ACC 231 - Intermediate Accounting I (3)

Prerequisite: ACC 104 with a C- or higher, or permission.

A study of accounting theory and procedure resulting in the preparation of financial statements of corporations. Additional topics include: time value of money; cash and receivables; inventory measurement and flow assumptions; acquisition and disposal of long-term assets; depreciation; and measurement and reporting of intangibles. Upon completion of this course, students will be able to:

Understand the concepts of accrual accounting and Generally Accepted Accounting Principles
Perform all steps of the accounting cycle, with emphasis on adjustments
Construct and analyze the Balance Sheet and Income Statement
Account for the following asset groupings on the balance sheet: cash, receivables, inventories, and long-term assets