business Operations              3   Credit in a law course precludes credit in the
Forty‑three units of law courses, including        ACCT 569T           Advanced Partnership                 corresponding business course, and credit in
the law courses listed below, and 33‑36 units                          Taxation                         3   a business course precludes credit in the cor‑
of Marshall School of Business and Leventhal       ACCT 570T           State and Local Tax                  responding law course.
School of Accounting courses as follows:                               Concepts                         3
                                                   ACCT 571T           Taxation of Individuals          3   In addition, where credit in one program’s
GROUP I COURSES (15 UNITS)                UNITS
                                                   ACCT 573T           Federal Tax Procedure            3   course precludes credit in the other program’s
ACCT 544           Introduction to Strategic       ACCT 575T           Taxation of Financial                corresponding course, the course in which
                   Tax Planning                3                       Markets                          3   credit is received will be deemed to have met
GSBA 510           Accounting Concepts and         ACCT 576T           Tax Consolidations               3   the prerequisite for all subsequent courses in
                   Financial Reporting         3   ACCT 577T           Compensation                     3   either school.
GSBA 511           Managerial Economics        3   ACCT 578T           Advanced Corporate
                                                                                                            Corresponding Courses
GSBA 518           Accounting Control                                  Taxation                         3
                   Systems, or                     ACCT 579T           Advanced International               ACCT 561T and LAW 644
ACCT 572           Corporate Accounting and                            Taxation                         3   ACCT 551T and LAW 842
                   Reporting                   3   ACCT 580T           Tax Accounting Methods           3
                                                                                                            Note: LAW 600 Taxation must be taken in place of
GSBA 548           Corporate Finance           3
                                                                                                            ACCT 560T to meet the J.D./M.B.T. requirement.
                                                                                                            LAW 644 Corporate Tax may be taken in place of
                                                                                                            ACCT 561T to meet the M.B.T. course requirements.




Courses of Instruction

ACCOUNTING (ACCT)                                  ACCT 370 External Financial Reporting                    ACCT 371ab Introduction to Accounting
                                                   Issues (4) Understanding of decision‑making,             Systems (2-2, FaSp) a: Understanding of
The terms indicated are expected but are not       problem solving, and research skills as a sup‑           technology used to support accounting
guaranteed. For the courses offered during any     plement to financial accounting knowledge                professionals in financial and managerial
given term, consult the Schedule of Classes.       for accounting professionals. (Duplicates                accounting, auditing, and taxation. (Dupli‑
                                                   credit in former ACCT 370ab.) Prerequisite:              cates credit in former ACCT 362.) Prerequi-
                                                   BUAD 281 or BUAD 305.                                    site: BUAD 281 or BUAD 305. b: Understand‑
                                                                                                            ing the fundamental processes that capture
                                                                                                            the corporate data and the controls needed to
                                                                                                            assure that these processes will operate in an
                                                                                                            acceptable manner. (Duplicates credit in for‑
                                                                                                            mer ACCT 362.) Prerequisite: ACCT 371a.
                                                   Courses of Instruction                                                                         193




ACCT 372 Internal Reporting Issues (2,             ACCT 418x Accounting for Management                ACCT 473 Financial Statement Auditing
FaSp) Understanding of decision‑making,            Decisions (2, FaSp) Understanding of               (2, FaSp) Course builds on the background
problem solving, and research skills as a sup‑     decision‑making uses of accounting informa‑        developed in ACCT 373, specifically the
plement to managerial accounting knowledge         tion: cost systems, planning and budgeting,        process used by external auditors to con‑
for accounting professionals. (Duplicates          and measuring and rewarding performance.           duct financial statement audits. (Duplicates
credit in former ACCT 361.) Prerequisite:          Not available for credit to accounting or busi‑    credit in former ACCT 456.) Prerequisite:
BUAD 281 or BUAD 305.                              ness majors. Open to accounting minors only.       ACCT 371b, ACCT 373.
                                                   Prerequisite: ACCT 410x.
