Intermediate Accounting I

Catalog description

The course involves an intermediate study of external financial reporting for a commercial merchandising enterprise. Emphasis is placed on understanding the four (or five) financial statements presented in an audited set of financial statements, including an in-depth examination of earnings per share and the statement of cash flows. Financial reporting guidance related to measurement attributes, cash, receivables, and merchandise inventory are examined in detail. Students are required to begin to use the Financial Accounting Standards Board Codification as a research tool for problem solving. Students are also required to demonstrate computer spreadsheet skills for assessing and solving problems in unstructured business settings. P: A grade of "C" or better in both ACC 201 and ACC 202 ; Junior standing; or approval of department chair.