Unit 1 - Course Introduction; Chapter 13 - Current Liabilities
Unit 1 Learning Outcomes:
1.1 Define liabilities
1.2 Differentiate between financial and other liabilities.
1.3 Describe current liability valuation
1.4 Identify common types of current liabilities.
1.5 Explain the classification issues of short-term debt expected to be refinanced.
1.6 Identify the major types of employee-related liabilities.
1.7 Account for major types of employee-related liabilities
1.8 Explain the accounting for common estimated liabilities.
1.9 Explain the recognition, measurement and disclosure requirements for asset retirement obligations.
Homework: P13-2, P13-9, P13-20, P13-13, P 13-15
Unit 2 - Chapter 14- Long Term Liabilities
Unit 2 Learning Outcomes:
2.1 Describe the formal procedures associated with issuing long-term debt.
2.2 Identify various types of long-term debt.
2.3 Explain the initial measurement of bonds/notes at date of issuance.
2.4 Apply the methods of bond discount and premium amortization.
2.5 Value bonds and consideration in special situations.
2.6 Describe the accounting procedures for the extinguishment of debt.
2.7 Indicate how long-term debt is presented and analyzed.
Homework: E14-13 (use rate 12%), P14-3, P14-4, P14-10
Unit 3 - Chapter 15- Shareholders’ Equity
Unit 3 Learning Outcomes:
3.1 Discuss the characteristics of the corporate form of organization.
3.2 Identify the rights of shareholders.
3.3 Describe the major features of preferred shares.
3.4 Explain the accounting procedures for issuing shares.
3.5 Identify the major reasons for repurchasing shares.
3.6 Accounting for reacquisition and retirement of shares.
3.7 Accounting for various forms of dividend distributions.
3.8 Explain the effect of different types of dividend preferences.
3.9 Distinguish between stock dividends and stock splits.
3.10 Prepare the shareholders’ equity section of the balance sheet
3.11 Analyze shareholders’ equity.
3.12 Explain accounting for treasury shares.
Homework: E15-13, P15-1, P15-2, P15-3
Unit 4– Chapter 16- Complex Financial Instruments
Unit 4 Learning Outcomes:
4.1 Describe the presentation and measurement issues related to various complex
4.2 Explain the accounting for issuance, conversion and retirement of convertible securities.
4.3 Describe the nature of derivatives in general and why they exist.
4.4 Explain the various types of financial risks including how they arise.
4.5 Describe the nature of options, forwards and futures.
4.6 Describe the recognition, measurement and presentation issues relating to options, forwards and futures.
4.7 Describe the various types of stock compensation plans.
4.8 Explain the differences between employee and compensatory option plans and other options.
4.9 Describe the accounting for compensatory stock option plans under generally accepted accounting principles.
4.10 Explain the nature of performance related plans.
Homework: E16-10, E16-16, P16-5
Unit 5 - Chapter 17- Earnings Per Share
Unit 5 Learning Outcomes:
5.1 Explain why EPS is an important number.
5.2 Explain when and how EPS is required to be presented.
5.3 Identify potential common shares.
5.4 Calculate earnings per share in a simple capital structure.
5.5 Calculate diluted earnings per share using the if-converted method, the treasury stock method and the reverse stock method.
5.6 Identify anti-dilutive potential common shares.
Homework: E17-6, E17-13, P17-5
Unit 6 - Chapter 18 - Corporate Income Taxes
Unit 6 Learning Outcomes:
6.1 Explain the difference between accounting income and taxable income.
6.2 Explain what a taxable temporary difference is and why a future tax liability is recognized.
6.3 Explain what a deductible temporary difference is and why a future tax asset is recognized.
6.4 Differentiate among, temporary, and permanent differences.
6.5 Prepare analyses and related journal entries to record income tax expense when there are multiple temporary differences.
6.6 Demonstrate the presentation on the income tax accounts on financial statements under IFRS and PE GAAP.
6.7 Demonstrate the effect of various tax rates and tax rate changes on future income tax accounts.
6.8 Apply accounting procedures for a tax loss carry back.
6.9 Apply accounting procedures for a tax loss carry forward.
6.10 Identify the reporting and disclosure requirements for corporate income taxes.
Homework: E18-13, E18-17, E18-20, P18-1
Unit 7 – Chapter 19- Pensions
Unit 7 Learning Outcomes:
7.1 Distinguish between accounting for the employer’s pension costs and accounting for the pension fund.
7.2 Identify types of pension plans and their characteristics.
7.3 Identify the accounting and disclosure requirements for defined contribution plans.
7.4 Explain alternative measures for valuing the pension obligation.
7.5 Identify the components of pension expense.
7.6 Identify transactions and events that affect the projected benefit obligation and the balance of the plan assets.
7.7 Explain the usefulness of the pension worksheet
7.8 Prepare a pension worksheet schedule to support the employer pension expense entries.
7.9 Explain the pension accounting treatment of past service costs and actuarial gains and losses.
7.10 Explain the basics of what current service cost, the projected benefit obligation and past service cost.
Homework: E19-18, E19-19, P19-3
Unit 8 - Chapter 22- Statement of Cash Flows
Unit 8 Learning Outcomes:
8.1 Describe the purpose and uses of the statement of cash flows.
8.2 Define cash and cash equivalents.
8.3 Identify the major classifications of cash flows and explain the significance of each.
8.4 Contrast the direct and indirect methods of calculating net cash flow from operating activities.
8.5 Differentiate between net income and cash flows from operating activities.
8.6 Prepare a statement of cash flows.
8.7 Interpret a statement of cash flows.
8.8 Identify the financial reporting and disclosure requirements for the statement of cash flows.
Homework: E22-14b, E22-16
Unit 9 - Chapter 20- Leases
Unit 9 Learning Outcomes:
9.1 Explain the nature, economic substance, and advantages of lease transactions.
9.2 Identify and explain the accounting criteria and procedures for capitalizing leases by the lessee.
9.3 Identify the lessee’s disclosure requirements for capital leases.
9.4 Identify the lessee’s accounting and disclosure requirements for an operating lease.
9.5 Contrast the operating and capitalization methods of recording leases.
9.6 Describe the effect of residual values, guaranteed and unguaranteed, on lease accounting.
9.7 Describe the effect of bargain purchase options on lease accounting.
Homework: E20-6, P20-12
Discuss changes in accounting policies, estimates and errors
Refer to ACC 926 coverage in Chapter 4 under the Statement of Retained Earnings and Statement of Changes in Equity (pages 182-184).