Intermediate Accounting Practice case studies
Intermediate Accounting Practice · Put your knowledge to work in context.
Intermediate Accounting Practice is a subject-matter examination covering the financial accounting topics that sit between introductory bookkeeping and advanced professional practice. It is aimed at candidates who already understand the accounting cycle-journal entries, adjusting entries, closing, and basic financial statement preparation-and who now need to work confidently with measurement, recognition, and disclosure rules for the major statement line items. Typical candidates include upper-level accounting students, candidates preparing for professional licensure or certification pathways, staff accountants moving into technical roles, and finance professionals who need to read and prepare statements rather than just review them. The exam is multiple choice and tests application, not recall alone: you will compute amounts, choose between acceptable treatments, and identify the correct presentation. The Intermediate Accounting Practice case studies are 5 cases and about 3,482 words.
1Software License, Implementation, Rebate, and Reseller Arrangement
Northwind Data Systems enters a three-year contract on 1 January 20X5. It promises a perpetual software license with a standalone selling price (SSP) of 900,000, implementation services with an SSP of 300,000, and post-contract support (PCS) with an SSP of 400,000.
716 words, about 4 min2Foundry Asset Group Impairment and Capitalized Maintenance
Vantage Castings Ltd. operates a single foundry asset group.
681 words, about 3 min3Warehouse Lease Commencement and Modification
On 1 January 20X5, Harbor Logistics enters a five-year lease for a warehouse. Annual fixed payments are 120,000, payable in advance each 1 January.
713 words, about 4 min4Current and Deferred Tax With Uncertain Tax Position
reports pre-tax book income of 2,400,000 for 20X5. Its book-tax differences are: municipal bond interest of 60,000; life insurance proceeds on a key executive of 150,000; warranty expense accrued of 90,000, of which 30,000 was paid in 20X5; tax depreciation of 400,000 versus book depreciation of 250,000; bad debt expense of 50,000 and write-offs of 35,000; and a 200,000 fine for an environmental violation.
726 words, about 4 min5Stock Split, Convertible Bonds, Options, and RSUs in EPS
reports net income of 1,800,000 for 20X5. On 1 January, 500,000 common shares were outstanding.
646 words, about 3 min