ACCT 373 Introduction to Assurance                                                                    ACCT 474 Tax Issues for Business (2, FaSp)
Services (2, FaSp) Exploration of the req‑         ACCT 419x Understanding Accounting                 Capabilities to identify and articulate tax
uisite skills and knowledge needed to offer        Information Systems (2, FaSp) Understand‑          issues related to a business entity’s life: for‑
services in assurance, attestation or audit‑       ing of accounting systems focusing on how          mation, investing, financing and operations,
ing engagements. (Duplicates credit in             these systems are designed, selected, imple‑       and change of form. (Duplicates credit in for‑
former ACCT 456.) Prerequisite: ACCT 370,          mented, used and managed. Not available            mer ACCT 451.) Prerequisite: ACCT 374.
ACCT 371a.                                         for credit to accounting or business majors.
                                                   Open to accounting minors only. Prerequisite:      ACCT 475 Systems Security and Audit (2)
ACCT 374 Introduction to Tax Issues (2,            ACCT 410x.                                         Issues related to the security, control, and
FaSp) Basic tax principles, introduction to                                                           auditing of accounting information systems.
U.S. federal, state and local tax systems,         ACCT 420x Understanding Income Tax                 (Duplicates credit in former ACCT 471b.)
income and expense definitions, property           (2, Sp) Understanding of the U.S. federal          Prerequisite: ACCT 371b.
transactions, and fundamentals of individ‑         income tax system. Topics include income
ual taxation. (Duplicates credit in former         and expense definitions, property transac‑         ACCT 476 Performance Measurement
ACCT 451.) Prerequisite: BUAD 281 or               tions and tax computation for individuals          Issues (2) Introduction to understanding how
BUAD 305.                                          and business entities. Not available for credit    management control systems can enhance
                                                   to accounting majors. Open to account‑             achievement of the organization’s objectives
ACCT 390 Special Problems (1-4, FaSpSm)            ing minors only. Prerequisite: ACCT 410x or        and strategies. (Duplicates credit in former
Supervised, individual studies. No more than       BUAD 281 or BUAD 305.                              ACCT 472b.) Prerequisite: ACCT 372.
one registration permitted. Enrollment by
petition only.                                     ACCT 462 Detecting Fraudulent Financial            ACCT 478 Accounting Systems Design
                                                   Reporting (2, FaSp) Understanding/identify‑        (4, FaSp) Explores the design of accounting
ACCT 410x Foundations of Accounting                ing methods of fraudulent financial reporting,     systems. Introduction to tools and techniques
(4, FaSpSm) Non‑technical presentation of          and signals that financial statements were         for analyzing and designing accounting sys‑
accounting for users of accounting informa‑        fictitiously prepared; major frameworks for        tems with an emphasis on system controls
tion; introduction to financial and managerial     analyzing ethical dilemmas; reforms in cor‑        and reporting. (Duplicates credit in former
accounting. Not open to students with course       porate reporting environment. Prerequisite:        ACCT 453.) Prerequisite: ACCT 371b.
credits in accounting. Not available for unit or   ACCT 370 or ACCT 415x.
course credit toward a degree in Accounting                                                           ACCT 479 Accounting Systems Develop-
or Business Administration.                        ACCT 463 Internal Audit (2, FaSp) Exami‑           ment (4, FaSp) Examines the fundamentals
                                                   nation of internal audit/auditors and their        of accounting systems development. Intro‑
ACCT 415x Intermediate Financial Account-          relationship to management, the investors,         duction to the concepts of implementation
ing for Non-Accounting Majors (4, FaSp)            the regulators, and the external auditors.         and support, with emphasis on system qual‑
In‑depth study of balance sheet, income state‑     Prerequisite: ACCT 370, ACCT 373.                  ity assurance, evaluation and attestation.
ment, and cash flow statement issued from                                                             (Duplicates credit in former ACCT 454.)
the perspective of a user (not preparer) of cor‑   ACCT 470ab Advanced External Financial             Prerequisite: ACCT 478.
porate financial reports. Not open to account‑     Reporting Issues (2-2, FaSp) a: Developing
ing majors. Not available for degree credit to     capabilities to identify and articulate current    ACCT 490x Directed Research (2-8, max 8,
accounting majors. (Duplicates credit in for‑      external financial reporting problems and          FaSpSm) Individual research and readings.
mer ACCT 411x and ACCT 412x.) Prerequisite:        issues, concentrating on operating, financing      Not available for graduate credit.
