Intermediate Accounting I

Catalog description

This course focuses on the theoretical structure of financial accounting relevant to the presentation of financial information for use in decision making. Students learn the various forms of business, the accounting system, the accounting cycle, standard setting, the Generally Accepted Accounting Principles (GAAP), and the economic consequence on the users of financial statements. Topics include identifying, classifying and measuring assets, liabilities, equity, revenue, and expenses; recording these items; constructing financial statements; and the relationship between the income statement, balance sheet, statement of cash flows and statement of retained earnings. Students practice researching financial accounting issues using the Financial Accounting Standards Board (FASB) Codification Database. Prerequisite: BUS 212 Managerial Accounting.