Course Abstract Details

ACCT-201, Intermediate Accounting 1

Credits: 4

Course Description

ACCT-201, Intermediate Accounting I, involves a thorough study of accounting theory and the conceptual framework project. This course provides an in-depth review of financial statement preparation with an emphasis on disclosure. Topics include time value of money; cash; receivables; inventory valuation; acquisition, disposition, and depreciation methodologies of property, plant, equipment, and intangible assets; and revenue recognition. Prerequisite: ACCT 102. Four hours lecture each week. Four credits. Four billable hours. Offered Fall term only.

Course Objectives and Grading Information

Course Objectives:  Upon completion of this course, the student will be able to: 

1. Understand issues relating to accounting standards and its environment. (ACCT PG 4) 

2. Describe the FASB's efforts in constructing a conceptual framework. (ACCT PG 4) 

3. Describe and apply various basic assumptions and principles of accounting. (ACCT PG 4) 

4. Prepare financial statements in accordance with GAAP. (ACCT PG 3) 

5. Solve problems relating to the time value of money. (ACCT PG 4) 

6. Explain accounting issues relating to the recognition and valuation of receivables and their placement in the financial statements. (ACCT PG 4) 

7. Solve problems involving the valuation of inventory. (ACCT PG 4) 

8. Explain the major characteristics of property, plant, and equipment and the accounting issues involved in valuation, depreciation, and disposal. (ACCT PG 4) 

9. Describe the major characteristics of intangible assets and the accounting issues involved in valuation, amortization, and disposal. (ACCT PG 4) 

10. Explain and apply revenue recognition principles. (ACCT PG 4) 

11. Demonstrate quantitative literacy by using accounting models to define, represent, and solve mathematical problems. (ACCT PG 1, GE GOAL 3) 

12. Use critical thinking to analyze financial transactions. (ACCT PG 2, GE GOAL 2)

Learning Goals

The abbreviations in parentheses represent Learning Goals which have been identified for this course and program of study:

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