Intermediate Accounting I

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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.



  • 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.


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