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.
Identify the components of cash and cash equivalents.
Calculate the value of net realizable receivables.
Compare and contrast inventory cost flow assumptions.
Calculate the value of inventories using different cost flow assumptions.
Advanced Concepts in Inventory Valuation and Fixed Assets
Apply the lower of cost or market concept to the valuation of inventories.
Calculate estimated inventory value using the gross profit and retail inventory methods.
Apply criteria for fixed asset capitalization.
Calculate the costs of fixed assets.
Apply the methods of accounting for asset exchange.
Cost Allocation and Intangibles
Compare and contrast depreciation methods.
Calculate depreciation using various methods.
Recognize asset impairments.
Measure fixed asset impairments.
Calculate the value of intangible assets.
Apply criteria for the treatment of research and development costs.
Determine the components of current liabilities.
Calculate various types of current liabilities.
Identify the criteria for disclosing contingencies.
Determine the value of long-term liabilities.
Accounting for Leases
Differentiate between operating and capital leases.
Record leases from both the lessor and lessee perspectives.
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