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Contents

ACCT 231 Intermediate Accounting I

In this course, students will study and review the foundations of accounting theory and preparation of classified financial statements. The concepts of future and present value and the effects of changing prices on financial reporting will be studied. Students will apply current accounting standards to account for cash, short-term investments, receivables, liabilities, income taxes, inventories, and property. The completion of a comprehensive practice set is required.

Credits

3

Prerequisite

ACCT 112

Hours Weekly

3

Course Objectives

  1. Define elements and prepare a for-profit entity’s income statement, balance sheet, statements of comprehensive income and changes in equity; make needed adjustments; and perform basic financial analysis.
  2. Apply accounting principles to account for cash, cash equivalents, and trade receivables and allowances.
  3. Apply accounting principles to account for inventory, Property, Plant, and Equipment (PPE) transactions and intangibles including Goodwill accounting.
  4. Compute and report current liabilities and other payables.
  5. Apply accounting principles to determine proper reporting of commitments and contingencies.
  6. Use technology in application and analysis of accounting principles and transactions.

Course Objectives

  1. Define elements and prepare a for-profit entity’s income statement, balance sheet, statements of comprehensive income and changes in equity; make needed adjustments; and perform basic financial analysis.

    This objective is a course Goal Only

  2. Apply accounting principles to account for cash, cash equivalents, and trade receivables and allowances.

    This objective is a course Goal Only

  3. Apply accounting principles to account for inventory, Property, Plant, and Equipment (PPE) transactions and intangibles including Goodwill accounting.

    This objective is a course Goal Only

  4. Compute and report current liabilities and other payables.

    This objective is a course Goal Only

  5. Apply accounting principles to determine proper reporting of commitments and contingencies.

    This objective is a course Goal Only

  6. Use technology in application and analysis of accounting principles and transactions.

    This objective is a course Goal Only