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Gavin Walton
- July 21, 2024
If you’re here, it means you’re submerging into study.com Accounting 202: Intermediate Accounting II and are determined to knock that final proctored exam out of the park. Well, you are perfectly at the right place then! The purpose of this class is to enhance your understanding of other intermediate accounting concepts such as corporation income taxes, cost analysis techniques, and amortization of post-retirement benefits. Accounting could seem a little complicated but do not worry. I want you to consider me as the person who can lead you through this course and make sometimes a funny joke. Each topic will be split down into manageable chunks and you will know precisely what to do. Ready to get started? Let’s go!
In study.com Accounting 202, you are going to cover such issues as corporate income taxes, approaches to the allocation of costs, and post-retirement benefits that will be included in your exam. You should be prepared for approximately 10 minutes of video lectures, 5 minutes of quizzes, and two main tasks. Every video is very short, taking approximately 5 to 10 minutes of the learners’ time, with quizzes to check comprehension afterward. One tutorial is assessing for a proctored final exam that encompasses all the topics right from the beginning to the end. But do not worry we will ensure that you are ready. How do I know this? In the next sections, it is possible to describe the detailed study plan for the week and give some recommendations on the great free resources, explain the main topics, and answer frequently asked questions. And at the end of this guide, you are more than prepared for that exam. Well, let’s go on and tighten our seat belts, pull out our calculators, and welcome to intermediate accounting!
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What to Expect from Study.com’s Accounting 202📖
So, what exactly are you signing up for in study.com Accounting 202: Intermediate Accounting II? Let’s break it down. This course covers a wide array of intermediate accounting topics that will build on what you’ve learned in your previous accounting classes. Here’s a sneak peek at what you’ll dive into:
- Corporate Income Taxes: It will give you exposure to the computation of taxable income, accounting for deferred taxes, and interperiod tax allocation. This is an important area because it becomes part of the final examination cum test in most of the courses.
- Cost Accounting Methods: Moving from the simple straight-line method to the more tortuous ones like the double-declining balance and the units of production, you will learn how depreciation is charged on the assets.
- Post-Retirement Benefits: plan, key features that will be addressed include defined benefit plans, defined contribution plans, and how pensions and post-retirement health care benefits are accounted for by the companies. These topics are critical in comprehending the long-term financial and credit management responsibilities.
- Securities and Investments: You will be in a position to appreciate methods of handling various securities and investments that are ancillary to reporting.
- Leases: Each operating and capital lease follows different accounting procedures and this course will make you understand the differences in the use of both and the correct accounting procedure that should be followed in each.
A combination of video lessons: they should be no longer than 5-10 minutes; It is followed by a test designed to check your understanding. These quizzes are perfect if you have problems with the final exam and they can confirm you are studying. The last test is comprehensive, which means that students are free to use any information from the class beginning. Make sure to take good notes and review regularly!
This course is designed to be self-paced, so you can watch lessons and complete quizzes whenever it suits you. However, it’s a good idea to keep a steady pace and not leave everything to the last minute. Trust me, your future self will thank you! Remember, each topic builds on the previous ones, so staying consistent with your studies is key to mastering the material.
Week-by-Week Study Plan to Ace Accounting 202 Exam📝
To help you stay on track and make the most of your study time, here’s a detailed week-by-week study plan. Follow this schedule, and you’ll be well-prepared for the final proctored exam in study.com Accounting 202: Intermediate Accounting II.
Week 1: Introduction and Corporate Income Taxes
- Focus: Get familiar with the course structure and start with corporate income taxes.
- Tasks:
- Watch video lessons on corporate income taxes.
- Complete the related quizzes.
- Take detailed notes, especially on calculating taxable income and deferred tax benefits.
- External Resource:
Week 2: Cost Accounting Methods
- Focus: Dive into the various methods of cost accounting.
- Tasks:
- Study straight-line depreciation, double declining balance, and units of production methods.
- Complete quizzes on these topics.
- Practice example problems to reinforce your understanding.
- External Resource:
- Quizlet Flashcards: Depreciation Methods
Week 3: Post-Retirement Benefits
- Focus: Learn about retirement plans and post-retirement benefits.
- Tasks:
- Watch lessons on defined benefit and contribution plans, pensions, and healthcare benefits.
- Complete the quizzes.
- Review key terms and concepts.
- External Resource:
Week 4: Securities and Investments
- Focus: Understand the accounting treatments for various securities and investments.
- Tasks:
- Study lessons on accounting for trading, available-for-sale, and held-to-maturity securities.
- Complete related quizzes.
- Practice journal entries for different types of securities.
- External Resource:
- Investopedia: Securities Accounting
Week 5: Leases
- Focus: Learn the differences between operating and capital leases.
- Tasks:
- Watch lessons on operating and capital leases.
- Complete quizzes and solve practice problems.
- Take detailed notes on accounting treatments for each type of lease.
- External Resource:
Week 6: Review and Practice
- Focus: Consolidate your knowledge and prepare for the final exam.
