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ACCT 306 Income Tax Accounting (3 Credits)

This course covers accounting periods and accounting methods. Topics include inventories (including valuation, costing, and the requirements to maintain inventories), requests to change methods, prepaid income, income recognition principles, constructive receipt and cash equivalency, special methods that involve long-term contracts, prepaid expenses, estimated expenses, depreciation, and capitalizing vs expensing costs. Students will analyze these topics from both a tax policy viewpoint and technical perspective.

Learning Outcomes:

  • Understand the types of temporary differences that cause deferred tax liabilities and determine the amounts needed to record periodic income taxes.
  • Learn about the types of temporary differences that cause deferred tax assets.
  • Modify consolidation procedures for subsidiary companies with preferred stock in their capital structure.
  • Compute basic and diluted earnings per share for a consolidated reporting entity.
  • Understand the complexities of accounting for income taxes by consolidated entities.
  • Learn about electronic supplement and the account for branch operations.