Intermediate Accounting DeMYSTiFieD

Overview

Main description

Making complex accounting principles as easy as 1-2-3!

Looking to apply your knowledge of basic accounting principles in the real world as a CPA or bookkeeper? Having trouble understanding more complex accounting theories for that next big test? Intermediate Accounting DeMYSTiFieD is an easy-to-use self-teaching guide that reviews and expands upon core GAAP principles.

Intermediate Accounting DeMYSTiFieD addresses every statement comprising a financial report, but goes one step further by covering more advanced principles. You’ll learn how to perform such tasks as generating accurate and reliable financial statements, maintain proper internal controls within a company, use international accounting standards—and much more!

This fast and easy guide offers:

• Tips and examples for mastering more advanced accounting theories.
• Tactics for maintaining solid internal controls within a business.
• Strategies for creating accurate and reliable financial statements.
• Techniques for overcoming common accounting errors.

Simple enough for a novice but challenging enough for a veteran CPA, Intermediate Accounting DeMYSTiFieD is a shortcut to decoding key accounting concepts and principles.

Table of Contents

Section 1: The Balance Sheet – Assets: What Do I Own?
Chapter 1. Cash
a. Financial Statement Presentation
b. Internal Controls
c. Bank Reconciliations
Chapter 2. Inventory
a. Financial Statement Presentation
b. Internal Controls
c. FIFO, LIFO, Average Cost, Specific Identification
d. Estimation Methods (Gross Profit, Retail Method)
Chapter 3. Long Term Receivables
a. Financial Statement Presentation
b. Internal Controls
c. Journal Entries
Chapter 4. Investments
a. Financial Statement Presentation
b. Internal Controls
c. Fair Value vs. Cost
d. Investments in Temporary Securities
e. Investments in Available For Sale Securities
f. Investments in Debt Held to Maturity
Chapter 5. Property, Plant, and Equipment
a. Financial Statement Presentation
b. Internal Controls
c. Acquisition Methods
d. Costs After Acquisition
e. Depreciation, Depletion
Chapter 6. Intangibles
a. Financial Statement Presentation
b. Internal Controls
c. Acquisition Methods
d. Costs After Acquisition
e. Amortization
Section 2: The Balance Sheet – Liabilities: What Do I Owe?
Chapter 7. Current Liabilities
a. Financial Statement Presentation
b. Internal Controls
c. Contingencies
Chapter 8. Long Term Liabilities
a. Financial Statement Presentation b. Internal Controls c. Bonds Payable (Issued at par, premium, discount; Amortization of premium and discounts)
Section 3: The Balance Sheet – Stockholder's Equity: What Is Left Over?
Chapter 9. Contributed Capital
a. Financial Statement Presentation
b. Internal Controls
c. Common Stock (Characteristics; Journal Entries for Issuance)
d. Preferred Stock (Characteristics; Journal Entries for Issuance)
e. Treasury Stock (Par Value Method; Cost Method)
f. Compensatory Stock Options
Chapter 10. Earnings Per Share
a. Financial Statement Presentation
b. Capital Structures
c. Basic EPS
d. Diluted EPS
Chapter 11. Retained Earnings
a. Financial Statement Presentation
b. Dividends (Cash Dividends; Property Dividends; Scrip Dividends; Stock Dividends; Liquidating Dividends)
Section 4: The Income Statement: How Much Have I Earned?
Chapter 12. Income Measurement
a. Financial Statement Presentation b. Internal Controls c. General Rule (Cash Basis; Accrual Basis) d. Exceptions to the General Rule (Revenue Recognized Prior to Sale--Percentage of Completion Method & Completed Contract Method; Revenue Recognized After the Sale--Installment Method & Cost Recovery Method)
Chapter 13. Income Taxes
a. Financial Statement Presentation
b. Permanent Differences
c. Temporary Differences
d. Deferred Tax Assets
e. Deferred Tax Liabilities
Chapter 14. Pensions
a. Financial Statement Presentation
b. Defined Benefit Pension Plans
c. Defined Contribution Pension Plans
Chapter 15. Leases
a. Financial Statement Presentation
b. Operating Lease
c. Capital Lease from the Lessee's Perspective
d. Capital Lease from the Lessor's Perspective
e. Sale Leaseback Section 5: The Statement of Cash Flows: Where's the Cash?
Chapter 16. Statement of Cash Flows
a. Financial Statement Presentation
b. Indirect Method
c. Direct Method
Section 6: Additional Tough Topics Made Easy
Chapter 17. Accounting Changes and Errors
a. Financial Statement Presentation b. Types of Accounting Changes and Errors (Change in Accounting Principle--General Rule and Exceptions to the General Rule; Change in Estimate; Errors)
Chapter 18. International Accounting Standards
a. Current Status