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.
This undergraduate course is 5 weeks.
This course has a prerequisite. Please see details in the Prerequisite section below.
Attendance and participation are mandatory in all university courses, and specific requirements may differ by course. If attendance requirements are not met, a student may be removed from the course. Please review the Course Attendance Policy in the Catalog for more information.
Topics and Objectives
Cash and Receivables
- Define cash and related items.
- Distinguish receivables and how to report them in financial statements.
- Examine accounting issues related to cash and receivables.
- Describe techniques used to control cash.
Inventories and Inventory Valuation
- Explain the types of inventories.
- Prepare inventory values based on the various cost flow assumptions.
- Identify inventory valuation issues in financial reporting.
- Compute inventory under the gross profit method and retail inventory method.
Fixed Assets, Depreciation, and Intangible Assets
- Determine what constitutes a property, plant, or equipment asset.
- Calculate depreciation under various methods.
- Explain the accounting issues related to fixed assets and intangibles.
- Discuss asset impairment and the required accounting for impairments.
Liabilities: Current and Long-Term
- Explain how to determine a liability.
- Distinguish between current and long-term liabilities as well as the reporting requirements for each.
- Evaluate business events for classification as a contingency in the financial statements.
- Record journal entries needed for bonds issued and sold at a premium and discount.
- Explain how leases are used by companies and the advantages of this financial arrangement.
- Identify the new standards and the expected impact in financial reporting.
- Distinguish between the different classifications of leases.
- Record leases from both the lessor and lessee perspective.
A prerequisite is required for this course. The purpose of a prerequisite is to ensure students have the knowledge and/or skills needed to be successful in the course. Students are required to provide proof of prerequisite during the enrollment/registration process. To meet to a course prerequisite requirement, a student must have successfully completed the prerequisite course at University of Phoenix, provide proof via transcript of completing a comparable course (at least 75% match) or higher level course with at least a grade of C at another institution or have a University of Phoenix approved Student Appeal on file with the University.
This course requires the prerequisite below. Click on the prerequisite course to review the course topics and objectives.
ACC/421 – Intermediate Financial Accounting I or equivalent
During the checkout process you will be prompted to provide proof of the requirement(s). If you completed the prerequisite at another institution be prepared to upload an official/unofficial transcript. If you have questions about meeting the prerequisite requirements for this course please contact an enrollment representative at 866-354-1800.
The University of Phoenix reserves the right to modify courses.
While widely available, not all programs are available in all locations or in both online and on-campus formats. Please check with an Enrollment Representative.
Transferability of credit is at the discretion of the receiving institution. It is the student’s responsibility to confirm whether or not credits earned at University of Phoenix will be accepted by another institution of the student’s choice.
If you have a question contact us at 866-354-1800.