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Intermediate Financial Accounting II




Estimated Tuition


Total credits


Course length

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Course level: Undergraduate

This course examines accounting for property, plant and equipment, intangible assets, current liabilities and contingencies, long-term liabilities, contributed capital and retained earnings.


ACC/421 or ACC/421T – Intermediate Financial Accounting I or equivalent

What you'll learn

Course skills and outcomes

Learning Outcomes

Week 1

  • Define cash and related items.
  • Distinguish receivables and how to report them in financial statements.
  • Examine accounting issues related to cash and receivables.
  • Describe techniques used to control cash.

Week 2

  • Explain the types of inventories.
  • Prepare inventory values based on the various cost flow assumptions.
  • Identify inventory valuation issues in financial reporting.
  • Compute inventory under the gross profit method and retail inventory method.

Week 3

  • Determine what constitutes a property, plant, or equipment asset.
  • Calculate depreciation under various methods.
  • Explain the accounting issues related to fixed assets and intangibles.
  • Discuss asset impairment and the required accounting for impairments.

Week 4

  • Explain how to determine a liability.
  • Distinguish between current and long-term in abilities as well as the reporting requirements for each.
  • Evaluate business events for classification as a contingency in the financial statements.
  • Record journal entries needed for bonds issued and sold at a premium and discount.

Week 5

  • Explain how leases are used by companies and the advantages of this financial arrangement.
  • Identify the new standards and the expected impact in financial reporting.
  • Distinguish between the different classifications of leases.
  • Record leases from both the lessor and lessee perspective.


Why take courses at University of Phoenix

Accreditation that matters

We’ve been accredited by the Higher Learning Commission ( for more than 40 years.

Real-world instructors

Learn from instructors who bring an average of 25 years of working experience to the classroom.

Affordable and potentially reimbursable

Our tuition and fees are competitive and fixed. Also, check to see if your employer will cover you for this course.

Next Steps

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Start a conversation about your future with an enrollment representative today.

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Transfer Credits

Credit Transfer

Credit Transfer

Need to transfer credits to another college or university?

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