Arts & Science Calendar 1998-99: Table of Contents: Programs and Courses
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The term " Commerce and Finance" and its short form, "Commerce", are used at the University of Toronto to describe programs of study that combine the related disciplines of Economics and Management. Students enrolled in Commerce Programs take roughly equal numbers of courses in Economics and Management, as well as courses in the Humanities, the Sciences and other areas that collectively define the liberal arts.

At present, two distinct programs are offered in Commerce. The Specialist Program in Commerce and Finance, also known as the B.Com. Program, is a 4-year (20 credit) program of study leading to an honours degree in the form of the Bachelor of Commerce. The Major Program in Commerce and Finance is a less concentrated program of study in Economics and Management. A student completing the Major Program in Commerce may obtain a 3-year B.A. degree or the student may combine this with major or minor programs in other disciplines to earn a 4-year honours B.A. or B.Sc. degree.

Prospective students are advised that neither the B.Com. Program nor the Commerce Major Program is a professional regimen of study in business administration or management. Each has a broad-based liberal arts focus, designed to provide foundations upon which professional and managerial skills might later be built - from post-graduate work experience, training or further study.

The B.Com. Program provides an intermediate-level exposure to Economics at the theoretical and applied levels and to a number of the sub-disciplines of Management. The Major Program provides an introductory-level exposure to these areas.

B.Com. graduates have traditionally been desired employees of business and government. They are also well prepared to pursue further studies - either in academic institutions, such as law or graduate schools, or through enrolment in certification courses offered by professional associations, such as the various accounting societies.

Commerce Programs are jointly offered by the Faculties of Arts and Science and the J.L. Rotman School of Management on the basis of limited enrolments. Prospective applicants enrol in the Faculty of Arts and Science and may apply for admission to Commerce Programs near the end of first year. Successful applicants are registered with the J.L. Rotman School of Management and are enrolled in both Faculties through their remaining years of study.

Undergraduate Secretary: L. MacTavish, 105 St. George Street, Room 111 (978-3339)

Enquiries: 105 St. George Street, Room 111 (978-3339)


To qualify for a Bachelor of Commerce degree, a student must:

(a) Complete twenty full-course equivalents, including no more than six 100-series courses;
(b) Complete the Commerce and Finance Program (see below);
(c) Complete the Faculty Distribution Requirement for B.Com. students (see below);
(d) Complete five full course equivalents from disciplines outside of Management (MGT) and Economics (ECO); (courses taken to fulfill (b) and (c) may be also counted towards meeting this requirement; see also III.3 in Commerce and Finance Program below).
(e) Obtain standing (i.e., complete with a grade of 50% or more) in at least six 300- or 400-series courses, including at least one 400-series course.
(f) Achieve a cumulative GPA of 1.85 or more by the time of graduation.


Students who expect to graduate at the end of a given session must notify their College Registrars in writing or use the student telephone service to make their degree requests by the dates specified in the Calendar. Prospective graduands should receive the following documents from the University:
1. a Program of Study Assessment form (late April/late August) from the program sponsor;
2. a letter from the Office of Statistics, Records and Convocation providing details of the convocation ceremony (late March/mid-October);
3. a Statement of Results (or letter for non-registered students) from the Office of the Faculty Registrar confirming degree eligibility (early June/early September).


1. ONE full course equivalent must be from the Humanities (see Page 39).
2. ONE full course equivalent must be from the Social Sciences (MGT courses may be used to meet this requirement with the exception of MGT 120H and 121H, which have NO Distribution Requirement status; see Page 39).
3. ONE full course equivalent must be from the Sciences (see Page 39), with the following exceptions:
All 100-series courses in CSC, MAT, STA; STA 250H, 255H, 257H, 352Y.
4. NOTE: transfer students from Erindale or Scarborough must meet the St. George Distribution Requirement.

