ACCT 232 Intermediate Accounting II

In this course, students will complete an intensive study of accounting for long-term liabilities, long-term investments in equity and debit securities, corporations, revenue recognition, pension costs, leases, accounting changes and error corrections, financial statements including the Statement of Cash Flows, and analysis of financial statements.

Credits

3

Prerequisite

ACCT 231

Hours Weekly

3

Course Objectives

1. Classify, present, measure, and prepare journal entries for long-term debt, equity transactions, income taxes accounts, investments in financial instruments, and leases in the financial statements.
2. Prepare and analyze a Statement of cash flows under both methods allowed by Generally Accepted Accounting Principles (GAAP).
3. Explain accounting research and application guidelines under GAAP for relevant transactions.
4. Explain basics of revenue recognition accounting and stock compensation, and compute and record revenue from a basic contract.
5. Describe underlying concepts associated with changes and error corrections, and subsequent events including financial risk management, and prepare the appropriate journal entries for those accounting changes.
6. Identify inconsistencies with reported amounts in the financial statements and adjust as needed. List requirements and financial statements related to for-profit entity financial reporting, such as Securities and Exchange Commission (SEC) requirements and prepare financial statements in accordance with special purpose frameworks.
7. Use technology in application and analysis of accounting principles and transactions.

Course Objectives

1. Classify, present, measure, and prepare journal entries for long-term debt, equity transactions, income taxes accounts, investments in financial instruments, and leases in the financial statements.

   This objective is a course Goal Only

2. Prepare and analyze a Statement of cash flows under both methods allowed by Generally Accepted Accounting Principles (GAAP).

   This objective is a course Goal Only

3. Explain accounting research and application guidelines under GAAP for relevant transactions.

   This objective is a course Goal Only

4. Explain basics of revenue recognition accounting and stock compensation, and compute and record revenue from a basic contract.

   This objective is a course Goal Only

5. Describe underlying concepts associated with changes and error corrections, and subsequent events including financial risk management, and prepare the appropriate journal entries for those accounting changes.

   This objective is a course Goal Only

6. Identify inconsistencies with reported amounts in the financial statements and adjust as needed. List requirements and financial statements related to for-profit entity financial reporting, such as Securities and Exchange Commission (SEC) requirements and prepare financial statements in accordance with special purpose frameworks.

   This objective is a course Goal Only

7. Use technology in application and analysis of accounting principles and transactions.

   This objective is a course Goal Only