Description: An in-depth study of financial accounting theory and practice. The first of a three-course intermediate sequence, this course is intended for the student who requires more than principles level accounting coverage.
Prerequisites: Prerequisite: a grade of C or higher in ACCT 251 and ACCT 252, and a pre-major or major or minor or certificate student in a College of Business program; or admission to the MPA program.
Credits: (5)
Learner Outcomes: Upon successful completion of this course, the student will be able to:
Demonstrate intermediate-level competency in practicing all phases of the accounting cycle.
Demonstrate intermediate-level competency in the accounting for specific topics designated for this first of a three-course intermediate sequence. These topics are:
The demand for and supply of financial accounting information
Financial reporting: its conceptual framework;
Review of a company’s accounting system;
The balance sheet and statement of shareholders’ equity
The income statement and the statement of cash-flows;
Time value of money;
Cash and receivables;
Inventories: cost, measurement and cost flow assumptions;
Inventories: special valuation issues.
Identify ethical dilemmas that likely will confront the accounting professional.
With reference to the topics listed in outcome two above, demonstrate intermediate-level competency in the application of U.S. accounting standards and the integration of international accounting standards.