Intermediate Accounting II

The course provides an in-depth study of the theory, concepts, and procedures of financial accounting. It is a continuation of ACC3114 and focuses on valuation issues related to liabilities and stockholders’ equity. Students are introduced to relevant United States Generally Accepted Accounting Principles and significant disclosures.

PREREQUISITE: ACC3114

UPON COMPLETION OF THE COURSE, THE STUDENT WILL BE COMPETENT IN:

• Computing and reporting current liabilities, and selecting and using appropriate technology in calculations, journal entries, and reconciliations. 
• Classifying and accounting for long-term debt throughout the life cycle of the debt, including basic classification and effects of modifications to the original debt agreement and debt extinguishment. 
• Selecting and using appropriate technology in calculations, journal entries, roll-forward schedules, and reconciliations. 
• Recalling basic concepts of accounting for income taxes and calculating the amounts to be reported in related specific income tax accounts on the income statement and balance sheet. 
• Recalling basics of reporting commitments and contingencies. 
• Identifying techniques to measure and use concepts and hierarchy for fair value. 
• Recalling criteria for lease classification by lessees, computing amounts, and preparing journal entries for lessees at the appropriate time. 
• Interpreting contracts and determining lease accounting as recognized for lessees and lessors. Using appropriate technology as applicable. 
• Computing financial statement ratios and other metrics using appropriate technology and interpreting the effect of transactions on the metrics. 
• Preparing journal entries to recognize equity transactions in financial statements and equity account analysis. 
• Reading notes to identify inconsistencies with reported amounts in the financial statements and adjusting as needed. 
• Listing requirements and financial statements related to for-profit entity financial reporting, such as Securities and Exchange Commission (SEC) requirements and preparing financial statements using appropriate technology in accordance with special purpose frameworks. 
• Applying artificial intelligence (AI) to automate a routine accounting process.
• Applying an analytical model for ethical decisions in financial reporting related to creating management estimates for financial reporting under the guidelines of U.S. GAAP.

ACQUIRED SKILLS:

• Financial Statement Disclosures Analysis
• Ratio analysis on Competitors’ Financial Statements
• Journal Entries