Intermediate Accounting IBack to Course Guide
The course emphasizes financial accounting concepts and theory; analysis of various classes of assets and current liabilities; and, preparation of financial statements to comply with Generally Accepted Accounting Principles.
PREREQUISITE: ACC2112 or the equivalent.
UPON COMPLETION OF THE COURSE, THE STUDENT WILL BE COMPETENT IN:
- Understanding the financial accounting environment, cash versus accrual basis accounting, development of financial accounting standards, and the conceptual framework.
- Identifying differences between U.S. GAAP (Generally Accepted Accounting Principles) and IFRS (International Financial Reporting Standards).
- Demonstrating knowledge of the basic accounting process system, including analyzing and recording transactions.
- Accounting for the composition of cash and cash equivalents.
- Accounting for the valuation and the related income statement effects of transactions involving accounts and notes receivable.
- Evaluating periodic and perpetual inventory systems.
- Accounting for a variety of inventory methods, including FIFO, LIFO, weighted-average, dollar value LIFO, retail, and gross profit methods.
- Applying the rules for reporting inventory at lower-of-cost-or-market and determining market value.
- Accounting for the acquisition and disposition of property, plant assets, and equipment.
- Accounting for nonmonetary exchanges of similar and dissimilar plant assets.
- Accounting for self-constructed plant assets and interest capitalization.
- Calculating depreciation and amortization using different cost allocation methods.
- Accounting for intangible assets and amortization.
- Applying time value of money concepts to solve a variety of present value and future value problems.
- Analyzing the complexities of revenue recognition including the accounting for long-term construction contracts.
- Preparing a classified balance sheet in good form.
- Preparing a multiple step income statement and determining whether items presented should be reported under income from continuing operations or as separately reported items (e.g., extraordinary items, discontinued operations, etc.).
- Analyzing accounting transactions to determine their effect on the statement of cash flows and properly categorizing the transactions as either operating, investing, financing, or non-cash investing and financing activities.
- Determining financial statement disclosure requirements for all topics covered in the course.