ACCT 410x or BUAD 281 or BUAD 305.                 and investing activities of business organiza‑
                                                   tions. (Duplicates credit in former ACCT           ACCT 499 Special Topics (2-4, max 8, Irregu-
ACCT 416 Financial Reporting and Analysis          450ab.) Prerequisite: ACCT 370. b: Continua‑       lar) Examination of current literature relevant
(2, FaSp) Examination of the role of finan‑        tion in developing capabilities to identify and    to the total and changing environment in
cial statement analysis in the prediction of a     articulate current external financial reporting    which business operates.
firm’s future financial performance. Prerequi-     problems and issues, concentrating on oper‑
site: BUAD 215 or BUAD 306; ACCT 370 or            ating, financing and investing activities of       ACCT 509 Concepts of Financial and Man-
ACCT 415.                                          business organizations. (Duplicates credit in      agement Accounting (4, Fa) Introduction
                                                   former ACCT 450b.) Prerequisite: ACCT 470a.        to the concepts of financial and managerial
ACCT 417 Advanced Financial Account-                                                                  accounting. The course will provide coverage
ing for Non-Majors (2, FaSp) Developing            ACCT 471 Accounting Information Systems            of key concepts needed by managers of busi‑
capabilities to identify, articulate and inter‑    (2, FaSp) Issues related to the design, control,   nesses in order to communicate information
pret financial statements reflecting complex       and implementation of accounting informa‑          important in decision‑making. (Duplicates
merger and acquisition activities, with a focus    tion systems. Prerequisite: ACCT 371b.             credit in GSBA 510, GSBA 518, GSBA 536.)
on financial analysis and investment banking.                                                         Not open to business majors.
Not available for degree credit to accounting      ACCT 472 Managerial Accounting (2, FaSp)
majors. Not open to accounting majors. Pre-        Understanding of systems providing cost
requisite: BUAD 215x or BUAD 306; ACCT             information useful in management decision‑
370 or ACCT 415x.                                  making and problem solving. Prerequisite:
                                                   ACCT 372.
194                                               USC Leventhal School of Accounting



ACCT 525x Intensive Accounting Principles         ACCT 547 Enterprise Information Systems           ACCT 555 Enterprise Resource Planning
and Practices (15, Sm) Technical accounting       (3, Fa) Focuses on accounting enterprise          Systems (2, FaSp) Focuses on many facets
theory and principles necessary for graduate      database models and information technology        of enterprise resource planning systems,
work. Satisfies the prerequisite requirements     required to support those systems. Includes       such as SAP, including implementation
for intermediate and advanced accounting,         analysis and design of interfunctional process    approaches, risks, reengineering, data mod‑
auditing, and tax. Credit toward degree lim‑      flows through reengineering to exploit tech‑      els and other emerging issues. Concurrent
ited to M.Acc. and M.B.T. students. Recom-        nology capabilities. Open only to graduate        enrollment: ITP 555; recommended preparation:
mended preparation: introductory accounting       Accounting and Business students.                 ACCT 547 or ACCT 549.
courses.
                                                  ACCT 548 Enterprise Systems: Design,              ACCT 557 Advanced Financial Statement
ACCT 535 Management Accounting and                Implementation, Security and Audit (3, Sp)        Auditing Topics (3, Sp) Advanced coverage of
Control Systems (3, Fa) Decision‑making,          Exploration of a number of areas including        topics in financial statement auditing includ‑
uses of management accounting information;        the role systems play in organizations, the       ing market effects of auditing, auditor litiga‑
cost system design; financial responsibility      technology that supports these systems and        tion and client acceptance, errors and fraud,
centers; planning and budgeting systems;          issues relating to technology risk, system/       analytical procedures, and going‑concern
performance measures and evaluation. Not          application security and system review/audit.     assessment. Prerequisite: ACCT 525x.
open to M.B.A. students. (Duplicates credit       Prerequisite: ACCT 547 or ACCT 371b.
in GSBA 518.) Prerequisite: GSBA 510.                                                               ACCT 559 Strategy and Operations
                                                  ACCT 549 Advanced Enterprise Systems              Through CFO Lens (3, Sp) Examination of
ACCT 536 Advanced Cost Analysis and               and Technologies (3, FaSp) Design, control        strategic objectives and operations within
Management Accounting (3, Sm) Analysis            and development of advanced enterprise            specific industries and companies. Chief
and design of systems that provide cost infor‑    systems, using reengineering, focusing on         Financial Officers present how they view
mation useful in making strategic and operat‑     accounting and financial systems, using a         the business as a whole and measure perfor‑
ing decisions. Advantages and limitations of      wide range of emerging existing technologies.     mance effectively. Open only to accounting
activity‑based costing methods. Prerequisite:     Recommended preparation: ACCT 547.                and business majors.
