AC305 Intermediate Accounting II (3 cr.)

Prerequisite(s): AC300  
This course is a continuation of the comprehensive study of financial accounting theory. Topics include fixed assets and depreciation, long-term investments, current and contingent liabilities, long-term liabilities, contributed capital, leases, accounting for income taxes, earnings per share, and post-retirement benefits.

Upon completion of this course, students are expected to be able to do the following:

1. Analyze, classify, and record acquisitions and dispositions to fixed and intangible assets.
2. Record depletion, amortization, and depreciation of full and partial periods.
3. Analyze, classify, and record transactions involving current, long-term, and contingent liabilities.
4. Explain and record the classification of long-term investments and marketable securities.
5. Analyze, classify, and record equity transactions.
6. Calculate permanent and temporary differences in financial and income tax accounting.
7. Recognize various types of computer software and relate the importance to financial reporting and decision making.
8. Classify and record a capital and operating lease for the lessee and lessor.
9. Study and use the codes of ethics for various accounting professional organizations.