Intermediate Accounting 2

Course Code	ACCT-356
Course Name	Intermediate Accounting 2
Category	Accounting
Description	Intermediate Financial Accounting 2 will build on the previous course to offer you a comprehensive understanding of both the rationale and application of accounting topics. Comprised of lectures and interactive class discussions, exercises and problem solving as well as three tests, the course will ensure you experience a well-rounded approach to a number of topics. While there is an overall focus on the preparation of financial statements, among specific areas covered will be: current liabilities and contingencies, long-term liabilities, shareholders' equity, retained earnings and statement of cash flow. The course will also include specialized topics such as earnings per share calculations, accounting for corporate income tax, pensions, leases, accounting changes and error analysis, and the principles of full disclosure in financial reporting. Partnership equity accounting will be discussed. Upon completion of Intermediate Financial Accounting 2, you will have the ability to: •Describe various tools used in strategic analysis and financial statement analysis, including ratio analysis, horizontal and vertical analysis and quality of earnings; •Explain the role of financial accounting and reporting in allocation of resources in the capital markets; •Identify and value current liabilities and contingencies, long-term liabilities and indicate the pertinent disclosure requirements; •Prepare the statement of retained earnings, and accumulated other comprehensive income (reserves); •Identify the various forms of dividend distributions, including the recording and effects of stock splits and stock dividends; •Calculate basic earnings per share (EPS), fully diluted EPS, adjusted EPS and the effect of convertible securities on EPS; •Account for derivatives, explaining the use of derivative instruments to hedge financial risks; •Identify the reporting and disclosure requirements for corporate income taxes, with explanations for timing and permanent differences related to taxable income and accounting income; •Identify the major components of pension expense and their effects on the income statement; •Explain the usefulness of and be able to complete a worksheet to support the employer's pension expense entries; •Explain and account for the various types of lease transactions with particular emphasis on operating and capital leases; •Prepare a statement of cash flow using both the direct and the indirect method; •Describe the characteristics of the partnership form of organization and the accounting for formation and liquidation of a partnership, including the admission and retirement of a partner and the allocation of profits or losses.
Notes	Prerequisite: Intermediate Accounting 1 ACCT256 or permission of the dept. Please note that ACCT 265 has now been replaced with ACCT 356 For more information, please email business.PT@centennialcollege.ca .
Contact Telephone	416-289-5207
Contact E-mail	ce@centennialcollege.ca
Associated Programs

Section	Cost	Semester	Start Date	End Date	Meeting Times	Campus
There are no sections for this course at this time.

Legend for Days M - Monday T - Tuesday W - Wednesday R - Thursday F - Friday S - Saturday U - Sunday TBA - To Be Announced