ACC 221 - Intermediate Accounting I

Offered FL
Lecture- 3 Lab- 2
4 credit hrs/5 contact hrs
Prerequisite: ACC 122 - Principles of Accounting II with “C” or better (2.0 out of a 4.0 scale)
Added development of accounting knowledge previously gained in the principles course. In‐depth study of the balance sheet, income statement, retained earnings statements, and cash flow statement. Other topics include: cash and temporary investments, receivables and short term prepayments, current liabilities, inventories (cost flow, special valuation, and estimating procedures), long‐term investments, plant assets, intangible assets, bonds and other longterm liabilities.

Student Learning Outcomes:
Describe the foundation of financial reporting, primary activities of a business, additional activities and common disclosures of a business and other dimensions of financial reporting. Analyze the development of accounting standards, organizations important to financial reporting, international accounting issues and the conceptual framework of accounting. Review the accounting cycle with accrual versus cash-base accounting. Analyze the balance sheet and notes to the financial statements. Analyze the income statement and the components of the income statement. Analyze aspects of the statement of cash flow and their importance in the accounting system. Understand the revenue recognition with long-term service contracts. Review the inventory and cost of goods sold using inventory information for financial analysis. Communicate business concepts, methods, and evidence clearly in written and spoken course requirements. Exhibit ethical/professional behavior in and out of the classroom in attendance, conduct, assignment completion, teamwork and constructive peer feedback.