Jan 18, 2022
ACC 228W - Intermediate Accounting IICredits: 4
Presents accounting for current liabilities, stockholders' equity, EPS, income taxes, pensions, leases, long-term liabilities, and the statement of cash flows. Designed for transfer.
Prerequisite(s): ACC 227W with a “C” (2.0) minimum grade or equivalent.
Lecture Hours: 60 Lab Hours: 0
Meets MTA Requirement: None
Outcomes and Objectives
- Provide useful and effective financial statements in an accrual basis accounting system.
- Accurately evaluate and record transactions relating to the equity structure of the entity.
- Analyze business transactions related to all classifications of liabilities and the appropriate forms of valuation.
- Analyze results of cash flows.
- Apply generally accepted accounting principles (GAAP) to financial accounting.
- Identify special financial statement items.
- Identify and describe financial and taxable income as it relates to taxes and their impact on the financial statements.
- Evaluate alternative methods and apply appropriate valuation methods to account for pensions and post-retirement benefits.
- Explain the nature, economic substance, and advantages of lease transactions and use the appropriate method to account for these transactions.
- Explore alternative decisions for making written and verbal recommendations to users.
- Analyze the impact to the financial statements of accounting changes and errors.
- Use critical thinking, problem solving, and ethical principles to assist in making recommendations to users.
- Apply qualitative characteristics of accounting within the conceptual framework.
- Assess current developments in accounting theory and practice.
- Use authoritative pronouncements, professional literature, and other resources to solve accounting problems.
- Demonstrate an understanding of the federal tax laws and their impact on the financial statements as they relate to liablilities and equity.
- Develop the ability to apply technology as it impacts the accounting profession.
- Exhibit a desire for professional growth and improvement of performance as a professional accountant.
- Communicate accurately and effectively, both orally and in writing, with clients, customers, co-workers, and supervisors in the workplace.
- Plan and prepare for employment, education, and career advancement.
- Apply the standards of ethical conduct to students’ personal and professional lives.
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