ACC 201 - Intermediate Accounting 1

 
Description
In this course, students explore the preparation and understanding of financial information and accounting theory and practice to gain an understanding of the framework of the United States Generally Accepted Accounting Principles (U.S. GAAP).  Students focus on the recognition of economic transactions utilized in preparation of financial statements. Related disclosures as they pertain to cash, receivables, inventory, property, plant and equipment are explored. The time value of money, depreciation and asset impairment are also discussed.

1. Identify those events that require recognition in the required financial statements by appraising finanical accounting theory in accordance with U.S. GAAP.
2. Quantify valid economic events by applying generally accepted valuation methods prescribed by U.S. and international accounting standards.
3. Apply U.S. GAAP required financial statements including related disclosures in compliance with the conceptual framework by correctly identifying, measuring, and reporting the financial statement elements.
4. Discuss the information in the financial reports for its predictive value to the decision making process of external users by identifying applicable stakeholder’s needs.
5. Evaluate information needed to solve business problems by critically analyzing and interpreting the information to make rational economic decisions.
6. Demonstrate the proper treatment of the acquisition, disposition and impairment of plant assets.

1. Review of the accounting process
2. Financial accounting environment
3. Conceptual framework of accounting
4. Financial statements
5. Cash
6. Receivables
7. Inventories
8. Plant and equipment
9. Depreciation, depletion and impairments
10. Intangible assets
11. Present value and the time value of money

Optional Topics:

1. Codification 

• Critical Thinking & Problem Solving
• Quantitative & Scientific Reasoning

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