GSBA 518 or ACCT 535.
                                                  ACCT 550T Tax Research and Practice (3, Fa)       ACCT 560T Tax Theory and Its Business
ACCT 537 Management Control Systems               Tax law research methods; interpreting            Applications (3, FaSp) Taxation and its
(3, Sm) Study of systems and devices man‑         statutes, cases and rulings; communicating        relationship to business and investment
agers use to ensure that strategies are being     research results; administration and profes‑      decisions; the effects of taxation on business
implemented as intended and that assets           sional responsibilities of tax practice. Recom-   organization, capital structure, policies, opera‑
are not being stolen or otherwise dissipated.     mended preparation: introductory tax course.      tion, and expansion. Recommended preparation:
Among the topics covered are planning and                                                           introductory tax course.
budgeting systems, responsibility centers,        ACCT 551T Taxation of Partnerships and
performance measures and evaluations,             S-Corps (3, Fa) Federal taxation of flow‑         ACCT 561T Income Tax of Corporations
incentives, and the roles of controllers and      through entities, including: partnerships,        and Their Shareholders (3, FaSm) Con‑
internal auditors. Prerequisite: GSBA 518 or      S corporations, limited liability partnerships    cepts and principles governing the taxation
GSBA 536.                                         (LLPs) and limited liability companies            of corporations and their shareholders; the
                                                  (LLCs). Open only to Accounting, Business         effect of taxes on corporate formation, capi‑
ACCT 543 Introduction to Tax (3) Tax issues       Taxation, and Law/Business Taxation stu‑          tal structure, distributions, and liquidations.
arising during a business’ life, including for‑   dents. Recommended preparation: ACCT 550T         Open only to Accounting, Business Taxation
mation, financing, operating, expanding, and      or ACCT 560T or LAW 600.                          and Law/Business Taxation students. Recom-
dissolving. Cross‑border transactions and                                                           mended preparation: ACCT 550T or ACCT
non‑U.S. tax systems discussed.                   ACCT 552 Knowledge and Data Manage-               560T or LAW 600.
                                                  ment (3, Sp) Managing knowledge using
ACCT 544 Introduction to Strategic Tax            knowledge‑based systems and contempo‑             ACCT 563T Federal Estate and Gift Taxes
Planning (3, Fa) Principles of multijuris‑        rary knowledge management approaches              (3, Sp) Taxation of decedents’ estates and
dictional business tax planning, using a          (intranets) in order to enhance and facilitate    lifetime gifts; valuation of property subject to
conceptual framework, integrating finance,        decision making and manage accounting             estate and gift taxes. Prerequisite: ACCT 550T;
marketing and financial statement objectives.     data and information in organizations. Recom-     ACCT 560T or LAW 600.
Recommended preparation: GSBA 518.                mended preparation: ACCT 547.
                                                                                                    ACCT 565T Estate Planning (3) Analysis of
ACCT 546 Assurance Services (3, Sp)               ACCT 553T Tax Policy and Strategic Tax            lifetime and postmortem estate planning
Concepts and principles governing inde‑           Planning (3) Introduction to business taxes       theories and procedures. Prerequisite:
pendent professional services that provide        and their impact on management decisions.         ACCT 563T.
assurance on the reliability and relevance of     For prospective managers and business con‑
information, including financial statement        sultants, topics include discounted cash flow,    ACCT 566T Income Taxation of Estates and
information. Topics include demand and            financial accounting, and overall business        Trusts (3) Concepts and principles governing
supply issues for these services, basic princi‑   impacts of taxes on decision making. Recom-       the income taxation of estates and trusts;
ples of evidence, risk assessment and testing.    mended preparation: GSBA 518.                     use of trusts for tax planning. Prerequisite:
Prerequisite: ACCT 525x.                                                                            ACCT 550T and ACCT 560T.
