Intermediate Accounting 1
In-depth study of Generally Accepted Accounting Principles. Topics include the conceptual framework of accounting, financial statements and related disclosures, accounting for cash, receivables and inventories, asset acquisition, cost allocation and asset disposition. Fall only. Prerequisite: ACC102.
Subject Code: ACC
Course Number: 211
Credits: 3
Lecture Hours 3
Course Learning Outcomes:
1. Record business events in the accounting cycle utilizing tools such as worksheets, special journals or subsidiary ledgers.
2. Discuss standard contributors to Generally Accepted Accounting Principles (GAAP).
3. Explain the Financial Accounting Standards conceptual framework, including the various influences of GAAP (objectives of financial reporting, the qualities of useful accounting information, the accounting assumptions and conventions).
4. Prepare a classified balance sheet as found in an annual report.
5. Prepare a statement of stockholders equity.
6. Prepare a multistep income statement utilizing conceptual guidelines for reporting the major components.
7. Solve accounting problems using time value of money concepts.
8. Perform key financial statement analyses (horizontal, vertical and ratio).
9. Explain the concept of full disclosure in an annual report, including the effect on the audit opinion.
10. Explain reporting issues for assets (cash, receivables, inventory, fixed assets, and intangible assets).
11. Calculate inventory using various methods (gross profit, retail, first in first out, and last in first out).
12. Calculate depreciation or amortization using various methods for differing time frames.
Effective Term: Fall 2020
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