Advanced Accounting

Course Description

An examination of advanced concepts of accounting for business combinations, with emphasis on the consolidation of parent/subsidiary balance sheet and income statement reporting. It also covers accounting for the formation, operation, and liquidation of partnerships, as well as special reporting requirements for multinational entities.

Learning Outcomes

  • Explain and apply the ‘equity method of accounting’ to appropriate acquisitions.
  • Describe and apply the generally-accepted accounting principles relating to business combinations under the ‘parent company theory’ and the ‘entity theory.’
  • Analyze information for consolidated financial statements under the purchase method, including adjustment and elimination of inter-company profits, losses, and other inter-company transactions.
  • Apply appropriate accounting principles relating to the translation of foreign currency in the preparation of consolidated financial statements of multinational companies.
  • Analyze partnership-related transactions and properly account for the formation, operations, termination (admission of new partners or withdrawal of partners), and the liquidation of a partnership.
  • Apply proper accounting treatment for legal reorganization and liquidation of a business entity.
  • Understand worldwide accounting diversity and the internationalization of accounting standards.

Prerequisites

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School of Business and Management

“Our business and management programs equip students with the knowledge and tools needed to lead their organizations and stay competitive in the job marketplace.”
School of Business and Management
Asya W.
Class of 2009