ACCT 2321 - Intermediate Accounting I

3 sem hrs cr

This course is an in-depth study of the conceptual framework of accounting theory and the preparation of financial statements and financial disclosures. Topics may include income measurement and profitability analysis, time value of money, cash and receivables, measurement and valuation of inventory and cost of goods sold, and accounting for plant assets and intangibles. This course is not equivalent to similar 3000 or 4000 level courses at a University. Prerequisite: ACCT 1020  

In rare and unusual circumstances, a course prerequisite can be overridden with the permission of the Department Lead for the discipline. 

This course may include proctored exams which must be completed on campus or at an instructor approved proctoring center which may require additional costs to the student. Please consult your instructor for additional details. Formerly/Same As (Formerly ACCT 2010, ACT 2510)

Transfer (UT) or Non-Transfer Course (UN): UN

• Describe the role of the FASB and various governmental and professional organizations in developing accounting standards and principles
• Explain the pillars and importance of the conceptual framework
• Describe the accounting process
• Prepare a Balance Sheet, Income Statement, Statement of Equity and Cash Flow Statement
• Describe the various estimating techniques used for preparing adjusting entries
• Understand the rules governing the recognition of revenue at a single point in time versus a period of time
• Apply the steps in determining revenue recognition when dealing with special issues
• Understand the distinction between cash and cash equivalents
• Properly apply estimates in determining potential bad debt write-offs
• Understand the application of receivable factoring and its impact on reporting
• Explain the various cost application and valuation methods used in inventory reporting
• Properly determine the value of individual assets when purchasing in “bundles” or self-constructing
• Properly apply accounting rules and principles when changing depreciation estimates or revaluing non-current assets
• Understand the proper calculation and reporting regarding of loss contingencies
• Use present value concepts to determine reportable amounts of future cash flows
• Analyze financial information and make appropriate recommendations based upon that analysis