Jun 19, 2019  
2018-19 RACC Student Catalog 
2018-19 RACC Student Catalog
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ACC 206 - Intermediate Accounting II

4 Credit Hours

This course is a continuation of Intermediate Accounting I. It is a study of current and contingent liabilities, long-term liabilities, capital stock, additional paid-in capital, retained earnings, earnings per share calculations, investments, pensions, leases, alternative means of income recognition, accounting for income taxes, and statement of cash flows.

Prerequisite(s): ACC 205  

Semesters Offered: Spring


Students’ basic financial accounting knowledge is broadened as more complex problems are solved and current trends and specialized topics are introduced. Emphasis is placed on preparation for advanced study and professional examinations. The students will gain proficiency in handling practical applications of accounting theory.


  1. Determine the cost of property, plant and equipment at, and subsequent to acquisition.

  2. Compute and contrast depreciation and depletion for whole and partial periods.

  3. Understand the complex issues in accounting for intangible assets.

  4. Describe various current liabilities including their identification, measurement/valuation, recording, and disclosure.

  5. Journalize entries for bonds and other forms of long-term debt.

  6. Journalize transactions of common, preferred and treasury stock.

  7. Understand the differences and prepare journal entries to account for the various forms of dividends.

  8. Compute earnings per share for both simple and complex capital structures.

  9. Communicate results of financial accounting issues and analysis in a clear, concise written format.

  10. Analyze and solve intermediate accounting problems using Lotus 1-2-3.

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