Faculty Members

Given by Members of the J.L. Rotman School of Management

Professors Emeriti
J.H.G. Crispo, B Com, Ph D G.T. Gilbert, B Com, FCA

Associate Professor and Director of the Programs

W. Rotenberg, MBA, Ph D

V.A. Aivazian, MA, Ph D (E) T.H. McCurdy, MA, Ph D
J.H. Amernic, B Sc, MBA, FCA A.A. Mitchell, BA, Ph D
M. Berkowitz, MBA, Ph D D.A. Ondrack, MBA, Ph D
L. Booth, MA, MBA, DBA A.M. Rugman, M SC, Ph D
L.J. Brooks, B Sc, MBA, FCA (E) J. Siegel, BBA, Ph D
M.G. Evans, M Sc, MIA, Ph D W. Smieliauskas, MS, Ph D
P.J.N. Halpern, MBA, Ph D A. White, MBA, Ph D
B.A. Kalymon, M Phil, Ph D R.A. Winter, MA, Ph D
H. Kolodny, B. Eng, MBA, DBA

Associate Professors
D.J.S. Brean, MBA, M Sc, Ph D H.P. Gunz, D Phil, Ph D
A. Charitou, Ph D, CPA, CMA D. Krass, BA, MSE, Ph D
L. Fertuck, BE, MBA, Ph D A.R. Reuber, BA, M Sc, Ph D
D.W. Greeno, MBA, Ph D (W)

Assistant Professors
R. Kan, MBA, Ph D A.E. MacKay, B Sc, MA, Ph D
Y. Li, B Sc, MBA, Ph D C. Yoon, MBA, Ph D

Senior Tutors
J. Kitunen, BBM, CA B. Mallouk, MBA, CMA, Ph D
D.L. Losell, MBA, CA M.S. Schneider, LLB, MBA, CA (E)

C. Reed, MA, CMA (E) I. Wiecek, B Com, CA (E)

Special Lecturers
K. Bailey, B Sc, MA Sc V. Lennox, CA
B.A. Bertrand, B Com, MBA, CA S. Mills, BASc
B.L. Bertrand, M Acc, CA, CMA R. Powers, BA, B PHE, MBA, LLB
J. Carlin, BA, CA I. Sakinofsky, B Bus Sci, B Econ Hons
A. Chun, CA, FICB, CPA C. Seguin, BA, CGA (E)
V. Fortunato, MBA, CA, CMA D. Shear, LLB (Honours)
N. Gupta, B Sc, MBA P. Thomas, B Com, CA
D. Jackson, B Sc, MBA R. Wells, B Sc, MBA, CFA, CPA, CCM
K. Jadavji, B Math, CA


Enrolment in Commerce and Finance Programs is limited; students normally apply in February of their First Year. Students must take at least four courses including MGT 120H, ECO 100Y, and MAT 133Y/(123H, 124H)/137Y. Minimum marks of 63% in MGT 120H and ECO 100Y are required, as well as a passing grade in MAT. The cumulative GPA will also be considered for enrolment in the Program. MAT 133Y/(123H, 124H) are courses which satisfy the minimum Program requirements. Students who are likely to enrol in 200+ series MAT courses are advised to take MAT 137Y instead, noting that MAT 137Y is a theoretically oriented course for Specialists in Mathematics and mathematically based disciplines such as Actuarial Science.


Specialist program: S22731 (14 to 15 full courses or their equivalent out of 20 courses, for a B.Com.
First Year:
1. MGT 120H; ECO 100Y
2. MAT 133Y/(123H, 124H)/137Y
3. Students are encouraged to take one course towards the Distribution Requirement (above) in First Year
Higher Years:

I: Additional MGT Component (5.5 full courses or their equivalent)
1. MGT 123H, 220H, 337Y
2. 1.5 courses from: MGT 252H, 262H, 353H, 363H, 371H, 374H, 393H
3. One 400-series MGT full-course equivalent
4. One additional 200+ series MGT course
5. No more than 15 MGT and ECO courses may be taken for degree credit. STA 250H, 255H, 257H count as ECO courses.

II: Additional Economics Component (5 full courses or their equivalent)
1. ECO 200Y/206Y
2. ECO 202Y/208Y
3. ECO 220Y/227Y/STA (250H, 255H/257H)
4. Two 300+ series ECO full course equivalents (see III.2 below).

