Intermediate Accounting I

The course provides an in-depth study of the theory, concepts, and procedures of financial accounting. It also focuses on accounting applications for assets and the valuation and measurement of related income items. The cash flow statement concepts are reviewed. Students are introduced to relevant United States Generally Accepted Accounting Principles and significant disclosures.

PREREQUISITE: ACC2112 or the equivalent.

UPON COMPLETION OF THE COURSE, THE STUDENT WILL BE COMPETENT IN:

• Defining elements and preparing a for-profit entity’s balance sheet; making needed adjustments; and performing basic financial analysis using appropriate technology (e.g., general ledger software, spreadsheet software/application).
• Defining elements and preparing a for-profit entity’s income statement; making needed adjustments; and performing basic financial analysis, including Earnings Per Share (EPS), using appropriate technology (e.g., general ledger software, spreadsheet software/application).
• Defining elements of and preparing a statement of comprehensive income and a statement of changes in equity using appropriate technology (e.g., general ledger software, spreadsheet software/application).
• Accounting for cash, cash equivalents, and trade receivables and allowances, and selecting and using appropriate technology in calculations, journal entries, roll-forward schedules, and reconciliations.
• Explaining basics of revenue accounting. Computing and recording revenue from a basic contract.
• Accounting for basic Property, Plant, and Equipment (PPE) transactions and reporting. Selecting and using appropriate technology in calculations, journal entries, roll-forward schedules, and reconciliations.
• Recalling basics of accounting for intangible assets, and selecting and using appropriate technology in calculations, journal entries, roll-forward schedules, and reconciliations.
• Classifying, measuring accounting for, and reporting investments in financial instruments using appropriate technology.
• Preparing journal entries to recognize equity transactions in the financial statements.
• Preparing a statement of cash flows under both methods allowed by Generally Accepted Accounting Principles (GAAP) and being able to adjust the statement as needed using appropriate technology (e.g., general ledger software, spreadsheet software/application), and demonstrating knowledge of individual transactions on the statement.