ACCT 2000 - Intermediate Accounting I

4 Credits
Prerequisites ACCT 1013

This course is part one of a two-part comprehensive study of accounting theory and concepts from the point of view of the Financial Accounting Standards Board (FASB) Statements of Financial Accounting Concepts, and the Statements of Financial Accounting Standards and generally accepted accounting principles (GAAP). Emphasis is placed on student understanding of the accounting cycle and complex accounting principles. Topics include creation and use of journal entries, end of period adjusting entrees, completion of the accounting cycle and production of income statements, changes in owner’s equity, balance sheets and cash flow statements. Other topics include cash and receivables, measurement and timing of revenues and expenses, and inventory measurement, methods and special valuation issues.

Learning Outcomes
Identify the elements within the financial statements and prepare accurate reports.

Identify internal controls within a business entity.

Demonstrate proficiency and understanding of the accounting cycle.

Identify and understand the relevance of financial statement notes and disclosures.

Demonstrate knowledge of cash flow reporting and analysis.

Measure and recognize fundamental and complex business transactions and understand their effects on the financial reports and on changes in owners? equity.

Define and understand the accounting principles and methods of GAAP.