- Tasks:
- Revisit all lessons and retake quizzes to reinforce your learning.
- Review your notes regularly.
- Take the practice test provided by study.com
- External Resource:
- Reddit: r/Accounting Community – Join discussions and get additional support.
By adhering to this study plan, it will be possible to cover all the relevant topics and still have enough time for collective revision in preparation for the exam. Adjusting to such habits in studying and using these resources will assist the students to grasp what is taught in class and excel on the final examination.
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Free External Resources to Study📂
Even though study.com Accounting 202: Intermediate Accounting II provides you with all the necessary materials needed for your studies, it is advantageous to have supplementary resources to refer to when you have any doubts about the subject matter or simply need additional support in clarifying key concepts. We have collected some great free resources to help you with your studies that will help you pass the final exam with ease.
YouTube Channels and Playlists
- Accounting Stuff: This channel offers clear and concise explanations on various accounting topics, perfect for visual learners.
- Edspira: According to its tutorials, Edspira provides explanations for a variety of accounting topics like corporate income taxes, cost accounting methods, and many others. .
- Farhat’s Accounting Lectures: Farhat has a YouTube channel dedicated to academic help; his channel is a treasure trove for accounting students seeking intermediate accounting lectures.
Quizlet Flashcards
- Accounting 202 Flashcards: A particularly effective type of practice test is a set of flashcards that refreshes basic ideas and terminology. Quizlet also has numerous flashcards that are developed by other students, and some of them are as follows: Depreciation Methods, Corporate Income Tax, Securities Accounting
Websites
- Investopedia: These articles are extensive and encompass almost every topic under the sun from the finance and accounting niche. Whether you are interested in the fundamental analysis of securities, or the details of deferred tax assets, Investopedia provides you a good start.
- AccountingCoach: AccountingCoach has used free explanations and quizzes on various areas of specialization within the accounting discipline. They can come in handy for simply reviewing or for making sure one knows the content taught in a given lecture.
Online Forums
- Reddit: r/Accounting: This subreddit is a supportive community where you can ask questions, share resources, and get advice from fellow accounting students and professionals.
- CPA Exam Forum: Although primarily for CPA exam candidates, this forum has plenty of useful discussions and resources that can help you understand intermediate accounting topics.
Practice Problems and Tutorials
- Principles of Accounting: This site offers tutorials and practice problems that cover a wide range of accounting topics. It’s perfect for reinforcing what you’ve learned in your study.com course.
It is recommended to study and use these resources along with the course. Com materials will provide you with a bird’s eye view of what you would learn under Accounting 202: Intermediate Accounting II. You should not be shy to look for these avenues to get the explanations and practices that suit you.
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Key Topics to Focus On 🔑
To excel in study.com Accounting 202: Intermediate Accounting II, you should concentrate on the subtopics that are usually covered largely in the final exam section. It is for this reason that we will go ahead in decomposing some of these important topics with aids such as tables, comparisons, and real-life examples.
Corporate Income Taxes
Key Points:
- Calculating Taxable Income: Understand how to determine corporate taxable income by subtracting allowable deductions from gross income.
- Deferred Tax Benefits: Learn how temporary differences between accounting income and taxable income create deferred tax assets (DTAs) and deferred tax liabilities (DTLs).
Example: Imagine a company with $500,000 in revenue and $200,000 in deductible expenses. The taxable income would be:
Taxable Income = Revenue − Deductions = $500,000 − $200,000 = $300,000
Cost Accounting Methods
Comparison Table:
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Depreciation Method
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Description
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When to Use
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Straight-Line
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Evenly spread the cost over the asset’s useful life.
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Use when the asset provides consistent value over time.
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Double Declining Balance
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Accelerates depreciation, with higher expenses in the early years.
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Use when the asset loses value quickly or provides more value initially (e.g., technology equipment).
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Units of Production
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Depreciation is based on usage or production levels.
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Use when the asset’s wear and tear is closely related to its usage (e.g., manufacturing machinery).
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Post-Retirement Benefits
Key Points:
- Defined Benefit Plans: Employers guarantee a specific retirement benefit amount.
- Defined Contribution Plans: Employers contribute a specific amount to the retirement fund, with the final benefit depending on the fund’s performance.
Example: A defined benefit plan might promise $2,000 per month after retirement, while a defined contribution plan involves contributing 5% of an employee’s salary into a 401(k) account annually.
Securities and Investments
Key Topics:
- Types of Securities: Trading, available-for-sale (AFS), and held-to-maturity (HTM) securities.
- Accounting Treatments:
- Trading Securities: Recorded at fair value, with gains/losses in current earnings.
- AFS Securities: Recorded at fair value, with gains/losses in equity.
- HTM Securities: Recorded at amortized cost.
Leases
Comparison Table:
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Lease Type
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Description
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Accounting Treatment
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|---|---|---|
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Operating Lease
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Renting an asset without ownership transfer at the lease end.
