Intermediate Accounting 1

Introduction

Welcome to my virtual study room! It is a pleasure to have you in my blog. I will try to post everything I know about accounting. You will spend a lot of time studying independently, viewing video lectures, reading course materials, and completing assignments. Therefore, it is crucial to develop and practice conscientious study habits. I am here as your instructor and resource, so please ask questions! Also, your fellow classmates can be a useful resource as well, so be sure to visit and comment frequently.

This course in financial accounting expands on topics introduced in earlier financial accounting courses such as cash, receivables, inventory, long-term assets, etc. Additional topics in the accounting conceptual framework, current financial reporting issues, investments, and IFRS are also covered. Materials focus on transferring to CSU. May be used as credit to sit for the Uniform CPA examination.

Learning Outcomes:

• Describe the purpose of accounting and the role of accountants; apply the assumptions and principles of the accounting conceptual framework in recording and interpreting financial data.
• Prepare comprehensive financial statements and footnote disclosures in accordance with generally accepted accounting principles, using in-depth analysis to report complex transactions.
• Define the characteristics of cash and receivables and perform primary cash and receivables functions.
• Distinguish inventoriable costs and their valuation and estimation methods; account for investments in debt and equity securities.
• Identify acquisition costs, costs subsequent to acquisition, and disposals for property, plant, and equipment. Also, calculate depreciation using a variety of depreciation and depletion methods.
• Explain the various types of intangible assets, their recognition, impairment, and related current issues.