Overview
1. Intermediate Accounting II
(400 words for discussion board POST) (APA format)
(No Plagiarism) (No Use of Artificial Intelligence)
(READ THE REMARKS IN PARENTHESIS BY EVERY QUESTION)
Module 8: Discussion Forum
Choose TWO of the following questions to discuss:
- In your opinion, what was the most important topic or subject you studied in this course? Explain your answer. (Module 7: Accounting Changes and Error Corrections/7.2 Changes in Accounting Estimates/7.3 Corrections of Errors)
- What did you learn in this course that you think will benefit you in your future studies or career path? (My career path is forensic accounting, a lot of fraudulent activities with state pensions and management/ Module 6: Pensions and Other Postretirement Benefit Plans/6.3 Accounting for Pensions)
2. Intermediate Accounting II
(250 words for discussion board REPLY) (APA format)
(No Plagiarism) (No Use of Artificial Intelligence)
(READ THE REMARKS IN PARENTHESIS BY EVERY QUESTION)
Anthony Lee
Oct 26 10:34pm
Reply from Anthony Lee
Throughout this course, I’ve learned how detailed and structured accounting really is, especially when it comes to recognizing, measuring, and reporting different financial elements. ACT360 helped me understand how important judgment and accuracy are when applying accounting standards, like how depreciation methods, revenue recognition, or leases can all change the way a company’s financial position looks. I also gained more confidence in reading and interpreting financial statements, which makes everything I learned in earlier accounting courses come together more clearly.
What I think will benefit me the most in my future studies and career path is learning how to analyze accounting decisions from both a technical and ethical point of view. Understanding how different methods affect financial results and investor perception feels like something that will be valuable in any accounting or finance-related job.
After completing this course, I’ve become more interested in financial reporting and analysis. I like seeing how the numbers tell the story of a company’s performance and how the accounting choices behind them can reveal a lot about management’s judgment and transparency. That’s an area I’d like to explore more as I continue studying accounting.
3. Intermediate Accounting II
(250 words for discussion board REPLY) (APA format)
(No Plagiarism) (No Use of Artificial Intelligence)
(READ THE REMARKS IN PARENTHESIS BY EVERY QUESTION)
Alisa Wilhite
Oct 26 5:03pm| Last reply Oct 26 10:41pm
Reply from Alisa Wilhite
Hi Class,
The most important topic I learned throughout this course was how to prepare the statement of cash flows. I found it interesting to see a report that is a comprehensive representation of a company’s overall liquidity and financial flexibility. In order to be able to generate the cash flow from operating activities as well as from the investing and financing activities, it was important to pull in the information from other financial statements, such as the income statement and balance sheet. This portion of the module really cemented into my mind that when comparing earnings to cash, a company that uses accrual accounting could have very different numbers (Spiceland et al., 2023). This information can be used for my current position as a senior accountant for a hospital, as in my current position, it is important to analyze cash flows, including any changes in equipment or receivables due to Medicare reimbursement rates in order to get an idea of how operational changes will affect the hospital’s overall liquidity. The module also allowed for additional automation and AI assistance when it comes to preparing a financial statement, which also addressed Outcome 7 by demonstrating how technology and alternative data sources are used to improve efficiency and accuracy.
One of the most important things I will take from this course is a comprehensive understanding of accounting for pensions and postretirement benefits. Long-term liabilities and benefits are a crucial part of understanding a company’s health care finance, as the liabilities and current year expense of employee benefits that are expected to be paid in the future can be expected to show up on both the balance sheet and potentially future cash flows. Learning how defined benefit plans are accounted for differently in the U.S. GAAP and under IFRS (ASC 715) will be beneficial in assisting me in my career goals of reaching the level of controller for hospital accounting. I now have a much greater understanding of the importance of understanding actuarial assumptions, prior service costs, as well as gains or losses that go through OCI. I can apply this to the rest of my career by not only having the confidence and competence to read the disclosure notes to pension plans on financial statements and effectively use that information, but also be more well rounded in my compliance and analytical skills for internal and external reporting.
In conclusion, this course was able to really bring together many advanced accounting topics (investments, leases, deferred taxes, and equity transactions) and really cement in what ethical and accurately representing financial reporting means.
-Alisa
References
Spiceland, J. D., Nelson, M. W., Thomas, W. B., & Winchel, J. (2023). Intermediate accounting (11th ed.). McGraw Hill.