Intermediate Accounting Practice study plan

Build a one-page conceptual framework map linking objective, qualitative characteristics, elements, recognition, measurement, and disclosure, and state how each concept appears in a later domain.

Contrast the standard-setting process and the role of the conceptual framework versus a specific standard when guidance conflicts, using two constructed scenarios.

Trace the five-step revenue model from contract identification through satisfaction of performance obligations, writing the decision criteria for each step in your own words.

Distinguish over-time from point-in-time recognition and apply the criteria to three self-written fact patterns, including a construction-style contract with progress measurement.

Compute transaction price allocations across multiple performance obligations, covering variable consideration constraints, significant financing components, and noncash consideration.

Work through contract modifications, principal-versus-agent determination, and licensing arrangements by writing the decision path and two worked examples for each.

Reconcile revenue recognized over time using cost-to-cost and units-of-delivery methods and explain why the two methods diverge.

Build a bank reconciliation from a constructed list of book and bank items and prove the adjusted cash balance ties.

Apply the allowance method and direct write-off method to the same receivable data and quantify the difference in net income and net receivables.

Analyze a receivables sale or factoring arrangement and determine whether it is a sale or a secured borrowing, documenting the indicators used.

Compute ending inventory and cost of goods sold under FIFO, weighted average, and moving average in a perpetual system, and explain the income effect of each in a period of rising prices.

Apply lower-of-cost-or-net-realizable-value at the individual-item level and record the adjusting entry, distinguishing the cost-of-goods-sold and loss approaches.

Estimate inventory using both gross profit and retail inventory methods from constructed data and compare the resulting estimates.

Capitalize versus expense a list of 12 costs related to a self-constructed asset, including interest during construction, and justify each classification.

Compute depreciation under straight-line, sum-of-the-years'-digits, and double-declining-balance, including a mid-year acquisition and a change in estimate treated prospectively.

Differentiate intangible assets with finite and indefinite lives, and record amortization and impairment for each type, including internally developed versus acquired intangibles.

Apply the recoverability and fair-value tests for long-lived assets held for use, and the fair-value-less-cost-to-sell test for held-for-sale assets, to four constructed cases.

Classify investments as trading, available-for-sale, or held-to-maturity and record initial measurement, subsequent fair value changes, and realized gains on sale.

Apply the equity method to an investment with an acquisition premium, an investee loss, and a dividend, and reconcile the investment account balance.

Distinguish fair value through net income from fair value through other comprehensive income and state where each remeasurement lands in the financial statements.

Price a bond at issuance using present value of principal and interest, and amortize premium or discount under the effective interest method across at least four periods.

Record bond issuance costs, accrued interest, and the derecognition of a bond retired before maturity, including gain or loss computation.

Apply the lessee model: identify a lease, classify finance versus operating, measure the lease liability and right-of-use asset, and build an amortization schedule.

Explain the lessor's classification and measurement for sales-type and direct financing leases, and compute selling profit and unearned interest income.

Identify and measure current liabilities including contingencies, compensated absences, and asset retirement obligations, applying probable-and-estimable criteria.

Compute deferred tax assets and liabilities from a list of book-versus-tax differences, classifying each as temporary or permanent and as taxable or deductible.

Prepare the income tax expense reconciliation from pretax accounting income to taxable income and to the effective tax rate.

Assess valuation allowances on deferred tax assets using the more-likely-than-not standard and record the related change in assessment.

Handle operating loss carryforwards and the intraperiod allocation of tax expense across continuing operations, discontinued operations, and other comprehensive income.

Reconcile uncertain tax positions, including recognition and measurement of a tax benefit and the related interest and penalties.

Compute defined benefit pension expense components, including service cost, interest cost, expected return, amortization of prior service cost, and amortization of actuarial gains and losses.

Reconcile the projected benefit obligation and plan assets to the funded status and the recognized net asset or liability, including amounts in other comprehensive income.

Distinguish defined contribution from defined benefit accounting and from other postretirement benefit accounting in terms of measurement and risk borne.

Compute basic and diluted earnings per share, including the if-converted method for convertible securities and the treasury stock method for options, and rank potentially dilutive securities by antidilution effect.

Record share-based compensation for stock options and restricted stock, including forfeiture estimates and the treatment of excess tax benefits.

Prepare the statement of cash flows under the indirect method from a comparative balance sheet and income statement, classifying each adjustment as operating, investing, or financing.

Reconcile net income to operating cash flow and explain the treatment of noncash transactions, gains and losses on disposal, and equity-method income.

Compute and interpret liquidity, solvency, and profitability ratios, and state the limitation of each in a short written analysis.

Record treasury stock transactions under both cost and par value methods and compute the effect on total equity and earnings per share.

Complete a timed mixed-topic review and log every missed item with the underlying rule that was misapplied.