Note: MGT 310Y may be counted as an ECO course

III: Writing Component (2 full courses* or their equivalent)

Two full course equivalents from the following:
1. Any courses from the list of courses below:

ANT 100Y, 204Y; CLA (except 201H); ENG; FAH; HIS; HPS; HUM; INI 204Y, 235Y, 311Y and all INI "Cinema Studies"; JMC 201Y; LIN; NEW; PHL (except 245H, 246H, 247H, 344H, 345H, 346H); POL (except 242Y); RLG; SMC; SOC; TRN 200Y; UNI; VIC; WLD
2. No more than one Economic History course from: ECO 201Y/302Y/303Y/306Y/321Y/322Y/323Y/335Y/342Y/452H/453Y/457Y. If ECO 201Y is taken, only four full course equivalents need be taken outside MGT and ECO to meet the B.Com. degree requirement (d). If one ECO 300+ series course is taken, then only one additional ECO full course equivalent need be taken under II.4 above. * The course(s) taken from III.1 may also count towards the Faculty Distribution Requirement above.


This Program may only be taken conjointly with the Specialist Program in Commerce and Finance (above). Students must be accepted in the Commerce and Finance (B.Com.) Program in order to enrol in the Economics (B.Com.) Program.

NOTE: Enrolment in this Program is limited to students with 70% in ECO 100Y and (60% in MAT 133Y or 55% in MAT 137Y) AND a C in MGT 120H AND a minimum cumulative GPA.

Specialist program: S01371 (15.5-16 courses in a program of 20 full courses or their equivalent)
First Year: ECO 100Y; MAT 133Y/137Y; MGT 120H
Higher Years:

I: Additional MGT Requirements (5.5 full courses or their equivalent):
1. MGT 123H, 220H, 337Y
2. 1.5 credits from MGT 252H, 262H, 353H, 363H, 371H, 374H, 393H
3. One 400-series MGT full course equivalent
4. One additional 200+ series MGT course
5. No more than 15 MGT and ECO courses may be taken for degree credit. STA 250H, 255H, 257H count as ECO courses.

II: Additional ECO Requirements (6.5 full courses or their equivalent):
1. ECO 206Y, 208Y, 227Y/STA (250H, 257H)
2. ECO 327Y/357Y
3. One Economic History course from: ECO 302Y/303Y/306Y/321Y/322Y/323Y/335Y/342Y/453Y/457Y
4. ECO 325H, 326H plus one-half additional ECO course at the 300+ level

Note: MGT 310Y may be counted as an ECO course

III: Writing Component (1 full course or equivalent):

One full course equivalent from 1. below; this course may also count toward the Faculty Distribution Requirement (above):
1. ANT 100Y, 204Y; CLA (except 201H); ENG; FAH; HIS; HPS; HUM; INI 204Y, 235Y, 311Y and all INI "Cinema Studies"; JMC 201Y; LIN; NEW; PHL (except 245H, 246H, 247H, 344H, 345H, 346H); POL (except 242Y); RLG; SMC; SOC; TRN 200Y; UNI; VIC; WLD


Students taking this program follow the degree requirements for B.A. and Hon. B.A.; see Page 34)

Major program: M11111 (7 full courses or their equivalent)
First Year:
1. MGT 120H
2. ECO 100Y
3. MAT 133Y/(123H, 124H)/137Y
Higher Years:
1. ECO 220Y/227Y/STA (250H, 255H/257H)
2. MGT 123H, 220H, 331Y/337Y, 252H
3. One full course or equivalent from MGT330H, 363H, 371H, 374H, 393H, or any 400-level MGT course


(see Section 4 for Key to Course Descriptions)

For Distribution Requirement purposes, all MGT courses (except 120H and 121H, which have NO degree requirement status) are classified as SOCIAL SCIENCE courses. ( see for ECO course descriptions)

Enrolment in all Management (MGT) courses above the 100-series level is exclusively restricted to students enroled in a St. George Commerce Program. Enrolment in 100-series MGT courses is subject to space availability; students admitted to the Faculty who indicated an intention to enrol in Commerce or Economics programs are given preference. Contact Commerce Programs Office for enrolment information.

