ACNT 1372 - Financial Accounting Reporting Standards II

Credit Hours: 3
Contact Hours - Lecture: 2 Lab: 3
This course is continuation of ACNT 1371 and a study of financial reporting and disclosure issues with the emphasis on the use of corporate financial statements and their accompanying footnotes. The course also includes coverage of accounting for investments,equity, income taxes, accounting changes, statement of cash flows, earnings per share and full disclosure. Additional topics will include a review of long-term liabilities including the recording of bonds and notes payable, stockholders equity, issuance of common and preferred stock and the purchase of treasury stock. This course is for students who possess a Bachelor’s degree and is part of the Advanced Technical Certificate in Professional Accountancy. This course meets Texas State Board of Public Accountancy standards to satisfy a qualifying educational credit required for the CPA examination.
Prerequisite: Enrollment in Professional Accountancy ATC (C4_ACC4), ACNT 1371 or ACNT 2303, department approval required.
Student Learning Outcomes
1. Demonstrate an understanding of recording current liabilities such as contingencies, premiums, coupons and asset retirement obligations. 2. Demonstrate an understanding of the recording of long-term liabilities and complex journal entries related to long-term liabilities including bonds and other long-term liabilities. 3. Prepare and analyze financial statements with emphasis on the income statement, retained earnings statement of cash flows. 4. Identify key components of stockholders equity, recording transactions for common stock, preferred stock and treasury stock. 5. Apply concepts in measuring, recording and reporting stockholder’s equity and earnings per share. 6. Analyze complex transactions affecting liability and equity accounts. 7. Prepare complex transactions for pensions, leases and income taxes. 8. Apply concepts for accounting for changes and errors. 9. Analyze transactions and develop an understandable explanation of GAAP. 10. Compare and contrast the difference between International Financial Reportings Standards and General Accepted Accounting Principles (GAAP).