This course is the second of the three part series of courses related to intermediate accounting. This section examines the balance sheet in more detail, including intangible assets, current liabilities and contingencies, long-term liabilities, as well as cash and cash equivalents. Interwoven in the presentation of the material is an assortment of ethical dilemmas that encourage discussions about how the accountant should handle specific situations.
Apply criteria for the treatment of research and development costs.
Calculate the value of intangible assets.
Measure fixed asset impairments.
Recognize asset impairments.
Calculate depreciation using various methods.
Compare and contrast depreciation methods.
Accounting for Leases
Record leases from both the lessor and lessee perspectives.
Differentiate between operating and capital leases.
Determine the value of long-term liabilities.
Identify the criteria for disclosing contingencies.
Calculate various types of current liabilities.
Determine the components of current liabilities.
Advanced Concepts in Inventory Valuation and Fixed Assets
Apply the methods of accounting for asset exchange.
Calculate the costs of fixed assets.
Apply criteria for fixed asset capitalization.
Calculate estimated inventory value using the gross profit and retail inventory methods.
Apply the lower of cost or market concept to the valuation of inventories.
Cash, Receivables, and Inventory
Calculate the value of inventories using different cost flow assumptions.
Compare and contrast inventory cost flow assumptions.
Calculate the value of net realizable receivables.
Identify the components of cash and cash equivalents.
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