Intermediate Accounting Essentials Volume 2
ABOUT THE AUTHOR
He is a certified public accountant and certified risk analyst with an MBA degree from De La Salle University-Manila. He is a proud graduate of the University of the East-Manila with a BS Accountancy degree. He also holds Career Service Professional and Subprofessional Certificates issued by the Civil Service Commission. Mr. Rivera is a CPA reviewer in Financial Accounting and Reporting for Advanced Review Solutions. He is also the integrated reviewer in Financial Accounting and Reporting for De La Salle University, San Beda University, University of the East, and Far Eastern University-Makati. He is a former reviewer and professor at Far Eastern University-Manila, San Beda College Alabang, PSBA-Manila, CTD Review Center, and NRC Review Center. Moreover, Mr. Rivera is the financial and operations consultant for the KNC Group of Companies. Albert I. Rivera, MBA, CPA, CRA
2024 04-AC-00056-0 978-621-04-5164-1 BS in Accountancy
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CONTENTS
CONTENTS
Page v
Preface
CHAPTER 4 Liabilities ............................................................................................... 109 110 Lesson 1: Defining Terminology 112 Lesson 2: Recognition and Initial Measurement of Liabilities 125 Lesson 3: Subsequent Measurement, Derecognition, Presentation, and Disclosure CHAPTER 5 Stockholders’ Equity................................................................................. 153 155 Lesson 1: Defining Terminology 160 Lesson 2: Recording for Share Capital 177 Lesson 3: Recording for Retained Earnings and Dividends 182 Lesson 4: Disclosure and Presentation of Equity Accounts
vii
Features of the Book
CHAPTER 1 Property, Plant, and Equipment (PPE) and Other Related Noncurrent Assets viii 2 Lesson 1: Defining Terminology 6 Lesson 2: Recognizing Costs as PPE 14 Lesson 3A: Subsequent Measurement of PPE: Depreciation and Disposal 21 Lesson 3B: Subsequent Measurement of PPE: Valuation Models and Impairment 31 Lesson 4: Derecognition, Presentation, and Disclosure CHAPTER 2 Biological Assets ....................................................................................... 49 51 Lesson 1: Defining Terminology 53 Lesson 2: Recording Biological Assets 57 Lesson 3: Subsequent Measurement, Government Grants, and Presentation of Biological Assets CHAPTER 3 Intangible Assets ...................................................................................... 72 73 Lesson 1: Defining Terminology 75 Lesson 2: Recognizing Intangible Assets 85 Lesson 3: Subsequent Measurement, Derecognition, and Presentation of Intangible Assets
206 208
References
Index
iii
2025 Higher Education Learning Solutions for the Business and Accountancy Program 31
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