Carroll Community College

ACCT-201, Intermediate Accounting 1

Credits: 4

Course Description

Intermediate Accounting 1 involves a thorough study of accounting theory as well as the following specific topics: present value analysis, cash, receivables, inventories, property, plant and equipment, intangibles, current liabilities, and revenue recognition. Emphasis is placed on financial statement preparation and disclosure. 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.

2. Describe the FASB's efforts in constructing a conceptual framework.

3. Describe and apply various basic assumptions and principles of accounting.

4. Solve problems relating to the time value of money 

5. Identify items considered cash and accounts receivable, explain accounting issues relating to the recognition and valuation of receivables and placement in the financial statements.

6. Identify the major issues involving inventories and demonstrate an ability to solve problems in this area.

7. Understand the major characteristics of property, plant and equipment, and the accounting issues involved in valuation, depreciation and disposal and demonstrate ability to solve problems in this area.

8. Describe the revenue recognition principles and the issues and methods involved in revenue recognition and demonstrate ability to apply the principles in solving problems.

9. Account for current liabilities and contingencies.