Accounting 2242
Intermediate Accounting II

Choosing this Course
This course is an appropriate choice for students currently working in or planning careers in accounting, finance, management and many other career fields. It is a required course for students pursuing an Associate in Applied Science degree in Accounting and/or the Advanced Accounting Certificate.

This course was primarily developed for students planning to sit for the Certified Public Accountant Examination (the CPA Exam). Such students typically have already earned baccalaureate degrees and are taking courses at College of DuPage to meet the requirements to sit for the CPA Exam.

This course is the second of a two course sequence.

Today's CPA
What is a CPA? As stated in the Illinois CPA Society brochure entitled, 150 Hours in 2001 - Guide to the 150 Hour Requirement to Become a CPA in Illinois in 2001:

"CPAs of today are business advisors and information specialists. That's a stretch from the traditional stereotype of CPAs as back-room number crunchers. CPAs are people-oriented, team workers, and business leaders. They need a solid understanding of accounting and business to be successful. They also need to be able to analyze and resolve complex business problems, working with a diversity of people and new technologies. Strong writing and communication skills are essential."

Course Description
Accounting 2242, Intermediate Accounting II, is an in-depth study of the theory and concepts of accounting emphasizing the measurement and valuation of long-term liabilities, stockholders' equity, corporate investments in securities, revenue recognition, postretirement benefits, leases, interperiod tax allocations, accounting changes, full disclosure, ratio analysis and the preparation and presentation of the statement of cash flows. (4 credit hours)

NOTE: The three exams must be taken in person at a COD campus or other approved testing center.

Prerequisite
Accounting 2241 or consent of instructor. If you are unsure whether you meet the prerequisite or are informed that you need a permission form to register for this course, you should contact the Instructor.

Course Objectives
Upon successful completion of the course, you should be able to:

1. Demonstrate an understanding of Financial Accounting Board Statements and Interpretations as they relate to the course.
   
   
2. Explain concepts and solve problems relating to:
   
   
   1. Long-term liabilities
   2. Capital stock
   3. Various forms of dividends
   4. Dilutive securities
   5. Earnings per share
   6. Stock warrants and rights
   7. Investments in securities
   8. Long term construction contracts
   9. Revenue recognition alternatives
   10. Interperiod tax allocation
   11. Net operating loss carrybacks
   12. Pension costs and other postretirement benefits
   13. Capital and operating leases
   14. Changes in accounting principles
   15. Statement of cash flows
   16. Ratio analysis and footnote descriptions
       
       
       
3. Demonstrate a level of competence with accounting applications using a computer spreadsheet package.