Intermediate Accounting I

A two-semester introduction to the theory andypractice of accounting which addresses financialyreporting; conceptual framework; review of theyaccounting process; and preparation of accountingystatements related to financial position (balanceysheet), results of operation (income statement),yand cash flow (statement of cash flows). OtheryAdditional topics included in ACC 231 are timeyvalue of money; determination of cash andyreceivables; inventory measurement and flowyassumptions; acquisition and disposal of property,yland, and equipment; calculation and presentationyof appreciation and depreciation; and measurementyand reporting of intangibles. Additional topicsyincluded in ACC 232 are valuation of current andynon-current liabilities; accounting for theyentity?s equity; valuation of current andynon-current investments; accounting for incomeytaxes; accounting for leases; accounting forypensions and other post-retirement benefits;ycomputation and presentation of earnings peryshare; and accounting for changes/errors. Uponycompletion of these courses, students will be ableyto: (1) recognize the ethical implications ofyaccounting situations related to the topicsydiscussed in each course; (2) apply theyappropriate rules/procedures in preparing,yanalyzing, and interpreting financial statements,yin particular as they apply to the topics coveredyeach semester; (3) expand their understanding ofyaccounting theory and the accounting framework asyit applies to the topic areas discussed; (4) readyand understand the precise accounting terminologyyappropriate to the operation of business entities;yand (5) use financial statements to make moreycomplex decisions related to the topical areasydiscussed each semester. Prerequisite: ACC 104ywith a C- or higher, or permission.