acc466 | undergraduate
topic title goes here
The Equity Method of Accounting for Investments
- Explain the rationale and reporting implications of fair-value accounting for investments otherwise accounted for by the equity method.
- Identify the sole criterion for applying the equity method of accounting and guidance in assessing whether the criterion is met.
- Prepare basic equity method journal entries and the financial reporting for an investor.
- Allocate the cost of an equity method investment.
- Describe the rationale and computations to defer unrealized gross profits on intra-entity inventory transfers until the goods are either consumed or sold to outside parties.
Consolidation of Financial Information
- Distinguish when consolidation of financial information into a single set of statements is necessary.
- Describe the valuation principles of the acquisition method.
- Determine the total fair value of the consideration transferred for an acquisition.
- Prepare the journal entry to consolidate the accounts of a subsidiary if dissolution takes place.
- Describe the two criteria for recognizing intangible assets apart from goodwill in a business combination.
Foreign Currency Transactions and Hedging Foreign Exchange Risk
- Describe the foreign currency transactions using the two-transaction perspective, accrual approach.
- Account for forward contracts and options used as hedges of foreign currency denominated assets and liabilities and firm commitments.
- Interpret for forward contracts and options used as hedges of forecasted foreign currency transactions.
- Prepare journal entries to account for foreign currency borrowings.
Partnerships: Formation, Termination, and Liquidation
- Use both the bonus method and the goodwill method to record a partnerâs capital investment.
- Prepare journal entries to record a new partnerâs admission by a contribution made directly to the partnership.
- Prepare journal entries to record the withdrawal of a current partner.
- Prepare journal entries to record the transactions incurred in the liquidation of a partnership.
- Determine the distribution of available cash when one or more partners have a deficit capital balance or become personally insolvent.
Accounting for State and Local Governments
- Differentiate between the two sets of financial statements produced by state and local governments.
- Identify the three fund types and the individual fund categories within each.
- Record the passage of a budget, as well as subsequent encumbrances and expenditures.
- Account for the issuance of long-term bonds and the reporting of special assessment projects.
- Record the various types of monetary transfers that occur within the funds maintained by a state or local government.
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