511 ACCT Advanced Business Law for Accountants Professors notes* As of July 18, 2007
Note: All content is based on the professors opinion and may vary from professor to professor and student to student. All content may be changed without notice. This information is provided to provide an analysis, but is not binding in any form. From a Scale of 1-10 (1=low demands; 5= moderate demands; 10 = very demanding), how would you rate the overall level of difficulty of this course? Level of demand = 10 This course is very difficult and demanding. It requires numerous discussion board posts that are intensive. It also includes two timed exams (a mid-term and final) covering the assigned textbook reading. Further, it requires a graduate-level research paper. For successful completion of the research paper and discussion boards, effective graduate-level research and writing is required. This course should be taken with other courses within an 8-week format with less level of difficulty. From a Scale of 1-10 (1=low demands; 5= moderate demands; 10 = very demanding), how would you rate the level of reading requirements in this course? Level of demand = 10 Students are responsible for covering several chapters each week. The material is not familiar to most students, and therefore it often takes extra time to master. Further, the chapters are packed with information, with which the students must learn and become familiar. From a Scale of 1-10 (1=low demands; 5= moderate demands; 10 = very demanding), how would you rate the level of lecture requirements in this course? Level of demand = 2 The course contains no video lectures, however, students are responsible for the lecture notes that are provided as an outline of the textbook. Further, from time to time, the professor may post PointCast lectures. From a Scale of 1-10 (1=low demands; 5= moderate demands; 10 = very demanding), how would you rate the level of online exam requirements in this course? Level of demand = 10 The course has two exams (a mid-term and a final) which cover the assigned textbook reading. Although they are open book and open notes, students are responsible for all
material found in the book. Questions come from an extensive exam database, and require application as opposed to simply regurgitation of facts. Further, the exams are time limited, so reading is required and simply looking up every answer is impossible. The questions are designed to present the student with an example of the difficulty of CPA exam questions. From a Scale of 1-10 (1=low demands; 5= moderate demands; 10 = very demanding), how would you rate the level of discussion board requirements in this course? Level of Demand = 7 There are 4 discussion boards that require both a post and a reply to the work of another student. Scholarly research using the ILRC databases is required, as is good graduate-level analysis and writing. References and citations must follow APA format. The discussion boards are not merely opinion-oriented where everything goes. Rather, they require thoughtful research and analysis. They are therefore time consuming. From a Scale of 1-10 (1=low demands; 5= moderate demands; 10 = very demanding), how would you rate the level of the written paper requirements in this course? Level of Demand = 10
Additional Comments: The course requires a major graduate-level research paper. The expectation is that the students would write a paper that is publishable in quality. The paper must be written in APA format, with proper formatting, in-text citations, and academic references. Students who have not previously written a research paper or have been out of academics for many years, will experience difficulty with this assignment. The research for and writing of the paper should take place over several weeks; it is not an assignment that can be completed in one weekend. Overall, this course moves quickly, therefore students should expect to be very busy for the duration of the course. There are assignments due each week.
LIBERTY UNIVERSITY
Distance Learning Program
COURSE SYLLABUS
SCHOOL OF BUSINESS ACCT 511 ADVANCED BUSINESS LAW FOR ACCOUNTANTS
COURSE DESCRIPTION
Essential to all accountants is a sound understanding of many areas of business law. This advanced course seeks to equip the student with an in-depth understanding of business law specifically as it relates to the legal issues that are encountered by certified public accountants. This course is designed to further the students knowledge and understanding of the law in such areas as the Uniform Commercial Code, contracts, securities regulation, organizational structure and formation, ethics, the Sarbanes-Oxley Act, property and insurance, and other forms of government regulation of business.
RATIONALE
The purpose of this course is to expose the student to a select group of legal issues faced by the typical accounting professional in todays business environment. These issues include, but are not limited to, the following: Uniform Commercial Code, contracts, securities regulation, organizational structure and formation, ethics, the Sarbanes-Oxley Act, property and insurance, and other forms of government regulation of business. This course is not designed to substitute for a law degree or for the advice of an attorney. Rather, this course should assist the student in identifying the legal issues associated with business operations and to impart to the student the legal knowledge necessary to recognize legal pitfalls and respond by seeking legal counsel by going beyond the initial understanding of business law gained in an undergraduate course to focus on more advanced studies in those areas that are especially relevant to an accounting professional.
PREREQUISITES
Acceptance, or conditional acceptance, to the M.S. in Accounting Program
REQUIRED TEXTBOOKS
Clarkson, K., Miller, R., Jentz, G., and Cross, F. (2006). Wests Business Law. 10th Ed. Mason, Ohio: Thomson South-Western. ISBN: 0-324-30390-4
REQUIRED MATERIALS LIST
Internet/Blackboard access/Microsoft Word THE HOLY BIBLE, available free of charge in numerous translations with study tools at http://bible.crosswalk.com/.
Selected Readings From Various Legal Resources. See Attached Bibliography. Access to the CCH Internet Tax Research Database and LexisNexis Academic, both provided through the LIBERTY UNIVERSITY LEARNING Library.
