Intermediate Accounting IIACC 228W
Prerequisite: ACC 227W with a "C" (2.0) minimum grade or equivalent. Presents accounting for current liabilities, stockholders' equity, EPS, income taxes, pensions, leases, long-term liabilities, and the statement of cash flows. Designed for transfer. (60-0)
Outcomes and Objectives
Provide useful and effective financial statements in an accrual basis accounting system.
- Accurately evaluate and record transactions relating to the equity structure of the entity.
- Analyze business transactions related to all classifications of liabilities and the appropriate forms of valuation.
- Analyze results of cash flows.
- Apply generally accepted accounting principles (GAAP) to financial accounting.
Identify special financial statement items.
- Identify and describe financial and taxable income as it relates to taxes and their impact on the financial statements.
- Evaluate alternative methods and apply appropriate valuation methods to account for pensions and post-retirement benefits.
- Explain the nature, economic substance, and advantages of lease transactions and use the appropriate method to account for these transactions.
Explore alternative decisions for making written and verbal recommendations to users.
- Analyze the impact to the financial statements of accounting changes and errors.
- Use critical thinking, problem solving, and ethical principles to assist in making recommendations to users.
- Apply qualitative characteristics of accounting within the conceptual framework.
Assess current developments in accounting theory and practice.
- Use authoritative pronouncements, professional literature, and other resources to solve accounting problems.
- Demonstrate an understanding of the federal tax laws and their impact on the financial statements as they relate to liablilities and equity.
- Develop the ability to apply technology as it impacts the accounting profession.
Exhibit a desire for professional growth and improvement of performance as a professional accountant.
- Communicate accurately and effectively, both orally and in writing, with clients, customers, co-workers, and supervisors in the workplace.
- Plan and prepare for employment, education, and career advancement.
- Apply the standards of ethical conduct to students' personal and professional lives.