Intermediate Accounting I

Catalog description

This course is designed to assist students to understand, prepare, and analyze financial reporting for business enterprises. The course emphasizes on the foundation of financial concepts and their practical application. Topics discussed include accounting concepts, accounting information systems, preparation of financial statements, accounting for time-value of money, receivables, inventory, property, plant, and equipment, and intangible assets. Cases in ethics will be discussed to sensitize students to ethical situations encountered by practicing accountant. Moreover, a discussion of similarities and differences, with some application, between International Financial reporting Standards (IFRS) and US Generally Accepted Accounting Standards (GAAP) are incorporated in all topics covered in this course. Prerequisites: ACCT 201 .