MEASURABLE OUTCOMES
By the end of this course, the student will be able to: 1. Describe the basic elements of the legal environment of business. 1.1. Explain the foundational principles that underpin the American legal system. 1.2. Explain the organization of the American court system. 1.3. Describe the alternatives to litigation (Alternative Dispute Resolution.) 1.4. Identify major areas of concern within administrative law. 2. Summarize the law governing property rights. 2.1. Determine which scheme for the protection of intellectual property should be used when given a hypothetical fact pattern. 2.2. Identify the major types of property interests. 2.3. Describe how, when, and to what extent these property interests may be insured, encumbered, and/or transferred (including wills and trusts.) 3. Describe the basic elements of the law of business entity structures. 3.1. Select from among the various forms of business entity structures when given hypothetical fact patterns. 3.2. Identify the major issues faced in the organization, operation, and termination of the various forms of business entity structures. 3.3. Determine the application of the law of securities regulation to hypothetical fact patterns. 3.4. Identify professional liability and accountability of accountants and other professionals. 4. Describe the basic tenets of contract law. 4.1. Determine whether the basic elements for a contract exist when given hypothetical fact patterns. 4.2. Explain when it is necessary for a contract to be in writing. 4.3. Propose contract remedies when given a hypothetical fact pattern. 4.4. Identify the various provisions of Article 2 of the Uniform Commercial Code governing sales and lease contracts. 5. Identify the various provisions of Article 3 and 4 of the Uniform Commercial Code governing the law of negotiable instruments and the payment system. 5.1. Determine whether a person in possession of commercial paper is a holder in due course when given hypothetical fact patterns. 5.2. Suggest the liabilities of parties involved in commercial paper transactions.
6.
7.
8.
Explain the basic elements creditors rights, secured transactions, and bankruptcy law. 6.1. Identify the various provisions of the Uniform Commercial Code which govern security interests in personal property. 6.2. Compare the primary forms of bankruptcy protection under the Bankruptcy Act. Identify the major issues in agency and employment law. 7.1. Identify the basic elements of agency law. 7.2. Describe the primary areas of government regulation within the employment relationship. Analyze all of the preceding in light of a Christian worldview and the Holy Scriptures.
COURSE REQUIREMENTS, ASSIGNMENTS, AND GRADING POLICIES
Your grade will be determined by your performance in the following activities. Each assignment is to be submitted to the professor at the conclusion of the session due. ACTIVITY DESCRIPTION MID-TERM One exam based on the first two modules in EXAM the course. The exam is online, open-book, and consists of true/false and multiple choice questions. The mid-term exam will be worth 200 points. COMPREHENSIVE One comprehensive final exam based on the FINAL EXAM entire course. The final exam is online, openbook, and consists of true/false and multiple choice questions. The final exam will be worth 350 points. RESEARCH Each student will submit a research paper. PAPER This research paper will be a major piece of scholarly writing dealing with an issue from the course. The tax research paper will be worth 300 points and will be turned in to the professor in three stages. For more information, please see the Course Chart. Late papers will not be accepted. DISCUSSION Each student will prepare and post three BOARD discussion board assignments. Instructions ASSIGNMENTS for the discussion board assignments will be provided on the Blackboard site. Each discussion board assignment is worth 50 points. Late discussion board assignments will not be accepted. Total POINTS 200.00 WEIGHT 20%
350.00
35%
300.00
30%
150.00
15%
1,000.00
100%
Grading Scale A = 90% to 100% BELOW 70% B = 80% to 89.9% C = 70% to 79.9% F=
COURSE CHART
For more information regarding the course, please see the Course Chart in ABOUT YOUR COURSE/COURSE OVERVIEW AND GUIDE folder on Blackboard.
BIBLIOGRAPHY
Students will find the following articles, databases, code sections, and other publications helpful in this course. The selected readings will come from these sources and sources similar to them. (Please note: the following are in Bluebook citation format, which is the format commonly used by lawyers. For your work in this class, you will need to use APA style and citation format. Bluebook is used here because it is easier to locate these sources in LexisNexis Academic or the CCH Internet Tax Research Database using their Bluebook citations.) BOARD OF EXAMINERS OF THE AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS, BUSINESS ENVIRONMENT AND CONCEPTS: ADDITIONAL DETAIL CORRESPONDING TO CONTENT SPECIFICATIONS OUTLINE DATED JUNE 14, 2002 (2003) available at: http://www.cpa-exam.org/download/BEC-Paper-final.pdf. BOARD OF EXAMINERS OF THE AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS, UNIFORM CPA EXAMINATION: EXAMINATION CONTENT SPECIFICATION (2002) available at: http://www.cpaexam.org/download/CSOs%20for%20revised%20CPA%20Exam.pdf. LARRY BURKETT, BUSINESS BY THE BOOK (1998). Rodney D. Chrisman, "Bright Line," "Substantial Participation," or Something Else: Who is a Primary Violator Under Rule 10b-5?, 89 KY. L.J. 201 (2000/2001). Howard M. Friedman, The Silent LLC Revolution The Social Cost of Academic Neglect, 38 CREIGHTON L. REV. 35 (2004). LEXISNEXIS ACADEMIC DATABASE. KENNETH W. CLARKSON, ROGER LEROY MILLER, GAYLORD A. JENTZ, AND FRANK B. CROSS, WESTS BUSINESS LAW (10th ed. 2006). Joseph F. Morrissey, Catching the Culprits: Is Sarbanes-Oxley Enough?, 2003 COLUM. BUS. L. REV. 801 (2003). THE RESTATEMENT OF PROPERTY (1936).
THE RESTATEMENT (SECOND) OF AGENCY. THE RESTATEMENT (SECOND) OF CONTRACTS (1981). THE RESTATEMENT (SECOND) OF TORTS. THE RESTATEMENT (THIRD) OF SURETYSHIP AND GUARANTY (1996). THE RESTATEMENT (THIRD) OF TORTS. THE REVISED MODEL BUSINESS CORPORATION ACT. THE REVISED UNIFORM PARTNERSHIP ACT. THE UNIFORM COMMERCIAL CODE. THE UNIFORM PARTNERSHIP ACT.