Intermediate Financial Accounting

Catalog description

In this intermediate course, students build on the foundations established in an introductory accounting course. Students undertake an in-depth analysis of the asset side of the balance sheet. Key elements of this course are understanding the treatment in accordance with Generally Accepted Accounting Principles (GAAP) and International Finance Reporting Standards (IFRS) of cash, temporary investments, receivables, inventories, long-term investments, and capital assets. Also discussed are the accounting concepts underlying GAAP, with particular emphasis on the revenue recognition principle, as well as an introduction to some of the accounting issues underlying the form and content of the primary financial statements: the income statement, the statement of retained earnings, and the balance sheet.