Accounting concepts, critical thinking skills, and techniques involved in the accounting process and the preparation of financial statements. Emphasis is on accounting for most assets. Financial statements from the perspective of both preparers and users, accounting standard-setting process, and economic consequences of accounting standards on a firm's stakeholders.
Additional Requirements for Graduate Students: A project, paper, or other additional assessment as determined by the faculty member each semester.
Athena Title
Intermediate Accounting I
Prerequisite
ACCT 2102 or ACCT 2102H or ACCT 2102E
Semester Course Offered
Offered every year.
Grading System
A - F (Traditional)
Student Learning Outcomes
Students will be able to understand the economic and regulatory environment's effect on accounting.
Students will be able to understand the conceptual framework underlying financial accounting.
Students will be able to understand the accounting information system.
Students will be able to understand primary financial statements.
Students will be able to understand time value of money.
Students will be able to understand the measurement and reporting of working capital assets (i.e., cash, receivables, and inventory).
Topical Outline
Foundations of Financial Reporting
A Review of the Accounting Cycle
The Balance Sheet and Notes to the Financial Statements
The Income Statement
The Statement of Cash Flows
The Revenue/Receivables/Cash Cycle
Complexities of Revenue Recognition
Cost of Goods Sold and Inventory: Identification and Valuation
