Intermediate Financial Accounting III – acc423 (3 credits)
This course is the third of a three-part series of courses related to intermediate accounting. This course examines owners' equity, investments, income taxes, pensions and post-retirement benefits, as well as changes and error analysis. The course finishes with a look at derivative instruments. Interwoven in the presentation of the material is an assortment of ethical dilemmas that encourage discussions about how the accountant should handle specific situations.
Owners' Equity and Earnings per Share
- Record journal entries related to common, preferred, treasury stock, and dividends.
- Distinguish between contributed capital and retained earnings.
- Evaluate promulgated accounting treatments for stock compensation.
- Calculate basic and diluted earnings per share (EPS).
Accounting for Pensions and Postretirement Benefits
- Determine the components of pension expense.
- Differentiate between a defined contribution and a defined benefit plan.
- Record other postretirement benefits.
- Calculate pension liability and expense.
Accounting for Income Taxes
- Differentiate between temporary and permanent differences and between pretax financial income and taxable income.
- Calculate current and deferred tax assets and liabilities.
- Distinguish between debt and equity investments.
- Determine when to use the fair value and equity methods of accounting for investments.
- Prepare journal entries for investments using the fair value and the equity method.
- Distinguish between traditional and derivative financial instruments.
Accounting Changes and Error Analysis
- Prepare journal entries and disclosures associated with changes in accounting principles, reporting entities, and estimates.
- Prepare journal entries and disclosures associated with changes due to errors.
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