Chapter 4 Property, Plant and Equipment FINANCIAL ACCOUNTING 2 COURSE OUTLINE Course structure 4 credits 60 hours Theoretical session 46 Discussion 18 Reporting 5 Self study session 131 COURSE OBJECTI[.]
FINANCIAL ACCOUNTING COURSE OUTLINE Course structure credits - 60 hours - Theoretical session: 46 - Discussion: 18 - Reporting: - Self-study session: 131 COURSE OBJECTIVES After studying this subject, you should be able to: Training students with well-defined practical knowledge, comprehensive theoretical knowledge about financial accounting At the same time, this module equips students with knowledge about managing and operating financial accounting in enterprises to apply the knowledge learned to solve complex real-life situations related to financial accounting arising at the business COURSE DESCRIPTION This module expands the skill, knowledge and understanding that students have gained in “Financial Accounting 1” Financial Accounting is the application of accounting principles in studying specific accounting in a business and also provides specialized knowledge of financial accounting such as current liabilities and contingencies, long term liabilities, stockholders’ equity, investments, revenue and the preparation of financial statements Contents Chapter 7: Current Liabilities and Contingencies Chapter 8: Long-Term Liabilities Chapter 9: Stockholders’ Equity Chapter 10: Investments Chapter 11: Revenue Chapter 12: Financial statements References Prescribe textbook(s) + Wild, John J Financial accounting, 2011, McGraw-Hill Recommended textbook(s) + Spiceland, David J Intermediate Accounting, 2009, McGraw – Hill + Spiceland, J David, Alternate exercises and problems for use with Intermediate accounting, 2004, McGraw-Hill + www.ifrs.org, International Financial Reporting Standards + Kieso, Douglas W Fundamentals of intermediate accounting, Hoboken: John Wiley & Sons + Database, statista.com Chapter 7: Current Liabilities and Contingencies LEARNING OBJECTIVES After studying this chapter, you should be able to: Explain a current liability, and identify the major types of current liabilities Describe the accounting for notes payable Explain the accounting for other current liabilities Explain the financial statement presentation and analysis of current liabilities Describe the accounting and disclosure requirements for contingent liabilities Understand how to presentation and Disclosure 7.1 Current Liabilities 7.1.1 Types of current liabilities 7.1.2 Accounting for current liabilities 7.2 Provisions 7.2.1 Definitions of provision 7.2.2 Accounting for provision 7.3 Contingencies 7.3.1 Types of Contigencies 7.3.2 Recognition of Contigencies 7.4 Presentation and Disclosure 7.1 Current Liabilities - According to FASB, defined liabilities as “probable future sacrifices of economic benefits arising from present obligations of a particular entity to transfer assets or provide services to other entities in the future as a result of past transactions or events.” Current liabilities are “obligations whose liquidation is reasonably expected to require use of existing resources properly classified as current assets, or the creation of other current liabilities.” 7.1 Current Liabilities 7.1.2 Accounting for current liabilities Current maturities of long-term debt When only a part of a long-term debt is to be paid within the next 12 months, as in the case of serial bonds that it retires through a series of annual installments, the company reports the maturing portion of longterm debt as a current liability, and the remaining portion as a longterm debt ... statements Contents Chapter 7: Current Liabilities and Contingencies Chapter 8: Long-Term Liabilities Chapter 9: Stockholders’ Equity Chapter 10: Investments Chapter 11: Revenue Chapter 12: Financial... statement presentation and analysis of current liabilities Describe the accounting and disclosure requirements for contingent liabilities Understand how to presentation and Disclosure 7.1... financial accounting arising at the business COURSE DESCRIPTION This module expands the skill, knowledge and understanding that students have gained in “Financial Accounting 1” Financial Accounting