ACC 321 Intermediate Financial Accounting I (3)
Accounting process and the application of GAAP to the recognition and measurement of cash, receivables, inventories, property plant and equipment, depreciation and depletion, intangibles, and current liabilities.
Pre: 202.
A minimum of at least C- or better is required
Subjects:
- The environment of financial reporting including: a discussion of the CPA exam, the requirement of CPA license, the location of the KPMG Accounting Research Center at CBA and SOA Bulletin Board, accounting as a career choice
- Introduction of accounting certificates (i.e., CPA, CMA, CIA, CISA, etc.) and accounting associations (i.e., HSCPA, IRA, AGA, ASWA, IIA, etc.)
- The accounting model
- Financial reporting: its conceptual framework
- Introduction of FARS (Financial Accounting Research Systems)
- Balance Sheet
- Income Statement
- Statement of cash flows
- Statement of changes in shareholders equities
- Cash and receivables
- Inventories: cost measurement and flow assumption
- Inventories: special valuation issues
- Property, plant and equipment
- Depreciation and depletion
- Intangibles
- Current liabilities and contingencies