ACC 205 - Intermediate Accounting I

4 Credit Hours

This course provides an in-depth study of financial accounting topics including the conceptual framework for financial reporting and accounting principles, financial statement preparations and analysis, compound interest, annuities and present value, cash, receivables, and inventory valuations, property, plant and equipment, depreciation, and amortization of intangible assets.

Prerequisite(s): ACC 110, COM 121 or COM 122 Strongly recommended: ACC 220

Semesters Offered: Fall

RATIONALE OF COURSE

Students’ basic financial accounting knowledge is broadened as more complex problems are solved and current trends and specialized topics are introduced. Emphasis is placed on preparation for advanced study and professional examination. The students will gain proficiency in handling practical applications of accounting theory.

COURSE COMPETENCIES

Describe the complex environment of financial accounting and the role of the major policy-setting bodies in the standard-setting process.
Describe how the conceptual framework is used in the application of the basic principles of accounting.
Prepare a multiple-step income statement and a statement of retained earnings.
Prepare a classified balance sheet.
Solve present and future value problems for single sums and annuities.
Identify the complex issues in accounting for cash and receivables.
Recognize the differences in inventory valuation methods.
Apply the lower of cost or market to inventory.
Determine the cost of property, plant and equipment at, and subsequent to acquisition.
Compute and contrast depreciation and depletion for whole and partial periods.
Explain the complex issues in accounting for intangible assets.
Communicate results of financial accounting issues and analysis in a clear, concise written format.
Analyze and solve intermediate accounting problems using spreadsheet software.