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.
Athena Title
Intermediate Accounting I
Equivalent Courses
Not open to students with credit in ACCT 5000, ACCT 7000
Non-Traditional Format
This course will be taught 95% or more online.
Prerequisite
ACCT 2101 or ACCT 2101E or ACCT 2101H
Grading System
A - F (Traditional)
Student Learning Outcomes
By the end of this course, students will be able to understand the economic and regulatory environment's effect on accounting.
By the end of this course, students will be able to understand the conceptual framework underlying financial accounting.
By the end of this course, students will be able to understand the accounting information system.
By the end of this course, students will be able to understand primary financial statements.
By the end of this course, students will be able to understand time value of money.
By the end of this course, 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
