ACC 415 – Advanced Financial Accounting

3 credit(s)

Accounting topics relating to consolidation requirements and introduction to the fundamentals of fund accounting, including the general fund, restricted funds, debt service funds, enterprise funds, general long-term account group, general fixed assets accounting group, and accounting entries for encumbrances. Pre: 323 with C- or better.

Subjects:

  • Issues at the date of acquisition
    • Types of acquisitions (direct, indirect, statutory mergers)
    • Recording acquisitions as purchase or pooling
    • Allocating excess of cost over book value
  • Issues subsequent to acquisition
    • Maintaining the investment account (cost vs equity method)
    • Amortizing excess cost over book (specific adjustments to assets, liabilities, expenses, revenues)
    • Upstream vs downstream sales
    • Eliminations for intercompany sales of inventory
    • Eliminations for intercompany receivables/payables
    • Eliminations for intercompany sales of non-current assets, subsequent depreciation
  • Financial Reporting
    • Required disclosures
    • Computing net income due to minority shareholders
    • Segment reporting (Optional)
  • Introduction to the fundamentals of fund accounting
    • General fund
    • Restricted funds
    • Debt Service funds
    • Enterprise funds
    • Government-wide financial statements,
    • Government-wide disclosures,
    • Accounting entries for encumbrances
Course Syllabi
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