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