About this course
These lectures cover topics in Intermediate Accounting I, II, and III courses in an undergraduate accounting program. Also, these lectures cover 70 to 75% of the material covered on Financial Accounting and Reporting FAR section of the CPA exam. Topics covered include assets, liabilities, equity, revenue recognition, accounting for income taxes, accounting for pension plans, accounting for leases, time value of money, earnings per share, preparation of the cash flow statement, and many others.
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Financial Accounting Standards (2 lessons)
SEC, Role of AICPA, FASB, GAAP, Intermediate Accounting.
The Conceptual Framework for Financial Reporting (3 lessons)
Conceptual Framework; Elements of Financial Statements; Accounting Assumptions and Principles; Intermediate Accounting.
The Accounting Information System (12 lessons)
Basic Accounting Terms and Concepts; Adjusting Entries; Journalizing; Posting to Trial Balance; Closing Entries; Preparing Financial Statements; Converting from Cash Basis to Accrual Basis Accounting; Intermediate Accounting.
Income Statement, Statement of Retained Earnings, and Other Comprehensive Income (9 lessons)
Uses and Limitations of Income Statement; Content and Format of Income Statement; Discontinued Operation; Unusual Gains and Losses; Basic Earnings per Share; Changes in Accounting Principles; Changes in Accounting Estimates; Statement of Retained Earnings; Other Comprehensive Income; Intermediate Accounting.
Balance Sheet and Statement of Cash Flows (2 lessons)
Balance Sheet and Statement of Cash Flows; Intermediate Accounting.
Time Value of Money (5 lessons)
Time Value of Money; Present Value of a Single Amount; Future Value of a Single Amount; Present Value of Annuity; Future Value of Annuity; Present Value of Annuity Due; Compute the Price of Bonds; Intermediate Accounting.
Cash and Receivables (10 lessons)
Cash and Cash Equivalents; Trade Receivables; Notes Receivable; Non-Trade Receivables; Recognition of Receivables; Valuation of Receivables; Notes Receivable; Fair Value Option of Notes Receivable; Pledge Receivables; Selling Receivables; Cash Internal Controls; Bank Reconciliation; Intermediate Accounting.
Inventory Valuation: Cost-Basis Approach (11 lessons)
Inventory and Cost of Goods Sold; Inventory Errors; Product Cost and Period Cost; Cost Flow Assumptions; FIFO, LIFO, Weighted Average, Specific Identification; LIFO Reserve; LIFO Liquidation; Dollar Value LIFO; Periodic Inventory; Intermediate Accounting.
Inventories: Additional Valuation Issues (7 lessons)
Lower of Cost or Market (LCM); Lump Sum Purchase; Purchase Commitment; Estimating Inventory using Gross Profit Method; Retail Inventory Method; Intermediate Accounting.
Acquisition and Disposition of Property, Plant, and Equipment (14 lessons)
Cost of Property, Plant and Equipment (PP&E); Interest Capitalization; Cost Subsequent to Acquisition; Valuation of Property, Plant and Equipment; Exchange of Nonmonetary Assets; Disposition of Property, Plant and Equipment; Intermediate Accounting.
Depreciation, Impairments, and Depletion (11 lessons)
Depreciation Expense; Straight-Line Method; Activity Method; Sum-of-the-Years’-Digits; Double-Declining Balance Method; Impairment Losses; Depletion; Intermediate Accounting.
Intangible Assets (9 lessons)
Intangibles Assets; Goodwill Calculation; Goodwill Impairment; Accounting for Computer Software Costs; Initial Operating Losses and Advertising Costs; Start-Up Costs; Research and Development Costs (R&D); Intermediate Accounting.
Current Liabilities and Contingencies (11 lessons)
Current Liabilities; Short-Term Obligations Expected to be Refinanced; Loss Contingencies; Payroll Tax Liabilities; Unearned Revenues; Premium Liability; Asset Retirement Obligation (ARO); Warranty Expense; Intermediate Accounting.
Long-Term Liabilities (17 lessons)
Introduction to Bonds; Bond Issue at Par; Bond Issue at Premium; Bond Issue at Discount; Bond Retirement and Extinguishment of Debt; Zero-Interest-Bearing Notes; Interest-Bearing Notes; Bond Amortization using Straight-Line Method; Bond Amortization using Effective-Interest Rate Method; Long-Term Notes Payable; Fair Value Option for Financial Assets and Liabilities; Troubled-Debt Restructuring; Settlement of Debt; Intermediate Accounting.
