ACCT 201 - Intermediate Accounting 1

Number of Credits: 4
Create financial statements with an emphasis on disclosure. Determine the time value of money. Analyze cash, receivables, and inventory valuation. Use acquisition, disposition, and depreciation methodologies to account for value of
property, plant, equipment, and intangible assets. Apply revenue recognition principles. Prerequisite: ACCT-102. Four hours lecture each week. Four credits. Four billable hours. Offered Fall term only. (Fall Term Only) Four hours lecture. Four Credits. Four billable hours.

Pre-requisite(s): ACCT 102.
Course Objectives: Upon successful completion of this course, students will be able to:
1. Describe issues relating to accounting standards, including the Financial Accounting Standards Board’s efforts to create a conceptual framework. (PG1)
2. Apply basic assumptions and principles of accounting.
3. Prepare financial statements in accordance with generally accepted accounting principles or GAAP. (PG6)
4. Solve problems relating to the time value of money and valuation of inventory.
5. Explain recognition and valuation of receivables, property, plant, and equipment and the effects of valuation, depreciation, and disposal. (PG3,5)
6. List major characteristics of intangible assets and the effects of valuation, amortization, and disposal.
7. Apply revenue recognition principles. (PG7)