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Course Outline - Intermediate Accounting 1

This course introduces intermediate accounting principles covering the accounting treatment of assets. It discusses the conceptual framework, financial reporting process, and accounting for cash, receivables, inventory, long-term assets, and other assets. The course outline includes topics such as the conceptual framework, the financial reporting process, accounting for cash and receivables, inventory costing methods, and accounting for long-term assets. Student performance will be evaluated based on quizzes, assignments, class participation, a midterm exam worth 40% and a final exam worth 30% of the final grade.

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2K views3 pages

Course Outline - Intermediate Accounting 1

This course introduces intermediate accounting principles covering the accounting treatment of assets. It discusses the conceptual framework, financial reporting process, and accounting for cash, receivables, inventory, long-term assets, and other assets. The course outline includes topics such as the conceptual framework, the financial reporting process, accounting for cash and receivables, inventory costing methods, and accounting for long-term assets. Student performance will be evaluated based on quizzes, assignments, class participation, a midterm exam worth 40% and a final exam worth 30% of the final grade.

Uploaded by

acctg2012
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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COURSE TITLE : INTERMEDIATE ACCOUNTING I

COURSE DESCRIPTION : This course introduces the nature, functions, scope, and
limitations of the broad field of accounting theory. It deals with the study of the theoretical accounting
framework objectives of financial statements, accounting conventions, and generally accepted accounting
principles , standard setting process for accounting practice, national as well as international principles
relating to the preparation and presentation of financial statements, the conditions under which they may
be appropriately applied, their impact or effect on the financial statements.. The course covers the detailed
discussion , appreciation, and application of accounting principles covering the assets, financial and non
financial. Emphasis is given on the interpretation and application of theories of accounting in relation to
cash, temporary investments, receivables, inventories , prepayments , long-term investments, property,
plant and equipment, intangibles, and other assets , including financial statement presentation and
disclosure requirements. The related internal control, ethical issues, and management of assets are also
covered.

COURSE OUTLINE :

1. Conceptual Framework Underlying Financial Accounting:

The need for a conceptual framework


Development of a conceptual framework
Basic objectives
Fundamental concepts
Qualitative characteristics
Basic elements.
Recognition and measurement
Basic assumption, basic principles and constraints.

2. The financial reporting process

Accrual-basis accounting (Revenue and expense reporting)


Accrual-basis vs. cash-basis accounting
Adjusting entries
Income statement
Stockholder’s equity
Balance sheet
Statement of cash flows

3. Cash and internal controls

Cash and cash equivalents


Cash controls
Bank reconciliation
Petty cash
Reporting cash
4. Receivables

Credit sales and accounting receivable


Net revenues
Allowance method
Accounting for notes receivable

5. Inventory and cost of goods sold

Inventory
Cost of goods sold
Inventory cost methods
Recording inventory transactions

6. Long-term Assets and Other Assets

Property, plant, and equipment


Intangible assets
Investments
Expenditures after acquisition of assets: capitalized and expense costs
Depreciation of property, plant, and equipment
Sale of long-term assets

Reference: https://www.iasplus.com/en/standards

Midterm Grade Computation


Class Standing
Quiz 30%
Assignment 20%
Class participation/recitation 20%
Midterm exam 30%
Tota
l 100%

Final Grade Computation


Midterm Grade 40%
Class Standing
Quiz 10%
Assignment 10%
Class participation/recitation 10%
Final Exam 30%
Tota
l 100%

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