Intermediate Financial Accounting I – acc421 (3 credits)
This course examines the conceptual framework of accounting, including cash versus accrual accounting, the income statement and balance sheet, the time value of money, revenue recognition, statement of cash flows, and full disclosure issues.
Explain the purpose and components of the balance sheet.
Prepare a balance sheet in both account and report form.
Explain the need for full disclosure and the items included in the notes to financial statements.
Statement of Cash Flows
Explain the purpose and components of the statement of cash flows.
Prepare a statement of cash flows using the direct and indirect methods.
Time Value of Money
Explain time value of money and when it is appropriate to use present or future values in accounting.
Calculate present and future values.
The Accounting Environment
Explain the purpose of accounting and financial reporting for the business community.
Apply accounting concepts to business situations.
Identify the roles and hierarchy of the various accounting governing bodies.
Identify the key components of the accounting cycle.
Income Statement and Revenue Recognition
Explain the purpose and components of the income statements.
Prepare single- and multiple-step income statements.
Apply the guidelines for revenue recognition to various business situations.
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