acc466 | undergraduate

Advanced Accounting

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This course is a study of advanced accounting theory, applied to specialized topics and contemporary problems. Topics include the preparation of consolidated financial statements; international accounting; foreign currency translations and transactions; and SEC regulations on financial reporting are examined. Particular emphasis is placed on problem solving.

This undergraduate-level course is 5 weeks This course is available to take individually or To enroll, speak with an Enrollment Representative.

Course details:

Credits: 3
Continuing education units: XX
Professional development units: XX
Duration: 5 weeks

topic title goes here

    The Equity Method of Accounting for Investments

    • 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.
    • 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.

    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 partner’s capital investment.
    • Prepare journal entries to record a new partner’s 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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    While widely available, not all programs are available in all locations or in both online and on-campus formats. Please check with a University Enrollment Representative.

    Transferability of credit is at the discretion of the receiving institution. It is the student’s responsibility to confirm whether or not credits earned at University of Phoenix will be accepted by another institution of the student’s choice.