ACCT 201 - Intermediate Accounting I

1. Examine and apply ethical concepts and guidelines to the accounting profession.
2. Define and describe the objectives of financial reporting and statements, the conceptual framework and generally accepted accounting principles, including revenue and expense recognition and income measurement and reporting.
3. Define, discuss and apply the accrual and cash bases of accounting.
4. Interpret, calculate, and prepare journal entries using time value of money concepts for accounting-related situations.
5. Define and discuss the elements of management and internal control of cash including journal entries, valuation and balance sheet presentation.
6. Define the various types of receivables, calculate valuation for balance sheet presentation using allowance or direct write-off methods, and journalize related entries.
7. Calculate and journalize the sale and assignment of receivables and the valuation and discounting of notes receivable.
8. Describe the nature of inventories; calculate and journalize inventory cost valuations using FIFO, LIFO, and weighted average, and specific identification methods for periodic or perpetual records. Calculate estimates of inventory using the various forms of the retail method and the gross profit method, and calculate and journalize entries needed to present inventory using the lower of cost or market convention.
9. Discuss the nature of plant assets; define and calculate the cost of plant assets including those self-constructed; determine when to capitalize expenditures; and calculate and journalize entries needed for acquisition, depreciation, and disposal of plant assets.
10. Define depreciation, calculate it using standard methods, discuss factors in estimation life of a plant asset, and discuss the effect on management decisions and cash flow.
11. Define, calculate, and journalize entries needed for the depletion of natural assets.
12. Define, calculate, and prepare journal entries for the acquisition and amortization of various intangible assets.
13. Define, calculate and prepare journal entries for current and contingent liabilities.
14. Define, differentiate and prepare journal entries for basic correction of errors.
15. Define cash and cash equivalents in relation to the statement of cash flows. Prepare a statement of cash flows using both direct and indirect methods.
16. Communicate effectively using correct Standard English, both orally and in writing by completion of papers, projects and/or presentations.

• Accounting Ethics
• Accounting Management Controls
• Financial Statements
• Long-term Asset Acquisition, Disposal, and Depreciation
• Accrual Accounting
• Correction of previous entries
• Cash Based Accounting
• Analysis of accounting Information
• Inventory Methods

 
Course Addendum - Syllabus (Click to expand)