Jun 15, 2024  
2023-2024 Catalog 
    
2023-2024 Catalog [ARCHIVED CATALOG]

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ACC 202 - Intermediate Accounting 2


Credits: 3
3 Lecture Hours

Prerequisites: ACC 203  

 
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.


Learning Outcomes
Upon successful completion of the course, the student will:

  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.
Listed Topics
  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 
Reference Materials
Current textbook.
Supplementary materials such as working papers, study guides, videos, handouts, library resources.

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


Students who successfully complete this course acquire general knowledge, skills and abilities that align with CCAC’s definition of an educated person. Specifically, this course fulfills these General Education Goals:
  • Critical Thinking & Problem Solving
  • Quantitative & Scientific Reasoning
Approved By: Dr. Quintin B. Bullock Date Approved: 3/30/2023
Last Reviewed: 3/30/2023


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