Intermediate Accounting I
Intermediate Accounting I
Often referred to as ‘Intermediate Accounting,’ ACC 410A, B, and C cover a substantial portion of the U.S. accounting standards known as GAAP (generally accepted accounting principles). In particular, ACC 410A entails a more in-depth and detailed study of the principal financial statements, accounting concepts, revenue and expense recognition, and accounting for cash, receivables, and inventories.
- Explain the environment in which corporation operates, emphasizing events and other factors that determine generally accepted accounting principles.
- Analyze the objectives of general purpose financial statements (Balance Sheet, Income Statement, and Statement of Cash Flows), stressing articulation among statements, including discussion on qualitative characteristics, assumptions, concepts, elements, broad and detailed principles, and modifying conventions and disclosures.
- Discuss and apply accounting theory as it relates to revenue recognition in special situations such as long-term contracts, installment sales, franchises, and consignments.
- Apply generally accepted accounting principles for cash, its composition, balance sheet presentation including preparation of bank reconciliation and adjusting entries, and other internal control procedures for safeguarding cash.
- Compute estimated uncollectible accounts receivable the allowance method (balance sheet emphasis and income statement emphasis), prepare adjusting entry, and analyze the effects of the adjustment on the financial statements.
- Compute the ending inventory, cost of goods sold, and net income under the various alternative cost flow assumptions (FIFO, LIFO, Average – periodic and perpetual), and explain the reason for management choice among alternative methods.
- Explain the principle supporting the use of inventory valuation based on the lower-of-cost or market and its proper accounting application, compute of inventory under Dollar-Value-Lifo method and determine the rationale for the use of such method.
- Apply appropriate method to estimate ending inventory using gross profit method and retail inventory method.
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