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ACCT 481. Advanced Accounting

Credits: 3
Department: Accounting
Description: Accounting for business combinations, consolidated financial statements, and partnerships.
Prerequisites: C or better in ACCT 382
Semester Offered:
  • Fall
  • Spring
Grading Method: ABCDF

Student Learning Outcomes

1. Prepare consolidated financial statements in conformity with GAAP and explain and interpret the following complicating factors: a. partial ownership of investee companies, b. valuation differentials, and c. intercompany inventory, plant asset, and bond transactions.
2. Compute basic and diluted earnings per share for a consolidated entity.
3. Allocate income for complex ownership structures involving indirect and mutual stock holdings.
4. Analyze and record partnership transactions for: a. formation of partnership, b. subsequent operation of the partnership, c. changes in ownership interests, and d. partnership liquidation.
5. Prepare partnership financial statements and associated allocations for partnerships.

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