Intermediate Accounting II
Intermediate Accounting II
Often referred to as ‘Intermediate Accounting,’ (See ACC 410A for a series description.) ACC 410B covers accounting for plant, property and equipment, intangible assets, leases, current and long-term liabilities, and stockholders’ equity and retained earnings.
- Apply generally accounting principles for plant assets at acquisition, subsequent transactions, capitalization of interest costs during construction, disposal, and financial statement presentation.
- Compute depreciation under various acceptable methods and provide rationales on the incentives for choosing them, account for impairments, and compute depletion of natural resources.
- Apply generally accepted accounting principles for intangible assets, including impairments, and amortizations as applicable.
- Differentiate current from long-term liabilities, contingent from estimated liabilities, and apply accounting treatment appropriate to such liabilities. Compute the price of a bond issue and properly record bond issuance (at par, premium or discount), interest payments and accruals, amortization of bond premium/discount, bond extinguishment, and financial statement presentation.
- Differentiate between capital and operating lease and apply appropriate accounting for each type of lease.
- Apply proper accounting treatment for the issuance of various forms of capital stock, purchase and sale of treasury stock (cost and par value methods), retirement of callable and redeemable stock, and conversion of convertible preferred stock including journal entries, balance sheet presentation, and rationale for each alternative method.
- Properly account for cash dividends, property dividends, stock dividends, liquidating dividends, scrip dividends, stock splits, stock option plans, and stock appreciation rights and explain the concepts supporting each item.
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