ACC 2101 Intermediate Accounting I
Development of accounting standards, conceptual framework of financial accounting. Review of the accounting cycle, preparation of income statement, statement of owner's equity, balance sheet, statement of cash flows and additional reporting issues. Time value of money, current asset and current liability accounting and reporting. It is strongly recommended that you complete ACC 1510 prior to registering for ACC 2101. However ACC 1510 may be taken concurrently.
Division: Business and Public Services
Repeatable Credit: No
Offered Online: No
Prereqs: ACC 1220
- Prepare an Income Statement, Balance Sheet, Statement of Cash Flows and the appropriate statement of owner's equity in good form according to GAAP emphasizing the reporting of current assets.
- Identify, define and describe practical applications of the concepts, principles and constraints that underlie financial accounting and reporting under GAAP (Generally Accepted Accounting Principles).
- Journalize and appropriately report transactions in the financial statements dealing with cash, marketable securities, receivables, inventory and current liabilities.
- Use basic accounting terminology and journalize and post daily transactions and perform end-of-year procedures through the reversing entries.
- Use correct terminology related to the time value of money, solve problems for present and future values, and apply time value of money concepts to relevant accounting transactions.
Credit Hours: 3
Classroom Hours: 3