Intermediate Accounting I

Catalog description

Prerequisites: Completion of ACT 221 Introductory Accounting I with a final grade of “C” or better. Completion of course ACT 222 Introductory Accounting II with a grade of “C” or better or concurrent enrollment of course ACT 222 Introductory Accounting II. Introduces financial accounting and the statements of financial accounting concepts; reviews the accounting cycle, development of income statement, statement of retained earnings, the balance sheet, time value of money concepts, accounting for current financial assets, inventory, plant assets, and intangible assets, and accounting for current and long-term liabilities.