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Intermediate Financial Accounting I
INTERM ACCT I
CLASS CODE: ACCTG 301 CREDITS:  3
DIVISION: BUSINESS & COMMUNICATION
DEPARTMENT: ACCOUNTING
GENERAL EDUCATION: This course does not fulfill a General Education requirement.

DESCRIPTION: This course builds upon the principles learned in Accounting 201 and 202. The course is designed to give students an in-depth introduction to financial accounting standards and the framework underlying those standards, the measurement and reporting of the elements of the financial statements, and the use of the time value of money concept in accounting. Students will be expected to demonstrate proficiency in applying technical concepts to selected homework problems. Students will also be expected to use the Financial Accounting Research System (FARS) database to research assigned case studies.
TAUGHT: Winter, Summer, Fall
CONTENT AND TOPICS:

  • Financial Accounting and Standards

  • Conceptual Framework Underlying Accounting

  • The Accounting Information System

  • Revenue Recognition

  • Income Statement and Related Information

  • Balance Sheet

  • Statement of Cash Flows

  • Accounting and the Time Value of Money

  • Cash and Receivables

  • Valuation of Inventories

GOALS AND OBJECTIVES:

  1. Learn and apply generally accepted accounting principles and concepts governing U.S. publicly traded companies.

  2. Students are presented two case studies during the course which help familiarize them with the Financial Accounting Research System (FARS) database.

  3. Develop written communication skills.

REQUIREMENTS: The course requires a thorough understanding of introductory and intermediate financial accounting principles and the application of such principles to assigned homework problems. Students are required to develop written responses to assigned research cases and to demonstrate understanding of course content through quizzes and examinations.
PREREQUISITES: ACCTG 202, and be accepted into upper division accounting course work.
OTHER: A Business/Financial Calculator is required for the course. Students are to know the basic Time Value of Money functions of a financial calculator.
EFFECTIVE DATE: August 2001