ACCT 221 - Intermediate Accounting 1

Credits: 4
Lecture Contact Hours: 4
Description: This course further explores these accounting principles used by publicly traded companies, including the methods used to measure and report the financial transactions of corporations. The course focuses on the valuation of assets, such as cash and receivables, investments, inventory and operational assets, but will also include preparation of financial statements, review of financial disclosures and measurement of income and time value of money concepts.

Prerequisites: ACCT 202
Corequisites: None.
Recommended: None.

Course Category: Occupational
This Course is Typically Offered: Fall Only
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Course Competencies

Reconcile the differences between cash and accrual basis accounting.
Explain the current trends in the accounting standards setting process.
Explain the conceptual framework for accounting standards including: broad principles, basic assumptions, characteristics of accounting information and elements of financial statements.
Complete the accounting cycle for business transactions.
Prepare a Classified Balance Sheet, including disclosure requirements.
Calculate common liquidity, activity, profitability, and coverage ratios.
Prepare Income Statements, including disclosure requirements.
Compute other Comprehensive Income.
Determine proper use of time value of money concepts.
Apply current accounting principles to cash, cash equivalents, and receivables.
Apply current accounting principles to inventory.
Apply current accounting principles to operational assets.
Apply current accounting principles to investments.
Determine asset impairment.
Evaluate internal controls for cash.
Identify ethics violations.
Identify techniques for fair value measurement.