Financial Accounting II
Financial Accounting II ACC 357
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This 3 page Class Notes was uploaded by Miss Thora Koepp on Wednesday October 21, 2015. The Class Notes belongs to ACC 357 at Syracuse University taught by Danny Lanier in Fall. Since its upload, it has received 36 views. For similar materials see /class/225653/acc-357-syracuse-university in Accounting at Syracuse University.
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Date Created: 10/21/15
ACC 3S7 Lanier Exam 1 review Tentatively designed to have 20 multiple choice conceptual questions and about 4 or 5 short problems1 Current liabilities Bonds Leases Characteristics of current liabilities Types of current liabilities Shortterm notes interest and non interestbearing Conditions under which shortterm debt expected to be refinanced can be reclassified as longterm Loss contingencies conditions for accrual andor disclosure journal entries Types characteristics basic elements eg face value stated rate payment schedule etc Bonds issued between interest dates Financial statements issued between interest dates PV calculations tables provided if necessary Accounting for premiums and discounts o What types of accounts are these 0 Under what conditions would they arise 0 Understanding amortization conceptually and how it impacts balance Bond issue costs What type ofaccount is this How does it impact carrying value Early retirement of bonds concepts journal entries gainloss measurement Troubled debt concepts journal entries gainloss measurementZ Types of leases 0 Operating vs Capital lessee 0 Operating vs DirectFinancing or Salestype lessor What are the criteria for each type criteria for lessor are more involved Similaritiesdifferences between leasing and purchasing Recording lease transactions of all gpes know how to determine andor incorporate minimum lease payments residual value payment schedule interest etc Know when to use annuity due vs ordinary annuity 1 The problems will focus primarily on Bonds and Leases The multiplechoice questions will cover all three chapters 2 The focus here should be on debt settlement more so than modification of terms 3 Although they are in the homework you will not be responsible for executory costs or bargain purchase option accounting on exam You may need to know what they are but you will not need to dojournal entries involving these ACC 357602 Review for MidTerm Exam Fall 2009 Lanier Allocation of Points This exam contains a total of 16 equally weighted problems There will be no multiple choice questions The problems will consist of short calculations journal entries andor short answer No single problem is designed to take very long to do The distribution of questions by topic is as follows Topic of problems Deferred Taxes Ch 19 5 Stockholders Equity Ch 15 5 Pensions Ch 20 6 Total 16 The exam will also contain two bonus problems on deferred taxes each worth 5 additional points These problems will be clearly identified as such and are purely optional ie they will not count against your score These will likely be followup questions to an existing problem in the exam but no partial credit will be given on the bonus questions They must be 100 correct or you will receive no credit ie all or nothing Here are some areas to focus on by topic Please note that each bullet point does not necessarily reflect a specific problem ie an individual problem may cover more than one item Deferred taxes 0 Ability to identify and properly classify temporary differences as future taxable amounts or future deductible amounts 0 Prepare journal entry to record income taxes payable deferred taxes and income tax expense plug 0 Ability to reconcile from pretax accounting income to taxable income 0 Must understand howwhy temporary differences create differences or between accounting income and taxable income 0 Understand permanent differences and their impact on effective tax rate 0 Impact of 3 existing beginning balance in the deferred tax asset DTA or deferred tax liability DTL account 0 Impact of enacted future tax rates or tax rate changes on deferred taxes in current year 0 Valuation allowance for deferred tax assets 0 Impact on the net DTA reported on balance sheet 0 Impact on total income tax expense reported on income statement 0 Operating loss carryback and loss carryforward o How to apply the carryback and carryforward 0 Know the entries as well as the financial statement impact of each 0 Be able to apply and journalize carryforward in future years Equity 0 Know the components of shareholders equity paidin capital retained earnings OCI 0 Components of paidin capital common stock preferred stock APIC treasury stock 0 Remember that treasury stock is a contraequity account ie has a debit balance which reduces equity 0 Other comprehensive incomeloss ifincome then it increases equity if loss decreases equity 0 Basic entries for the issuance of stock either at or above par or stated value 0 Issuing stock in exchange for other assets or services use market value of stock or market value of services whichever is determinable o Lump sum issuance Proportion method only 0 Treasury stock transactions 0 Journal entry to reacquire outstanding shares at cost 0 Reissuing treasury stock at above or below cost 0 Cash dividends entries at declaration date and date of distribution 0 Property dividends 0 Entry to adjust property to fair value gain or loss 0 Entries at declaration and distribution 0 Stock dividends small large journal entries and impact on equity accounts 0 What is the purpose of these 0 What is impact on common stock APIC retained earnings etc 0 Stock splits o What is impact of these on shareholders equity 0 What is recorded Pensions 0 Present value calculation of P30 as illustrated in handout PV tables will be provided 0 Difference between definedcontribution and defined benefit plan 0 Items that cause changes to the P30 0 Items that affect plan assets 0 Components of pension expense remember prior service cost initially bypasses pension expense only the amortized portion of PSC is included 0 Remember that service cost and interest cost are included in increase both P30 and pension expense 0 For the P30 plan assets and pension expense be able to recognize items that DO NOT belong 0 Measuring the net pension assetliability 0 Journal entries for asset gainslosses and liability gainslosses
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