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 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.
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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