Accounting 802

1. Catalog Description

This course continues the treatment of financial accounting and reporting from ACCT 801.  Students learn the U.S. GAAP accounting treatment of corporate securities and derivative contracts, treasury stock, contingent and recognized liabilities – including post-retirement benefits, bonds and leases – and the allocation of corporate tax expense.  Accounting for inflation and changing prices are also discussed.

Prerequisite:  ACCT 801

This course follows the Federal Government’s Credit Hour definition.

2. Instructor’s Additional Course Description

Building on your basic knowledge of financial accounting, this course focuses primarily on the preparation of financial statements.  The course is directed toward those who wish to take the Uniform CPA Examination in the United States and those who want a more in-depth understanding of the technical issues inherent in accounting.

ACCT 802 concludes an intensive two-course sequence in intermediate accounting.  The emphasis in this course is on standards and procedures for accumulating and reporting financial information, covering both theory and practice.  The major focus in this second intermediate course is on long-term debt, stockholders' equity and a variety of highly technical topics related to contemporary financial reporting, including revenue recognition and accounting for leases.

3. Course Objectives

The most important objective of this class is for you to learn how to think critically and solve problems like a professional accountant. To that end, we will:

* study the theory and practice the application of financial accounting concepts and principles

* learn procedures for recording, classifying and summarizing transactions

* interpret and analyze financial information

* learn the proper presentation of information in financial statements

* communicate about contemporary accounting issues, including IFRS