ACCT205C: Intermediate Accounting I

Category
Credits 4 Lab/Practicum/Clinical Hours 0 Lecture Hours 4
Search for Available CoursesRegister for This Course

A review of the overall accounting cycle, followed by an in-depth study of accounting concepts and FASB statements dealing with topics to include balance sheets, income statements, receivables, inventories, and cash flows.

Prerequisites

Students must pass all prerequisite courses with a grade of C or higher.
Learning Outcomes
  • Review the overall accounting cycle and in-depth study of accounting concepts and FASB statements, dealing with topics to include balance sheets, income statements, receivables, inventories, and cash flows.
  • Understand the meaning of generally accepted accounting principles and identify the major policy setting bodies and their role in the standards setting process.
  • Have a complete knowledge of the accounting cycle.
  • Possess the ability to develop and interpret all four financial statements with ease.
  • Understand the accounting principles used in recognition, measurement, presentation, and disclosure.
  • Identify and solve accounting topics where time value of money is relevant.
  • Understand accounting issues related to the recognition and valuation of accounts and notes receivable.
  • Comprehend the major cost flow assumptions used in accounting for inventories including dollar-value LIFO.
  • Determine the value of ending inventory by applying the lower of cost or market rule, applying the gross profit method and the retail inventory method.