ACCT 322 Intermediate Financial Accounting II

Intermediate Financial Accounting II continues the in-depth examination of financial accounting theories and principles commenced in previous accounting courses, with an enhanced focus on liabilities, owners’ equity, and cash flow statements, as per the FASB guidelines. This course delves into the complex aspects of financial reporting, analyzing and interpreting the financial position and operational results of business organizations. Course topics include rigorous explorations into current and long-term liabilities, proper presentations on balance sheets, intricate processes revolving around stock transactions such as issuance and reacquisition, dividend payments, and detailed calculations of earnings per share for varying company structures.

Throughout the course, students will tackle advanced accounting tasks including the accounting and reporting of debt and equity securities, issues in revenue recognition, and interperiod tax allocation. Further complexities addressed include distinguishing and accounting for operating versus capital leases, and the thorough identification and adjustment of changes in accounting principles, estimates, and reporting entities. The curriculum also emphasizes the correction of errors in financial statements and the preparation of the statements of cash flows, ensuring students are adept at both creating and correcting major financial documents. ACCT 322 – WA positions students to handle advanced financial accounting issues proficiently, equipping them with the skills essential for a deeper comprehension and application of accounting standards in real-world scenarios.