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ACC211 - Intermediate Accounting 1
Catalog Description: In-depth study of Generally Accepted Accounting Principles. Topics include the conceptual framework of accounting, financial statements and related disclosures, accounting for cash, receivables and inventories, asset acquisition, cost allocation and asset disposition. Fall only. Prerequisite: ACC102.
Lecture: 3 hrs.
Course Learning Outcomes (CLOs):
Upon successful completion of this course as documented through writing, objective testing, case studies, laboratory practice, and/or classroom discussion, the student will be able to:
1. Perform the necessary steps in a full accounting cycle including the preparation of a worksheet, special journals and subsidiary ledgers.
2. Discuss the demand and supply of accounting information including the differences between internal and external users of accounting information, the meaning of Generally Accepted Accounting Principles (GAAP), the FASB accounting standards codification, the Financial Accounting Standards Board (FASB) operating procedures, the types of pronouncements issued by the FASB and the relationship between the Securities Exchange Commission (SEC) and the FASB and discussion of the International Financial Reporting Standards (IFRS) including the similarities and differences with GAAP.
3. Explain the FASB conceptual framework, the relationship among the objectives of financial reporting, the qualities of useful accounting information, the accounting assumptions and conventions that influence GAAP, and discuss the types of useful information for investment and credit decision making.
4. Describe the purposes and elements of a balance sheet, and how those elements are measured. Classify the assets and liabilities of a balance sheet, report stockholders' equity and its changes, understand other disclosure issues for a balance sheet and explain reporting techniques used in an annual report.
5. Explain the conceptual guidelines for reporting income, define the elements and major components of an income statement, compute income from continuing operations, discontinued operations, and net income, and prepare a statement of retained earnings and explain comprehensive income.
6. Compute and use the future value and present value of a single sum, an ordinary annuity, an annuity due and deferred annuity.
7. Describe an auditors' report and the disclosures in a segment report. Prepare horizontal and vertical analysis. Perform ratio analysis.*
8. Define cash and cash equivalents and various disclosures; estimate and record bad debts using a percentage of sales and an aging analysis, and explain pledging, assignment and factoring of accounts receivable; account for notes receivable including interest calculations, accruals, discounting and disclosures.
9. Explain the uses of the perpetual and periodic inventory systems. Identify how the economic substance of transactions affect inventory quantities, and how cost is determined. Compute ending inventory and cost of goods sold under different cost flow assumptions. Compute lower of cost or market and describe the related disclosure issues. Calculate inventory under the gross profit and the retail inventory methods. Describe the effects of inventory errors on financial statements.
10. Identify the characteristics and record the acquisition of property, plant and equipment. Appropriately record costs subsequent to acquisition and the disposal of property, plant and equipment.
11. Identify the factors involved in depreciation and explain the alternative methods of cost allocation, including activity and time-based methods, and the conceptual issues regarding depreciation methods including group and composite methods. Compute depreciation for partial periods; explain changes and corrections to depreciation. Understand and record depletion.
12. Explain the accounting alternatives for intangibles. Identify research and development costs, and explain the conceptual issues for research and development costs. Account for identifiable and unidentifiable intangible assets.
* This course objective has been identified as a student learning outcome that must be formally assessed as part of the Comprehensive Assessment Plan of the college. All faculty teaching this course must collect the required data and submit the required analysis and documentation at the conclusion of the semester to the Office of Institutional Research and Assessment.
1. Theory underlying Accounting Concepts and Principles; US Generally Accepted Accounting Principles; International Financial Reporting Standards.
2. Financial Statements - The Balance Sheet, Income Statement and Statement of Stockholder's Equity
3. Time Value of Money Concepts and Application
Effective Term: Spring 2018