NOTE: First Year students may not enrol in any 200, 300, or 400-level MGT courses.

Y = Full Course; H = Half-Course. For information on calculating "Course Load" and on "Dropping Courses", see Section 4.

NOTE Numbers assigned to courses are based on the following classification with the middle digit indicating the area of study:

1 - Economics 5 - Marketing 7 - Information Systems
2 - Accounting 6 - Organizational Behaviour 9 - Law and Management
3 - Finance

Financial Accounting I 26L

Introduction to the theory and concepts of financial accounting. Students learn how to construct and interpret financial statements. Topics include an introductory understanding of accounting and the context within which accounting occurs. MGT 120H is a course aimed at students who wish to apply for enrolment in the Program in Commerce and Finance. Enrolment in MGT 120H is restricted. Priority is given to students entering the University with an expressed interest in studying Commerce and Economics.

MGT 120H does not count as a distribution requirement course

Accounting II 26L

Financial accounting issues: revenue recognition, valuation models and accounting for liabilities; the role of judgement in the preparation of financial statements. (Last offering 1998 Summer)

does not count as a distribution requirement course

Exclusion: MGT220H, 222H
Prerequisite: At least C in MGT120H

Management Accounting I (formerly MGT223H) 26L

Basic understanding of cost accounting as used in manufacturing, merchandising, and service industries. Topics include the purposes of cost accounting, cost classification and behaviour, costing systems, estimation of costs, and the use of costs in Cost-volume-profit analysis. Computer applications are used when appropriate.

does not count as a distribution requirement course

Exclusion: MGT223H
Prerequisite: At least C in MGT120H

Financial Accounting II 26L

Expands the analysis of financial accounting beyond MGT120H. Technical topics include accounting for cash, receivables, inventories, capital assets, depreciation, depletion, and earnings per share. Emphasis also on applied decision-making and professional judgement in accounting.
Exclusion: MGT121H/222H
Prerequisite: MGT120H
Recommended preparation: MGT123H

Management Accounting I 26L

Basic understanding of cost accounting. Topics include cost classification and behaviour, use of cost data in cost-volume-profit analysis, costing systems, cost control through standards and variance analysis and using cost data to make business decisions. Changes in the manufacturing process and environment are incorporated. Computer applications are used where appropriate. (Last offering 1998-99 Winter)
Exclusion: MGT123H
Prerequisite: MGT120H

Financial Accounting Theory and Policy I 26L

Examines the framework within which financial reporting decisions are made in Canada. Accounting policy issues dealing with measurement and disclosure of information in financial statements are analyzed with the focus on developing professional judgement.
Prerequisite: MGT121H/220H

Principles of Marketing (formerly MGT352H) 26L

An introduction to the basic concepts of market definition, consumer behaviour, and the principal marketing functions: product line development, pricing, distribution, promotion, salesforce management, advertising, research, and planning.
Exclusion: MGT352H

Individual and Group Behaviour in Organizations (formerly MGT362H) 26L

Theoretical ideas and practical applications concerning the behaviour of individuals and groups in organizations. We explore relevant problems confronting management: motivation, influence, communication, supervision, decision-making, work force diversity.
Exclusion: MGT362H, WDW260Y

NOTE Commerce students enrolling in 300-series courses must have standing in at least 9 courses.

