Intermediate Accounting Iii

With the McGraw Hill eBook, students can access their digital textbook on the web or go offline via the ReadAnywhere app for phones or tablets. Course management, reporting, and student learning tools backed by great support. Compute the ending inventory, cost of goods sold, and net income under the various alternative cost flow assumptions (FIFO, LIFO, Average – periodic and perpetual), and explain the reason for management choice among alternative methods. NACUBO is registered with the National Association of State Boards of Accountancy as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website

  • Professor Warfield’s area of expertise is financial reporting, and prior to his academic career, he worked for five years in the banking industry.
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  • He has done post doctorate work as a visiting scholar at the University of California at Berkeley and is a recipient of NIU’s Teaching Excellence Award and four Golden Apple Teaching Awards.
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  • There will be In-class discussions, assignments, and exams designed to reinforce these concepts.

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Intermediate Accounting And Reporting

This chapter reviews debits and credits using the DEALER method. The accounting information system records transactions and then summarizes the financial information to interested parties. To understand the accounting process, basic terms need to be learned. The next generation of WileyPLUS for Intermediate Accounting gives instructors the freedom and flexibility to tailor content and easily manage their course to keep students engaged and on track. Please review our accessibility information for this specific product. Exam prep material, featuring multiple-choice questions that are auto-graded in Connect and free student access to CPA Exam Review simulations. Reduce course material costs for your students while still providing full access to everything they need to be successful.

This program is a fantastic introduction for new professionals moving into higher education accounting as well as those individuals seeking to learn more about other areas of accounting. This accounting and financial reporting workshop covers net asset classes, restrictions, endowments, investment pool unitization, split interest agreements, capital assets, debt, and operating activities. The common set of rules and procedures in the United States is called generally accepted accounting principles . These are the rules for and reporting the financial information of a business entity.

Intermediate Accounting

These cases are designed to further develop students’ decision-making abilities with each chapter including a robust set of powerful and effective cases. Students must analyze, evaluate, and communicate findings, further building their critical thinking skills. Dummies has always stood for taking on complex concepts and making them easy to understand. Dummies helps everyone be more knowledgeable and confident in applying what they know. Whether it’s to pass that big test, qualify for that big promotion or even master that cooking technique; people who rely on dummies, rely on it to learn the critical skills and relevant information necessary for success. Please review our privacy policy for more details or contact us at . Explain the principle supporting the use of inventory valuation based on the lower-of-cost or market and its proper accounting application, compute of inventory under Dollar-Value-Lifo method and determine the rationale for the use of such method.

Public institutions are required to report their cash flow statement using the direct method; private institutions do not have this requirement but are encouraged to consider using the direct method. This session covers how to approach the cash flow statement using the direct method and the advantages of this presentation.

Financial Offices In Higher Ed: Are You An Easy Target?

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intermediate accounting

Seamlessly integrated practice and assessment is available for every chapter through CPAexcel, including assignable task-based simulations, video content, and more than 1000 FAR-related sample test questions. Allow students to practice their Excel skills, such as basic formulas and formatting, within the context of accounting. These questions feature animated, narrated Help and Show Me tutorials , as well as automatic feedback and grading. Develop analysis skills that are enormously in-demand among employers. Clearly instructs students how to use free, easy-to-access Tableau data visualization software to analyze data sets in conjunction with auto-graded questions assignable within Connect that build analytical skills in an Accounting context. Describe the nature of accounting changes and errors, and apply accounting and reporting practices for each type of change and correction. Discuss and apply accounting theory as it relates to revenue recognition in special situations such as long-term contracts, installment sales, franchises, and consignments.

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Apply basic knowledge in the preparation and analysis of financial statements, balance sheet, income statement, statement of cash flow, etc. Attendees receive a thorough explanation of Financial Accounting Standards Board and Governmental Accounting Standards Board standards relevant to higher education institutions. There is emphasis placed on preparing and understanding the financial statements, including hands-on exercises and sample statements for review. Cash flow statement sessions are held concurrently allowing the faculty to focus on the public and not-for-profit sectors of higher education reporting. His primary research interests are in markets-based accounting research, financial disclosures, financial statement analysis, and international accounting issues.

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Learning Outcomes

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Apply appropriate method to estimate ending inventory using gross profit method and retail inventory method. Copyright © 2021 National Association of College and University Business Officers.

Apply the theory upon which the ‘statement of cash flows’ is based, by preparing such statements and, upon completion, evaluating the company from the viewpoint of its sources and uses of cash and cash equivalents. Analyze pension plan data and other employee-benefit obligations, and apply appropriate accounting treatment and financial statement presentation, including required financial statement disclosure. We’re proud to be a veteran-founded, San Diego-based nonprofit. Since 1971, our mission has been to provide accessible, achievable higher education to adult learners. Today, we educate students from across the U.S. and around the globe, with over 180,000 alumni worldwide. Compute estimated uncollectible accounts receivable the allowance method , prepare adjusting entry, and analyze the effects of the adjustment on the financial statements. Whether you’re studying times tables or applying to college, Classroom has the answers.

The course emphasizes financial statements, revenue recognition, current and long term assets on the balance sheet. There will be In-class discussions, assignments, and exams designed to reinforce these concepts. This course is a continuation of the study of accounting principles with in-depth coverage of theoretical concepts and financial statements. Topics include generally accepted accounting principles and extensive analysis of balance sheet components. Upon completion, students should be able to demonstrate competence in the conceptual framework underlying financial accounting, including the application of financial standards. Terry D. Warfield, PhD, is the PwC Professor in Accounting at the University of Wisconsin-Madison.

NACUBO® and the NACUBO logo are registered marks of the National Association of College and University Business Officers, Inc. The current ratio shows a company’s ability to pay its short-term debts. Financial accounting is the preparation of financial reports for an entity. These financial reports are used by both internal and external parties. © 2020 Leaf Group Ltd. / Leaf Group Media, All Rights Reserved.

He received his bachelor’s degree in accounting from Southwestern Oklahoma State University, and his master’s and PhD in accounting from Oklahoma State University. Professor Thomas has won teaching awards at the university, college, and departmental levels, and has received the Outstanding Educator Award from the Oklahoma Society of CPAs. Wayne is also a co-author on McGraw-Hill’s best-selling Financial Accounting, with David Spiceland and Don Herrmann. Often referred to as ‘Intermediate Accounting,’ ACC 410A, B, and C cover a substantial portion of the U.S. accounting standards known as GAAP .

And M.B.A. from Indiana University and a Ph.D. in accounting from the University of Iowa. Professor Warfield’s area of expertise is financial reporting, and prior to his academic career, he worked for five years in the banking industry. He served as the Academic Accounting Fellow in the Office of the Chief Accountant at the U.S. Securities and Exchange Commission in Washington, D.C., from 1995–1996. Professor Warfield’s primary research interests concern financial accounting standards and disclosure policies. He has served as president of the Financial Accounting and Reporting Section, the Financial Accounting Standards Committee of the American Accounting Association (Chair 1995–1996), and on the AAAFASB Research Conference Committee.