Course Description

The second course of a comprehensive three-course sequence covering a substantial portion of U.S. financial reporting principles known as GAAP, accounting for tangible assets, natural resources and intangible assets, current and long-term liabilities, leases, and shareholder equity.

Learning Outcomes

  • Apply generally accepted accounting principles for plant assets, natural resources and intangible assets covering their acquisition, subsequent transactions, disposal, impairments, and financial statement presentation.
  • Measure depreciation, depletion and amortization under various acceptable methods and provide the rationale on the incentives for choosing among them.
  • Differentiate current from long-term liabilities, contingent from estimated liabilities, and apply the appropriate accounting treatment to these liabilities. Measure the value of long term liabilities, including bonds, and properly account for the initial issue, interest payments and accruals, amortization of premium/discount, extinguishment, and financial statement presentation.
  • Differentiate between capital and operating leases and apply appropriate accounting and reporting for each type of lease.
  • Apply proper accounting treatment for the issuance of various forms of capital stock, purchase and sale of treasury stock, and retirement of callable and redeemable stock, including journal entries and financial statement presentation.
  • Account for dividends, (cash, property, stock, liquidating, scrip), stock splits, and explain the concepts supporting each item.


Why Choose National University?

We’re proud to be a veteran-founded, San Diego-based nonprofit. Since 1971, our mission has been to provide accessible, achievable higher education to adult learners. Today, we educate students from across the U.S. and around the globe, with over 200,000 alumni worldwide.

Four-Week Courses

Focus on one subject at a time — one month at a time — and finish your degree faster.

75+ Degree Programs

Choose from associate, bachelor’s, and master’s degrees, plus credentials and certificates.

On Campus or Online

Study when and where it’s convenient for you with evening, weekend, and 100% online classes.

Year-Round Enrollment

Apply or transfer any time. Classes start monthly, and applications are accepted year round.

20+ Locations

Attend class and learn onsite at one of over 20 locations in California.

Military Friendly

As a Yellow Ribbon school, we offer tuition discounts to servicemembers and dependents.

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