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Accounting 201: Intermediate Accounting I
December 2013 – December 2022.
Upon successful completion of the course, students will be able to: describe the uses and application of financial accounting, the GAAP, and IFRS principles and provide examples for demonstration purposes; analyze specific environmental and theoretical structures affecting financial accounting: economic cost concepts, source documents, technology in accounting, ethics in accounting, and users of financial accounting statements; outline the components of the balance sheet, demonstrate the components of the income statement, and differentiate between the seven forms that an income statement can take; evaluate cash flows and the time value of money, incorporating the statement of expected cash flow using the correct formatting, net present value (NPV), and annuities; demonstrate their understanding of accounts receivables by performing the calculations for the maturity date as well as the amount of interest charged on the note; discriminate among the various factors affecting the need for controls in accounting and distinguish between variations in the recording of business transactions; demonstrate an understanding, with the aid of relevant examples, of the need for forecasting, break-even analysis, and cost accounting, in managerial decision making; summarize the six main financial ratios, the role played by each in global capital markets, and evaluate the effect of the ratios on decision making in the strategic/managerial planning process.
The course is self-paced, and instruction is delivered through online video and text lessons. Students are assessed through quizzes and a proctored final exam. Topics include: overview of financial accounting; preparing accounting reports; preparing a balance sheet; disclosure requirements for balance sheets; preparing an income statement; evaluating cash flows and time value of money; cash flow statements: direct and indirect; preparation of cash and receivables; systems and controls in accounting; inventory process in accounting; business transactions in accounting; financial accounting and management; financial ratios and business applications.
In the lower division baccalaureate / associate degree category OR in the upper division baccalaureate degree category, 3 semester hours in Intermediate Accounting (12/17).