ACC 4820 Advanced Accounting and UCC Law
This course deals with key business law and professional accountant ethics topics that appear on the CPA exam, such as the following: professional liability of accountants, contracts under the common law, contracts for the sale of goods under the Uniform Commercial Code, debtor-creditor relationships, negotiable instruments, commercial paper, secured transactions, securities regulation, and government regulation of business. Students will gain an understanding of how these areas of the law affect businesses and their operations, with an eye towards improving student preparation for the business and commercial law questions and topics typically covered on the CPA exam. By the end of the class, students will be able to identify the legal principles that govern various business situations and apply those principles to an issue to determine the outcome when the law is applied to the facts of a scenario. Instructional methods will include lectures, multimedia content, interactive case studies and workshops, and professional simulations.
- Students will be able to analyze scenarios and case studies involving the formation, enforcement, and breach of business contracts under the common law in the US legal system, and under the Convention on Contracts for the International Sale of Goods (“CISG”).
- Students will be able to demonstrate understanding of the Uniform Commercial Code (“UCC”), including analysis of case scenarios involving the formation, enforcement, breach and remedies in contracts for the sale of goods under the UCC; and case scenarios involving negotiable instruments and secured transactions under the UCC.
- Students will be able to identify and explain specific laws and legal concepts relating to professional negligence and other potential legal and ethical liabilities of practicing accountants, and apply those concepts to the analysis of relevant case scenarios.
- Students will be able to demonstrate understanding of other key topics covered in the business law portions of the REG section of the CPA exam relating to the regulation of business and professional financial services, including rules relating to agents and principals, business entity selection and formation, and liabilities of owners and management in a business setting.
- Students will be able to demonstrate an understanding of the legal and ethical environment of business using standard business and legal terminology, especially as related to delivery of professional accounting and financial services, and as applied to case scenarios likely to arise when advising business and financial services clients in a real-world setting.