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.
- 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
- Calculate current and deferred tax assets and liabilities.
- Differentiate between temporary and permanent differences and between pretax financial income and taxable income.
Accounting for Pensions and Postretirement Benefits
- Differentiate between a defined contribution and a defined benefit plan.
- Record other postretirement benefits.
- Calculate pension liability and expense.
- Determine the components of pension expense.
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.
Owners' Equity and Earnings per Share
- Calculate basic and diluted earnings per share (EPS).
- 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.
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