AC305 Intermediate Accounting II (3 cr.)

Prerequisite(s): AC303  
This course continues the comprehensive analysis of the theoretical and practical aspects 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. Students work on income tax allocation, financial statement analysis, cash flow statements, and accounting methods changes.

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

1. Analyze, allocate, and record acquisitions and dispositions to fixed and intangible assets.
2. Record depletion, amortization, and depreciation of full and partial periods for the balance sheet.
3. Analyze, allocate, and record transactions involving current, long-term, and contingent liabilities.
4. Record the classification of long-term investments and marketable securities.
5. Analyze, classify, and record shareholder equity and comprehensive transactions.
6. Calculate permanent and temporary differences in financial and income tax accounting.
7. Relate the systems and controls available in various types of accounting software to financial reporting and decision making.
8. Allocate and record a capital and operating lease for the lessee and lessor according to lease accounting standards.
9. Apply the codes of ethics from various professional accounting organizations.