                                                 Courses of Instruction                                                                          195




ACCT 567T Taxation of Transactions in            ACCT 576T Tax Consolidations (3, Sp) Con‑          ACCT 585 Professional Accounting: Theory,
Property (3, Fa) Taxation of gains and losses    cepts and principles of taxation of companies      Research and Policy (3, Sp) A case study
from sales, exchanges and other transactions     operating as consolidated groups. Prerequisite:    approach to the integration of accounting
involving property, especially real estate;      ACCT 550T and ACCT 561T.                           and auditing knowledge; research, commu‑
tax planning. Prerequisite: ACCT 550T;                                                              nication, and interpersonal skills developed
ACCT 560T or LAW 600.                            ACCT 577T Compensation (3) Concepts of             through extensive written and presentation
                                                 taxation of employers and employees from           requirements. Recommended preparation:
ACCT 568T Taxation of Foreign Business           various forms of compensation, including           ACCT 572.
Operations (3, Sp) Taxation of foreign           pension plans, profit sharing plans, stock
income of U.S. citizens and corporations and     ownership plans, and deferred compensation         ACCT 586 Financial Reporting Topics and
of U.S. source income of foreign persons         arrangements. Prerequisite: ACCT 550T and          Analysis for Tax Professionals (3, Sm)
and corporations; planning for organization      ACCT 560T.                                         Explores the technical financial accounting
of foreign operations under the tax laws.                                                           skills needed for an entry‑level tax profes‑
Prerequisite: ACCT 561T.                         ACCT 578T Advanced Corporate Taxation              sional with emphasis on an understanding
                                                 (3, FaSp) Analysis of corporate divisions          of financial statements and accounting for
ACCT 569T Advanced Partnership Taxa-             and reorganizations, carryovers, and other         income taxes. Exposure to the preparation
tion (3, Sp) Advanced tax concepts involving     advanced topics in corporate taxation.             of corporate tax returns with the integration
partnerships and limited liability companies,    Prerequisite: ACCT 561T.                           to the financial reporting of a corporation.
designed to produce a level of expertise in                                                         Recommended preparation: undergraduate
Subchapter K of the Internal Revenue Code.       ACCT 579T Advanced International Taxa-             financial accounting or accounting class for
Prerequisite: ACCT 551T.                         tion (3) Analysis of tax treaties, foreign cur‑    lawyers.
                                                 rency transactions, international licensing,
ACCT 570T State and Local Tax Concepts (3)       reorganization of foreign corporations, and        ACCT 587 Forensic Accounting (3) Role of
State income taxes; property tax; other state    other current topics as the law changes.           the accountant in litigation matters. Iden‑
and local taxes; the effect of state and local   Prerequisite: ACCT 568T.                           tification and exploration of the analytical
taxes on multistate operations. Prerequisite:                                                       and communication tools necessary to be
ACCT 550T; ACCT 560T or LAW 600.                 ACCT 580T Tax Accounting Methods (3)               an effective forensic accountant. Prerequisite:
                                                 Concepts governing timing of recognition           ACCT 572.
ACCT 571T Taxation of Individuals (3, Sp)        of income and deductions for income tax
Application of tax law in areas of compensa‑     purposes. Covers differences between GAAP          ACCT 588 Analysis and Implications of SEC
tion planning, investment planning, tax shel‑    and income tax accounting for all taxpayers.       Registration and Reporting (3, Sp) Legal,
ters, and current developments relating to the   Recommended preparation: introductory tax          institutional, and economic implications of
individual taxpayer. Prerequisite: ACCT 550T;    course.                                            being a U.S. public company. The Securities
ACCT 560T or LAW 600.                                                                               and Exchange Commission and its influence
                                                 ACCT 581 Financial Statement Analysis              on investors, management, underwriters,
ACCT 572 Corporate Accounting and                (3, SpSm) Analysis of corporate financial          and accountants. Recommended preparation:
Reporting (3, FaSpSm) A study of finan‑          reports from a decision‑maker’s perspective.       ACCT 572.
cial reporting and disclosure issues with an     This course is case‑and‑applications‑oriented.
emphasis on the use of corporate financial       Applications include credit analysis, equity       ACCT 590 Directed Research (1-4) Research
statements and their accompanying footnotes.     valuation, and financial distress. Prerequisite:   leading to the master’s degree. Maximum
Not open to students with credit in equiva‑      GSBA 510.                                          units which may be applied to the degree to
lent subjects. Prerequisite: GSBA 510.                                                              be determined by the School of Accounting.
