This course is the second of the three part series of courses related to intermediate accounting. This section examines the balance sheet in more detail, including intangible assets, current liabilities and contingencies, long-term liabilities, as well as cash and cash equivalents. Interwoven in the presentation of the material is an assortment of ethical dilemmas that encourage discussions about how the accountant should handle specific situations.
Calculate the value of inventories using different cost flow assumptions.
Identify the components of cash and cash equivalents.
Calculate the value of net realizable receivables.
Compare and contrast inventory cost flow assumptions.
Apply the lower of cost or market concept to the valuation of inventories.
Calculate estimated inventory value using the gross profit and retail inventory methods.
Apply criteria for fixed asset capitalization.
Apply the methods of accounting for asset exchange.
Calculate the costs of fixed assets.
Compare and contrast promulgated depreciation methods.
Calculate the value of intangible assets.
Apply criteria for the treatment of research and development costs.
Calculate various types of current liabilities.
Calculate bond premium and discounts.
Identify the criteria for disclosing contingencies.
Record leases from both the lessor and lessee perspectives.