Intermediate Financial Accounting I – acc421 (3 credits)
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.
The Accounting Environment
- Explain the purpose of accounting and financial reporting for the business community.
- Apply accounting concepts to business situations.
- Identify the roles and hierarchy of the various accounting governing bodies.
- Identify the key components of the accounting cycle.
Income Statement and Revenue Recognition
- Explain the purpose and components of the income statements.
- Prepare single- and multiple-step income statements.
- Apply the guidelines for revenue recognition to various business situations.
Balance Sheet and Full Disclosure
- Explain the purpose and components of the balance sheet.
- Prepare a balance sheet in both account and report form.
- Explain the need for full disclosure and the items included in the notes to financial statements.
- Perform basic financial analysis using ratios.
Statement of Cash Flows
- Explain the purpose and components of the statement of cash flows.
- Prepare a statement of cash flows using the direct and indirect methods.
Time Value of Money
- Explain time value of money and when it is appropriate to use present or future values in accounting.
- Calculate present and future values.
The University of Phoenix reserves the right to modify courses.
While widely available, not all programs are available in all locations or in both online and on-campus formats. Please check with a University Enrollment Representative.
Transferability of credit is at the discretion of the receiving institution. It is the student’s responsibility to confirm whether or not credits earned at University of Phoenix will be accepted by another institution of the student’s choice.