                                                 ACCT 582 Accounting for Mergers and                Maximum units which may be applied to
ACCT 573T Federal Tax Procedure (3, Sm)          Acquisitions (3, Fa) Theoretical and practical     the degree to be determined by the school.
Tax reporting and collection procedures;         problems in accounting for business combi‑         Graded CR/NC.
administrative and judicial procedures           nations: purchase and pooling‑of‑interests
governing tax controversies; the rights and      accounting; consolidated financial statements;     ACCT 597 Business Field Project in Account-
obligations of the taxpayer. Prerequisite:       income tax considerations; International           ing (1-6, FaSp) Individual or team projects
ACCT 550T; ACCT 560T or LAW 600.                 Accounting Standards. Prerequisite: GSBA 510.      solving real business problems for companies;
                                                                                                    situation analyses; research proposal com‑
ACCT 574 Accounting in the Global Busi-          ACCT 583 Accounting for Income Taxes (3)           position; field research techniques; statisti‑
ness Environment (3, Fa) Study of national       Examination of FAS 109 and roles of audi‑          cal analysis; oral and written presentations.
and international accounting and business        tors, tax professionals and corporate financial    Graded CR/NC.
issues; global capital market changes; inter‑    personnel in preparing, analyzing and review‑
national accounting and business topics;         ing accrual of income taxes. Open to M.B.T.,       ACCT 599 Special Topics (1, 1.5, 2, or 3,
cases and studies of specific business enti‑     M.Acc. and M.B.A. students only.                   max 6, FaSpSm) Examination of current lit‑
ties and countries. Prerequisite: GSBA 510 or                                                       erature and research techniques in contempo‑
GSBA 518 or GSBA 536.                            ACCT 584 Family Wealth Preservation                rary accounting areas including tax, auditing
                                                 (3, Sp) Analysis of transfer of property dur‑      and international accounting.
ACCT 575T Taxation of Financial Markets          ing lifetime or at death from a tax saving
(3, Sm) Taxation of financial market products    perspective.                                       ACCT 601 Introduction to Accounting
with focus on derivative products. Basics of                                                        Research and Research Design (2) Introduc‑
tax forwards, futures, options, swaps, collars                                                      tion to key topics in research design as they
and floor. Time value of money considera‑                                                           apply to accounting research, including phi‑
tions. Prerequisite: ACCT 561T.                                                                     losophy of science, theory, validity, method
                                                                                                    choice, sample selection, variable measure‑
                                                                                                    ment, and control.
196                                            USC Leventhal School of Accounting



ACCT 602 Survey of Judgment and                ACCT 606 Survey of Tax Research (3) Survey       ACCT 611 Selected Topics in Accounting
Decision-Making Research in Accounting         of major topics and methods in research on       Research (1, max 4, FaSp) Advanced seminar
(3) Survey of major topics in judgment and     taxation with coverage of both key research      to address issues/topics covered in accounting
decision‑making research in accounting with    questions and frequently used methods.           research forums presented by USC and visit‑
coverage of both key research questions and                                                     ing faculty.
frequently used methods.                       ACCT 608 Positive Accounting Research
                                               (3) Survey of major topics related to positive   ACCT 661ab Accounting Research Meth-
ACCT 604 Survey of Management Account-         accounting research with coverage of both        odology (2-2) Advanced doctoral seminar
ing Research (2) Survey of major topics in     key research questions and frequently used       concerned with review and critique of
accounting research with coverage of both      methods.                                         accounting research forum papers and with
key research questions and frequently used                                                      the preparation, presentation, and defense of
methods.                                       ACCT 610 Survey of Accounting Research           research proposals and papers.
                                               (3, FaSp) Advanced seminar that surveys both
ACCT 605 Survey of Financial Reporting         seminal and cutting edge research in financial
Research (3) Survey of major topics and        accounting, managerial accounting, account‑
methods in research on financial reporting     ing information systems, and tax accounting.
with coverage of both key research questions
and frequently used methods.

				
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