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Lease payments are recorded as expenses; assets are not recorded on the balance sheet.
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Capital Lease
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Leasing with the intention of ownership transfer at the lease end or covering most of the asset’s life.
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Asset recorded on balance sheet; lease payments split into principal and interest, with depreciation recorded.
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Real-World Example for Leases:
Imagine a company leases a machine for five years. If it’s an operating lease, the lease payments are recorded as rental expenses. If it’s a capital lease, the machine is recorded as an asset, and lease payments are split into interest and principal portions, with the machine being depreciated over its useful life.
Earnings Per Share (EPS)
Key Points:
- Basic EPS: Basic EPS=Net Income−Preferred DividendsWeighted Average Shares Outstanding\text{Basic EPS} = \frac{\text{Net Income} – \text{Preferred Dividends}}{\text{Weighted Average Shares Outstanding}}Basic EPS=Weighted Average Shares OutstandingNet Income−Preferred Dividends
- Diluted EPS: Accounts for the potential conversion of securities into common stock, resulting in a lower EPS.
Example: If a company has a net income of $100,000, preferred dividends of $10,000, and 30,000 common shares, the basic EPS is:
Basic EPS = ($100,000 − $10,000) / 30,000 = $3
Focusing on these key topics and using the provided comparisons and examples will help solidify your understanding and prepare you for the final exam.
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FAQ: Navigating the Digital Seas of Accounting 202❓
Q: How often should I review my notes?
A: Regularly! Aim to review your notes at least once a week to reinforce your understanding and retention of the material. This will help you stay on top of the concepts and be better prepared for quizzes and the final exam.
Q: Can I retake quizzes if I don’t score well the first time?
A: Absolutely! You have up to three opportunities to attempt each quiz, with your highest score among the three being recorded. After these initial attempts, you can continue to retake the quizzes for practice without any limit. This approach helps you ensure a comprehensive understanding of each topic.
Q: What happens if I fail the final exam?
A: No need to worry! If you don’t pass the final exam, you can retake it after a three-day waiting period. You have up to two additional chances to pass, so make sure to utilize your study materials and thoroughly prepare before retaking the exam.
Q: What items are allowed during the proctored final exam?
A: For the study.com Accounting 202: Intermediate Accounting II proctored final exam, you are allowed to use:
- Blank scratch paper
- Pen or pencil
- A non-graphing, scientific calculator (Desmos scientific calculator will be provided during the exam)
- A printed formula sheet is provided in the ‘Studying for Accounting 202’ chapter
Q: Are there any items not allowed during the proctored final exam?
A: Yes, there are several items not allowed during the exam, including
- Office programs, web browsers, or any programs other than Software Secure (including Study.com lessons)
- Textbooks (digital or physical)
- Mobile phones, headphones, speakers, TVs, or radios
- Notebooks or notes
- Graphing calculators
Q: What do I need to do to check my progress in the course?
A: Study.com boasts a progress bar that helps track the amount of progress made and this is based on the completion status of each lesson, quiz, and assignment. By reviewing this tracker now and then, the jerk will be able to know if he or she is on the right track and if all the requirements covering the course are in place.
Q: Is there anything one has to learn before they can enroll in the Accounting 202 class?
A: Consequently, there are no specific preconditions that a learner needs to meet for him/her to be admitted to Study.com’s Accounting 202: Intermediate Accounting II. This course is designed to build upon the knowledge you have of accounting and expand the levels of accounting knowledge to more complex levels without the need for prerequisite courses.
Q: What should I and the group mostly concentrate on so that we can excel in the final examination?
A: To achieve high results in the final exam, it is suggested to focus on important areas like Corporate Income Tax, Cost Accounting Methods, Post-retirement Benefits, Securities and Investments, and Leases. Engaging with the course’s descriptions, exercises, and tests will enhance your understanding of these topics and the overall results of the exam.
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Conclusion: The Digital Odyssey of Accounting 202📄
Congratulations on making it this far! You now have a solid understanding of what to expect from study.com Accounting 202: Intermediate Accounting II, and you’re well-equipped to ace that final proctored exam.
Recap:
- Course Structure: Includes video lessons, quizzes, and assignments on crucial topics like corporate income taxes, cost accounting methods, post-retirement benefits, securities, and leases.
- Study Plan: Follow the week-by-week guide to cover all material methodically.
- External Resources: Utilize free resources like YouTube channels, Quizlet flashcards, and Investopedia for extra support.
- Key Topics: Focus on heavily tested areas with comparisons and examples.
- FAQs: Refer to the FAQ section for course-related questions.
Final Tips:
- Stay Consistent: Regularly review your notes and follow the study plan.
- Practice: Use quizzes and practice problems to build confidence.
- Seek Help: Use study groups and forums for support.
- Stay Positive: Believe in your ability to succeed.
By staying dedicated and utilizing all resources, you’ll be well-prepared to pass study.com Accounting 202. Happy studying and good luck!