Managerial Economics 52L

The micro-economic tools of analysis relevant to management problems in the private sector. Topics include the nature of the firm, empirical demand and cost analysis, the economics of information, the economics of regulation and regulatory practices in Canadian industry, and technological change and market structure. In the B.Com. Program this course qualifies as either a Commerce or an Economics course. (Given by the Department of Economics)
Prerequisite: ECO200Y/206Y, ECO220Y/227Y/STA(250H, 255H/257H)

Auditing 26L

A study of the concepts and theory underlying audit practice. Cases are used to develop professional judgement and skills useful in practice.
Prerequisite: MGT224H

Financial Accounting Theory and Policy II 26L

Examines several current measurement and disclosure issues in financial reporting. Topics include: measurement models, measuring and reporting pensions, financial reporting of corporate income taxes, etc. The emphasis is on developing both professional judgement in decision making and a defensible approach to using the authoritative and other relevant literature.
Prerequisite: MGT224H

Management Accounting II 26L

Introduction to the different contexts in which costs need to be determined for goods sold internally, externally, domestically, and internationally. Other topics include appropriate cost structures for centralized, decentralized, and matrix forms of organizations and costs for long term capital projects.
Prerequisite: MGT123H/223H, ECO220Y/227Y/STA(250H, 255H/257H)

Investments 26L

Security analysis and portfolio management. Emphasis is placed on an analysis of bonds and common stocks.
Co-requisite: MGT331Y/337Y

Finance 52L

The financial decision-making process including the financing, investment, and dividend decisions of the firm. Institutional aspects of finance, with emphasis on the characteristics of various debt and equity instruments available in Canadian capital markets.
Exclusion: MGT337Y
Prerequisite: ECO100Y, 220Y/227Y/STA(250H, 255H/257H)

Business Finance 52L

Valuation models, cost of capital, capital budgeting, investment under uncertainty, the use of leverage, dividend policy, and the financial environment within which Canadian companies operate. The characteristics of various debt and equity instruments available in the Canadian capital market.
Exclusion: MGT331Y
Prerequisite: ECO200Y/206Y; ECO220Y/227Y/STA(250H, 255H/257H)

Introduction to Marketing Management 26L

An applications-oriented course intended to develop the analytic skills required of marketing managers. The course is designed to improve skills in analyzing marketing situations, identifying market opportunities, developing marketing strategies, making concise recommendations, and defending these recommendations.
Prerequisite: MGT352H

Organization Design 26L

The course covers the relationship between design and effectiveness; the impact and determinants (environment, technology, competitiveness, size, life-cycle, communication needs) of an organization's form as well as the difficulties of re-framing organizations.
Exclusion: WDW260Y

Introduction to Business Information Systems 26L

This course has been designed to provide students with a basic understanding of the computer and communications systems that are so central to modern organizations. Unlike programming courses, the focus here is on the knowledge that will enable students to use computer-based systems and to participate in their development. The course covers the technology, design, and application of informations systems with emphasis on managerial implications. A wide variety of applications are studied. No previous background in computing assumed.
Exclusion: CSC340H

Operations Management (formerly MGT474H) 26L

Operations management is concerned with the facilities and their operation to deliver the goods and services of the organization. The course develops this theme and gives a theoretical framework for managing operations. Some of the major themes include aggregate planning, materials management, and inventory control. This course introduces students to modern quantitative and computing tools necessary for in-depth operational analysis and planning.
Exclusion: MGT474H
Prerequisite: ECO220Y/227Y/STA(250H, 255H/257H)

Legal Environment of Business I 26L

An introduction for commerce students to the Canadian legal system focusing on business entities, the structure of the Canadian court system, the various elements of contract law and the law of negligence.

Legal Environment of Business II 26L

This course builds on the legal principles developed in Legal I and canvasses other areas of law that impact on a business entity. Topics dealt with are the Sales of Goods Act and relevant consumer protection legislation, employment law, environmental law, the Personal Property Security Act and the rights of the secured creditor.
Prerequisite: MGT393H

NOTE Commerce students enrolling in 400-series courses must have standing in at least 14 courses.

