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. Assets are covered in depth in the first course and liabilities are covered in the second
PREREQUISITE: ACC2112 or the equivalent.
UPON COMPLETION OF THE COURSE, THE STUDENT WILL BE COMPETENT IN:
• Understanding the financial accounting environment and the role of the conceptual framework in creating generally accepted accounting principles
• Illustrating the differences in cash versus accrual basis accounting.
• Identifying differences between U.S. GAAP (Generally Accepted Accounting Principles) and IFRS (International Financial Reporting Standards).
• Demonstrating the ability to analyze and record transactions while applying generally accepted accounting principles to major classes of transactions including: cash and cash equivalents, short term investments, accounts and notes receivables, property, plant and equipment, intangibles, and inventory.
• Explaining the steps of revenue recognition according to GAAP for various types of businesses.
• Preparing a multiple step income statement properly classifying income from continuing operations and those items requiring separate reporting under GAAP.
• Applying time value of money concepts to solve a variety of present value and future value problems relating to recording accounting transactions.
• Preparing a classified balance sheet in good form.
• Analyzing accounting transactions for their impact on the statement of cash flows
• Preparing a statement of cash flows
• Understanding the role of disclosures and the related GAAP requirements for presentation in the financial statements.