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Intermediate Accounting I

Course Number: 
ACC-231
Minimum Credits: 
4
A two-semester introduction to the theory and practice of accounting which addresses financial reporting; conceptual framework; review of the accounting process; and preparation of accounting statements related to financial position (balance sheet), results of operation (income statement), and cash flow (statement of cash flows). Other Additional topics included in ACC 231 are time value of money; determination of cash and receivables; inventory measurement and flow assumptions; acquisition and disposal of property, land, and equipment; calculation and presentation of appreciation and depreciation; and measurement and reporting of intangibles. Additional topics included in ACC 232 are valuation of current and non-current liabilities; accounting for the entity?s equity; valuation of current and non-current investments; accounting for income taxes; accounting for leases; accounting for pensions and other post-retirement benefits; computation and presentation of earnings per share; and accounting for changes/errors. Upon completion of these courses, students will be able to: (1) recognize the ethical implications of accounting situations related to the topics discussed in each course; (2) apply the appropriate rules/procedures in preparing, analyzing, and interpreting financial statements, in particular as they apply to the topics covered each semester; (3) expand their understanding of accounting theory and the accounting framework as it applies to the topic areas discussed; (4) read and understand the precise accounting terminology appropriate to the operation of business entities; and (5) use financial statements to make more complex decisions related to the topical areas discussed each semester. Prerequisite: ACC 104 with a C- or higher, or permission.