ACC 202 - Intermediate Accounting 2

 
Description
In this course students explore the preparation and understanding of financial information, accounting theory and practice and the conceptual framework of United States Generally Accepted Accounting Principles (U.S. GAAP). Students focus on the recognition of economic transactions in preparation of the financial statements and related disclosures as they pertain to current and long-term liabilities, investments, stockholder’s equity, the statement of cash flows, pensions, leases, income taxes, revenue recognition and accounting changes.

1. Identify economic events that require recognition in the required financial statements by analyzing financial accounting theory in accordance with U.S. GAAP.
2. Quantify valid economic events by applying generally accepted valuation methods prescribed by U.S. and international accounting standards in recorded journal entries. 
3. Construct the U.S. GAAP required financial statements including related disclosures in compliance with the conceptual framework by correctly identifying, measuring and reporting the financial statement elements.
4. Discuss the information in financial reports for its predictive value to the decision-making process of external users by arguing shareholders’ need for reliance on the accounting data gathered by the accounting system.
5. Evaluate information needed to solve business problems by critically analyzing and interpreting the information to make rational economic decisions.
6. Demonstrate the proper treatment of the various types of leases.

1. Current liabilities
2. Long-term liabilities
3. Investments
4. Stockholders’ equity
5. Cash flow statement
6. Pensions
7. Leases
8. Earnings per share
9. Accounting for income taxes
10. Revenue recognition
11. Accounting changes

    Optional Topics:

1. Financial statement analysis
2. Codification 

Optional:
Wall Street Journal, Journal of Accountancy, FASB Statements, Statements of Financial Accounting Concepts, APB Statements, other accounting and business periodicals.

• Critical Thinking & Problem Solving
• Quantitative & Scientific Reasoning

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