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Sep 08, 2024
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2021-2022 Archived Catalog
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ACCT-223 Intermediate Accounting IICredits 4 / 4 Contact Hours Pre-requisite: Placement into College Level Reading, completion of ELAP-120 with a 2.0 or higher, or successful completion of ACRD-090, ACRD-091 or ACRD-092; ACCT-202. This course concentrates on financial accounting and reporting in liabilities stockholders equity income taxes leases pensions postretirement benefits accounting changes and error analysis as well as a full review of the statement of cash flows.
Course Outcomes 1. Describe the components of shareholders’ equity and explain how they are reported in the statement of shareholders’ equity. 2. Explain stock dividends, stock splits, and treasury stock and how to account for these items. 3. Explain and implement the accounting for stock award plans, stock options, and employee share purchase plans. 4. Differentiate the effect on Earnings Per Share of the sale of new shares, a stock dividend or stock split, and the reacquisition of shares. 5. Determine how to identify and account for investments classified for reporting purposes as held-to-maturity, trading securities, and available-for-sale. 6. Discuss the general objectives of the timing of revenue recognition, list the two general criteria that must be satisfied before revenue can be reorganized and explain why these criteria usually are satisfied at a specific point in time. 7. Describe the types of temporary differences that cause deferred tax liabilities and determine the amounts needed to record periodic income taxes. 8. Explain the fundamental differences between a defined contribution pension plan and a defined benefit pension plan. 9. Identify and describe the operational, financial and tax objectives that motivate leasing. 10. Explain the basis for each of the criteria and conditions used to classify leases. 11. Differentiate among the three types of accounting changes and distinguish between the retrospective and prospective approaches to accounting for and reporting accounting changes. 12. Describe how changes in accounting principle typically are reported. 13. Explain the usefulness of the statement of cash flows. 14. Identify transactions that are classified as operating, investing and financing activities. 15. Explain the use of notes in financial statement preparation.
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