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: 1) Understand the concepts of accrual accounting and Generally Accepted Accounting Principles; 2) Perform all steps of the accounting cycle, with emphasis on adjustments; 3) Construct and analyze the Balance Sheet and Income Statement; 4) Account for the following asset groupings on the balance sheet: cash, receivables, inventories, and long-term assets.