ACCT 311, Intermediate Accounting II, is a 3-credit undergraduate course at University of Maryland Global Campus and a continuation of ACCT 310, which is its prerequisite.
UMGC describes it as a comprehensive analysis of financial accounting topics, including the preparation of financial statements and external reports. The aim is to analyze complex business transactions and their impact on financial statements, with a focus on researching and analyzing emerging issues in accounting, business transactions and financing.
UMGC gives the same caution as for ACCT 310: these are professional courses requiring intensive study, and students who have not taken ACCT 310 within the last two years may have difficulty.
ACCT 311 also matters for what comes next. UMGC lists it as the prerequisite for several upper-level courses, including ACCT 411, ACCT 417 and ACCT 422, so a solid grasp here pays off for the rest of the accounting major.
Course at a Glance
| Item | Details |
|---|---|
| University | University of Maryland Global Campus (UMGC) |
| Course code | ACCT 311 |
| Credits | 3 |
| Prerequisite | ACCT 310 |
| Leads to | ACCT 411, ACCT 417, ACCT 422 and other upper-level courses |
| Typical work | Complex problem sets, statement preparation, research on accounting issues |
What ACCT 311 Focuses On
UMGC's description stresses statement preparation, complex transactions and research. The chapter list is set in your syllabus; second intermediate courses commonly cover topics such as these:
| Topic | Key guidance | What you do |
|---|---|---|
| Long-term liabilities | ASC 470, ASC 835 | Issue bonds and amortise discounts or premiums |
| Leases | ASC 842 | Record right-of-use assets and lease liabilities |
| Stockholders' equity | ASC 505 | Account for stock issues, dividends and treasury stock |
| Earnings per share | ASC 260 | Calculate basic and diluted EPS |
| Income taxes | ASC 740 | Measure deferred tax assets and liabilities |
| Accounting changes and errors | ASC 250 | Apply retrospective or prospective treatment |
| Statement of cash flows | ASC 230 | Prepare operating, investing and financing sections |
Key Concepts Explained
Bonds and the Effective Interest Method
Interest expense is the bond's carrying amount multiplied by the market rate at issue. The difference from the cash coupon amortises any discount or premium.
Example: A company issues $500,000 of 5% annual-coupon bonds for $480,000 when the market rate is 6%. First-year interest expense is $480,000 x 6% = $28,800; cash paid is $25,000; discount amortisation is $3,800, raising the carrying amount to $483,800.
Deferred Taxes
Temporary differences between book and tax bases create deferred tax balances. When tax depreciation runs ahead of book depreciation, taxable income is lower now and higher later, so a deferred tax liability is recorded.
Example: At year-end, equipment has a book value of $70,000 and a tax basis of $50,000. With an enacted rate of 21%, the deferred tax liability is $20,000 x 21% = $4,200.
Basic Earnings per Share
Basic EPS is net income minus preferred dividends, divided by the weighted average number of common shares outstanding. Diluted EPS also considers potential shares from items such as options and convertible securities.
Example: Net income is $260,000 and preferred dividends are $20,000. The company had 100,000 shares for the year and issued 40,000 more on 1 July. Weighted shares are 100,000 + (40,000 x 6/12) = 120,000, so basic EPS is $240,000 / 120,000 = $2.00.
Research and Emerging Issues
Because UMGC's description puts weight on researching emerging issues, expect at least one task where you must find and apply guidance on your own. Start with the FASB Accounting Standards Codification for current rules, and check FASB's project pages or recent Accounting Standards Updates for changes.
Explain the issue in plain terms, cite the topic and paragraph, apply it to the facts and say what the effect on the statements would be. A short worked figure, even a simple journal entry, makes a research answer far more convincing than description alone.
Typical Assignments and How to Approach Them
| Assignment type | What it tests | How to approach |
|---|---|---|
| Problem sets | Technical accuracy | Build amortisation schedules in Excel with formulas |
| Statement preparation | Bringing topics together | Check that the balance sheet balances and cash reconciles |
| Research paper | Using authoritative guidance | Cite the Codification and show the reporting effect |
| Exams | Method under time pressure | Practice full problems with a timer |
Where Students Get Stuck
- Amortisation schedules. Use the carrying amount, not face value, when calculating interest.
- Lease classification. Work through the finance lease criteria in order.
- Weighted average shares. Time-weight issues and buybacks, but restate for stock splits.
- Cash flow statements. Non-cash items and working capital changes trip up the indirect method.
Study Tips for ACCT 311
- Review ACCT 310 topics before the term begins.
- Keep an Excel template for bond and lease schedules.
- Make a one-page table of accounting changes and their treatment.
- Practice the indirect cash flow method until it feels routine.
How We Help with ACCT 311
Send the instructions, data files and your workings. An accounting tutor can explain the rules, prepare a custom solution for reference, or review your research paper and schedules. See our accounting assignment help guide for more.
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Frequently Asked Questions
UMGC lists ACCT 310 as the prerequisite and describes ACCT 311 as its continuation.
UMGC lists it as a 3-credit course.
UMGC lists ACCT 311 as the prerequisite for upper-level courses such as ACCT 411, ACCT 417 and ACCT 422.
UMGC allows credit for only one of ACCT 311 or BMGT 311.
Students often find leases, deferred taxes, EPS and the cash flow statement the most demanding.
Yes. Send the file and instructions and we will trace any errors.