ACCT-213 Intermediate Accounting I

Credits 4 / 4 Contact Hours
Pre-requisite: Placement into College Level Reading, completion of ELAP-120 with a 2.0 or higher, or successful completion of ACRD-090, ACRD-091 or ACRD-092; ACCT-202 with a minimum 2.0 grade.
Intermediate Accounting I concentrates on financial accounting and reporting in accordance with generally accepted accounting principles. Topics include a review of principles of accounting and reporting accounting for most assets time value of money concepts and revenue recognition.

Course Outcomes
1. Provide useful financial information to users who are external to the business enteprise, particularly investors and creditors. 2. Review the fundamental accounting process used to produce the financial statements 3. Explain the balance sheet and financial disclosures and explore how this information is used by decision makers. 4. Consider important issues dealing with the content, presentation and disclosure of net income and other components of comprehensive income. 5. Review income measurement and profitability analysis. 6. Utilize time value of money concepts in various accounting situations. 7. Discuss the importance and treatment of cash and receivables. 8. Investigate the measurement and reporting issues of inventories and costs of goods sold. 9. Differentiate inventory estimation techniques, methods of simplifying LIFO, changes in inventory methods, and inventory errors. 10. Determine the valuation of date of acquisition and the disposition of property, plant and equipment. 11. Review the allocation of the cost of property, plant and equipment to the periods benefited by their use.