Intermediate Accounting I

This course provides an in-depth study of the theory, concepts, and procedures of financial accounting. It also focuses on accounting applications for assets and the valuation and measurement of related income items. The cash flow statement concepts are reviewed. Students are introduced to relevant United States Generally Accepted Accounting Principles (US GAAP) and significant disclosures.

PREREQUISITE: ACC2112 or the equivalent.

UPON COMPLETION OF THE COURSE, THE STUDENT WILL BE COMPETENT IN:

• Defining elements and preparing a for-profit entity’s balance sheet; making needed adjustments; performing basic financial analysis including ratio analysis. 
• Defining elements and preparing a for-profit entity’s income statement; making needed adjustments, performing basic financial analysis including ratio analysis and assessing earnings quality.
• Defining elements of and preparing a statement of comprehensive income and a statement of changes in equity. 
• Accounting for cash, cash equivalents, and trade receivables and allowances, generating appropriate journal entries, roll-forward schedules, and reconciliations. 
• Explaining basics of revenue recognition and measurement accounting. Computing and recording revenue from a basic contract.
• Accounting for basic Property, Plant, and Equipment (PPE) transactions and reporting. 
• Selecting and using appropriate technology in calculations, journal entries, roll-forward schedules, and reconciliations. 
• Selecting and using appropriate technology in calculations, journal entries, roll-forward schedules, and reconciliations from accounting basics for intangible assets. 
• Classifying, measuring, accounting for and reporting investments in financial instruments using appropriate technology. 
• Preparing journal entries to recognize equity transactions in the financial statements.
• Preparing a statement of cash flows under both methods allowed by United States Generally Accepted Accounting Principles (US GAAP) and demonstrating knowledge of individual transactions on the statement.
• Evaluating artificial intelligence (AI) suggestions for compliance with US GAAP and other regulatory requirements for financial reporting.
• Applying an analytical model for ethical decisions in financial reporting such as earnings management, conflicts of interest, misrepresentation, professional competence, etc.

ACQUIRED SKILLS   

• Critical Thinking 
• US Generally Accepted Accounting Principles (GAAP)
• Time Value of Money Calculations
• Depreciation Calculations