In ACC-620, students apply accounting principles and methods to long-term liabilities and equity, evaluate diverse financial transactions and events for their impact on financial statements, and use U.S. GAAP standards to review and analyze the impact on liabilities and cash flows.
Long-term liabilities and equity
ACC-620 covers the accounting treatment of long-term liabilities (bonds, leases, pensions) and equity transactions (stock issuance, treasury stock, dividends), extending graduate students' financial reporting competency into these more complex balance-sheet categories.
Evaluating transaction impact under GAAP
The course emphasizes evaluating diverse financial transactions and events for how they actually affect the financial statements, using U.S. GAAP standards to review and analyze the resulting impact on both liabilities and cash flows.
Key topics in ACC620
- Long-term liability accounting: bonds, leases, pensions
- Equity transactions: stock issuance, treasury stock, dividends
- Evaluating transaction impact on financial statements
- U.S. GAAP standards for liabilities and equity
- Cash flow impact analysis
- Graduate-level financial reporting judgment
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Worked example: a lease's impact across statements
- Transaction: A company enters a long-term lease
- Balance sheet impact: A lease liability and corresponding right-of-use asset are recognized under current GAAP
- Cash flow impact: Lease payments split between principal and interest affect financing and operating activities differently
- Lesson: ACC-620 trains students to trace a single transaction's ripple effects across the full set of financial statements, not just its immediate balance-sheet entry
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Frequently asked questions
A single transaction like issuing a long-term bond or recognizing a lease doesn't just create one journal entry — it affects the balance sheet (new liability), the income statement (interest expense over time), and the statement of cash flows (financing versus operating classification), and graduate-level financial reporting competency means being able to trace all of these effects together. ACC-620 emphasizes this full-impact evaluation because real financial analysis and decision-making depend on understanding how a transaction moves through the entire set of statements, not just where it's initially recorded.
Long-term liabilities like bonds, leases, and pensions, along with equity transactions like stock issuances and treasury stock, involve genuinely complex measurement and recognition questions — present value calculations, amortization schedules, and specific GAAP guidance that goes well beyond introductory accounting. ACC-620 treats these as graduate-level material because applying the relevant standards correctly requires a depth of technical judgment that builds on, and goes beyond, undergraduate intermediate accounting coverage of the same balance-sheet categories.