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.
This undergraduate-level course is 5 weeks. This course is available to take individually or as part of a degree or certificate program. To enroll, speak with an Enrollment Representative.

Owners' Equity and Earnings per Share

  • Distinguish between contributed capital and retained earnings.
  • Record journal entries related to common, preferred, treasury stock, and dividends.
  • Calculate basic and diluted earnings per share (EPS).
  • Evaluate promulgated accounting treatments for stock compensation.

Investments

  • 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 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.

Accounting for Pensions and Postretirement Benefits

  • Differentiate between a defined contribution and a defined benefit plan.
  • Determine the components of pension expense.
  • Calculate pension liability and expense.
  • Record other postretirement benefits.

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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