Stockholders’ Equity (18 lessons)
Corporate Capital Structure; Characteristics of a Corporation; Accounting for Preferred Stocks; Accounting for Treasury Stock; Cash and Property Dividend; Stock Dividend; Book Value Per Share; Equity Ratio; Dividend Preference; Intermediate Accounting.
Dilutive Securities and Earnings per Share (EPS) (21 lessons)
Convertible Securities; Convertible Preferred Stock; Stock Warrant Issued with Other Securities; Accounting for Stock Options; Basic Earnings Per Share (EPS); Complex Capital Structure; What-If (If-Converted) Method; Complex Capital Structure; Treasury Method; Intermediate Accounting.
Accounting for Investments (17 lessons)
Trading Securities; Available-for-Sale Securities; Held-to-Maturity Securities; Investment in Debt Securities; Investment in Equity Securities; Fair Value Method; Equity Method; Available-for-Sale Debt Securities; Available-for-Sale Equity Securities; Impairment of Value of Debt Investment; Investment Reclassification; Accounting for Derivative Instruments; Accounting for Speculation; Fair Value Hedge; Cash Flow Hedge; Intermediate Accounting.
Revenue Recognition (18 lessons)
New Revenue Recognition Standard; Five-Step Process for Revenue Recognition: Identify the Contract, Identify Separate Performance Obligations, Determine Transaction Price, Allocate to Separate Performance Obligations, Timing of Revenue Recognition; Sales Returns and Allowances; Repurchase Agreements; Bill-and-Hold Arrangements; Principal-Agent Relationships; Consignments; Warranties and Upfront Fees; Contract Assets and Liabilities; Contract Modifications; Percentage-of-Completion Method; Completed-Contract Method; Installment Sales; Cost-Recovery Method; Revenue Recognition for Franchises; Intermediate Accounting.
Accounting for Income Taxes (9 lessons)
Accounting for Income Taxes; Deferred Tax Liability (DTL); Deferred Tax Asset (DTA); Deferred Tax Asset–Valuation Allowance; Deferred Tax Asset–Permanent and Temporary Differences; Net Operating Losses (NOL); NOL Carryback; NOL Carryforward; Intermediate Accounting.
Accounting for Pensions and Postretirement Benefits (13 lessons)
Accounting for Pensions; Pension Expense Components; Pension Benefit Obligation (PBO); Using a Pension Worksheet; Prior Service Cost Amortization; Pension Worksheet Example; Corridor Amortization; Pension Gain and Loss; Pension Liability; Other Comprehensive Income (OCI); Pension Expense Practice Questions CPA Exam FAR; Pension Plan Funded Status; Defined Contribution/Defined Benefit Pension Plan; Defined Benefit Pension Plan; Pension Expenses CPA Task-Based Simulation (TBS); Intermediate Accounting.
Accounting for Leases (15 lessons)
(New FASB Rules) Accounting for Operating Leases; Operating Lease Accounting–Lessee & Lessor; Accounting for Leases: Bargain Purchase Option/Lease Prepayment; Residual Value for Leases–Guaranteed and Unguaranteed; Accounting for Leases: Sales-Leaseback; Accounting for Finance/Sales-Type Lease: Lessee & Lessor Perspective; Lease Classification; CPA Exam Practice Questions; Lessee Accounting: Initial Measurement; Lessee Accounting: Subsequent Measurement; Lessor Accounting for Sales-Type Leases; Intermediate Accounting.
Accounting Changes and Error Analysis (5 lessons)
Changes in Accounting Principles; Changes in Accounting Estimates; Changes in Reporting Entity; Accounting for Correction of Errors; Accounting Error Analysis; Intermediate Accounting.
Statement of Cash Flow (4 lessons)
Overview & Purpose of Statement of Cash Flow; Preparing Statement of Cash Flows using Indirect Method; Preparing Statement of Cash Flow using Direct Method; Cash Flows Special Issues; Intermediate Accounting.
Full Disclosure Principle in Financial Reporting (6 lessons)
Full Disclosure Principle; Related-Parties Disclosures; Post-Balance Sheet Events (Subsequent Events); Segment Reporting; Quantitative Materiality Test; Interim Financial Reporting; Auditor’s Report; Management’s Discussion and Analysis (MD &A); Intermediate Accounting.