ACC421 Intermediate Financial Accounting I
Course Description
This course examines the conceptual framework of accounting, including cash versus accrual accounting, the income statement and balance sheet, the time value of money, revenue recognition, statement of cash flows and full disclosure issues.
Topics and Objectives
The Accounting Environment
- Explain the overall accounting cycle.
- Apply accounting concepts to business situations.
- Identify the roles and hierarchy of the various accounting governing bodies.
Income Statement and Revenue Recognition
- Prepare single-and multiple-step income statements.
- Apply the guidelines for revenue recognition to various business situations.
Balance Sheet and Full Disclosure
- Prepare a balance sheet.
- Explain the need for full disclosure in financial reporting.
- Identify items included in the notes to financial statements.
- Perform basic financial analysis using ratios.
Statement of Cash Flows
- Prepare a statement of cash flows using the direct and indirect methods.
- Explain the importance of the statement of cash flows.
Time Value of Money (TVM)
- Calculate present and future values.
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