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Summer 2019

Accounting Courses:

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ACC212 - Intermediate Accounting 2

Credits: 3

Catalog Description: A continuation ACC211, Generally Accepted Accounting Principles. Topics include current liabilities and contingencies, long-term liabilities and receivables, investments, contributed capital, retained earnings, earnings per share, income recognition, income taxes, post employment benefits, leases, statement of cash flows and accounting for changes and errors. Spring only. Prerequisite: ACC211.

Lecture: 3 hrs.

Course Learning Outcomes (CLOs):
Upon successful completion of this course, as documented by four semester exams with objective questions and problems, students will be able to:

1. Define and explain the characteristics of current liabilities arising from compensated absences, payroll, property taxes and warranties as well as record transactions involving these and other loss contingencies.

2. Define and explain the characteristics of long-term liabilities arising from issuance of bonds and notes as well as record the transactions related to issuance, amortization and payment of these.

3. Properly classify and value trading, available-for-sale and held-to-maturity debt and equity securities and record transactions involving purchase, valuation and sale of these securities.

4. Define and explain the corporate form of organization including common stock, preferred stock, treasury stock and other components of contributed capital as well as record transactions involving contributed capital and compensatory stock options.

5. Compute basic and diluted earnings per share, explain and record cash dividends, property dividends and stock dividends and prepare a statement of changes in stockholders' equity.

6. Explain the core principle of revenue recognition and record revenue using the performance obligations model and long term contract method.

7. Explain, calculate and record inter-period income tax allocation, intra-period income tax allocation, operating loss carry forward and operating loss carry back.

8. Explain the characteristics of pension plans and calculate and record the expense related to defined benefit pension plans and other postemployment benefits.

9. Define and explain key terms related to leasing and classify and record transactions involving operating and capital leases for both the lessee and the lessor.

10. Prepare a statement of cash flows using the indirect method. *

11. Identify and explain the proper accounting treatment for accounting changes, changes in accounting principles, changes in accounting estimates and correction of errors.

* This course objective has been identified as a student learning outcome that must be formally assessed as part of the Comprehensive Assessment Plan of the college. All faculty teaching this course must collect the required data and submit the required analysis and documentation at the conclusion of the semester to the Office of Institutional Research and Assessment.

Content Outline:
Intangible Assets
Long-Term Investments - Stock, Funds, Life Insurance
Long-Term Liabilities-Nature of Debt, Premiums and Discounts,
Effective Interest, Conversion and Retirement
Intra-Period and Inter-Period Tax Allocation, Net Operating Loss
Accounting for Leases and Pensions
Shareholders' Equity-Insurance of Capital Stock, Additional Paid-In Capital,
Retained Earnings, Earnings per Share.
Accounting Changes and Errors
Statement of Changes in Financial Position
Basic Financial Statement Analysis

Effective Term: Spring 2018