/402H Supervised Reading Course on an Approved Subject TBA

Open when a faculty member is willing and able to supervise. Students must obtain the approval of the Director of Commerce and the supervising faculty member before enrolling.
Prerequisite: Cumulative GPA of at least 2.70

/404Y Supervised Reading Course on an Approved Subject TBA

Open when a faculty member is willing and able to supervise. Students must obtain the approval of the Director of Commerce and the supervising faculty member before enrolling.
Prerequisite: Cumulative GPA of at least 2.70

Advanced Auditing Topics 26L

The course focuses on the reasoning and evidence theory underlying audit decision making. Coverage includes professional judgement, statistical auditing, assurance engagement, and public sector auditing.
Prerequisite: MGT321H

Computer Auditing 26L

This course investigates strategies and procedures used to audit computerized accounting systems based upon their special control characteristics. Special attention is devoted to computerized statistical procedures.
Prerequisite: MGT321H, 371H

Canadian Income Taxation I 26L

This is the first of two courses in federal income tax law. It is designed to give the student a basic understanding of the Income Tax Act and its administration. This is achieved by applying the law to practical problems and case settings. Topics covered include: residence, employment income, property income, business income, capital gains, computation of taxable income and tax for individuals, and trusts.

Advanced Accounting 26L

The emphasis in this course is on accounting issues and practices relating to long-term investments, consolidations, foreign transactions and foreign investments. International accounting issues are also introduced.
Prerequisite: At least C- in MGT322H

Management Control 26L

The case method is used to provide an understanding of the issues and environment of management control, and integrates materials from courses in Commerce and Economics in the solution of problems in systems design and operation.
Prerequisite: At least C in MGT323H

Canadian Income Taxation II 26L

This is the second of two courses in federal income tax law. It is designed to give the student an understanding of the more complex issues of Canadian Income Tax Law and tax planning. This is achieved through a combination of lectures and the application of the law to practical problems and case settings. Topics include computation of corporate taxes, integration, corporate reorganizations, surplus distributions, partnerships and trusts.
Prerequisite: MGT423H

Advanced Topics in Finance 26L

The areas of concentration depend on the particular instructor teaching the course and may focus on financing problems in either the private or public sectors.
Prerequisite: MGT337Y

Portfolio and Managerial Finance 26L

An advanced course examining various topics in portfolio and managerial finance.
Prerequisite: MGT337Y

International Finance 26L

International Financial markets, exchange rates, forward markets, interest rate parity. International dimensions of investment, including both portfolio and foreign direct investment. International dimensions of corporate finance, including valuation and the cost of capital of foreign investments.
Prerequisite: MGT337Y

Advanced Marketing Management 26L

The emphasis in this course is on marketing decision making in a dynamic environment. Building on the concepts and skills developed in MGT353H, the course focuses on the major decisions facing marketing managers in the attempt to harmonize the resources of the organization with the opportunities in the market.
Prerequisite: MGT353H

Marketing Research 26L

Marketing research is studied from the perspective of the marketing manager. The course focuses on the initiation, design, and interpretation of research as an aid to marketing decision making. Case studies and projects are used to provide students with some practical research experiences.
Prerequisite: MGT353H, ECO220Y/227Y/STA(250H, 255H/257H)

Special Topics in Marketing 26L

This course focuses on a specific theoretical or functional area of marketing. The area of concentration depends on the instructor. Examples of areas that may be covered include current issues in consumer behaviour, advertising, industrial marketing, or retailing.
Prerequisite: MGT353H

Human Resource Management 26L

Human resource management is studied from the perspective of the manager/practitioner. The course focuses on current theory and practices in the major functions of human resource management. Class exercises and projects are used to provide students with some practical HR experience.
Prerequisite: MGT362H/363H/WDW260Y

Introduction to International Business 26L

Focuses on developing an understanding of the fundamentals of doing business in an international environment. Based on the application of management theory (trade theory, foreign exchange, foreign direct investment, theory of the multinational) to the strategic management problems of organizing business in the international arena.

Management Policy and Strategy 26L

Focuses on the fundamentals of strategic management - the determination of the goals and objectives of a business, development of strategies to achieve these objectives and the adoption of courses of action and the allocation of resources to implement these strategies. Strategy formulation is based on an understanding of the nature of competitive forces in industry.

Small Business Management 26L

Skills needed to set up and run a small business. Development of a business plan. Securing financing. Finding and keeping customers. Operations management. Aspects of legal, financial and taxation concerns of smaller businesses.

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Revised: April 6, 1998

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