ACCT 34600 Intermediate Accounting II (NLA
Introduction
ACCT 34600 Intermediate Accounting II (NLA) is a course that builds on the knowledge acquired in ACCT 34500 Intermediate Accounting I. The course is designed to provide students with an in-depth understanding of accounting principles and practices related to liabilities, equity, income taxes, accounting changes and error corrections, leases, pensions, and other postretirement benefits, derivatives, and hedging activities.
The course is offered by many universities and colleges worldwide and is typically taken by students majoring in accounting or finance.
Course Objectives
The primary objective of ACCT 34600 Intermediate Accounting II (NLA) is to equip students with the necessary knowledge and skills to apply accounting principles and practices to various financial transactions. By the end of the course, students should be able to:
Topics Covered
ACCT 34600 Intermediate Accounting II (NLA) covers various topics related to accounting principles and practices. The following are some of the main topics covered in the course:
Accounting for Liabilities
This section covers the principles and practices related to accounting for current and long-term liabilities, including bonds, notes payable, leases, and contingencies.
Accounting for Equity
This section covers the principles and practices related to accounting for equity, including common and preferred stock, dividends, and retained earnings.
Revenue Recognition
This section covers the principles and practices related to revenue recognition, including the criteria for recognizing revenue and accounting for sales returns and allowances.
Accounting for Income Taxes
This section covers the principles and practices related to accounting for income taxes, including the differences between tax and financial accounting and the computation of deferred taxes.
Accounting Changes and Error Corrections
This section covers the principles and practices related to accounting changes and error corrections, including the procedures for correcting errors in financial statements.
Accounting for Leases
This section covers the principles and practices related to accounting for leases, including the criteria for classifying leases as operating or capital leases and the accounting treatment for each.
Pension and Other Postretirement Benefits
This section covers the principles and practices related to accounting for pensions and other postretirement benefits, including the calculation of pension expense and the accounting treatment for postretirement benefits other than pensions.
Accounting for Derivatives and Hedging Activities
This section covers the principles and practices related to accounting for derivatives and hedging activities, including the classification of derivatives and the accounting treatment for hedging transactions.
Financial Statement Analysis
This section covers the principles and practices related to financial statement analysis, including the use of financial ratios and other analytical tools to assess a company’s financial performance.
Assignments
Throughout the course, students will be assigned various assignments to reinforce their understanding of the topics covered. These assignments may include problem-solving exercises, case studies, and research projects.
Grading
The grading in ACCT 34600 Intermediate Accounting II (NLA) typically includes a combination of assignments, quizzes, exams, and class participation. The specific grading criteria may vary depending on the institution offering the course.
Conclusion
ACCT 34600 Intermediate Accounting II (NLA) is a comprehensive course that delves into the intricacies of accounting principles and practices related to liabilities, equity, revenue recognition, income taxes, accounting changes, leases, pensions, derivatives, and financial statement analysis. By successfully completing this course, students will gain a solid foundation in intermediate accounting, which will be invaluable in their future careers in accounting or finance.
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