ACCT 3250 - Intermediate Accounting I

Description

Accounting theory and practice related to preparation and presentation of financial statements in accordance with GAAP. Topics include the conceptual framework, accounting standards, the accounting process, time value of money, and most assets. (3-0-3)

Learning Objectives

• Explain and illustrate the features of an accounting information system
• Identify the components of the Accounting Conceptual Framework and apply them to various accounting scenarios, applications, and procedures
• Analyze the effects of transactions and events on an entity's financial condition, and apply Generally Accepted Accounting Principles (GAAP) to account for transactions
• Apply GAAP concepts to construct single-step and multiple-step income statements, including irregular items
• Apply GAAP concepts to construct a classified balance sheet
• Apply GAAP concepts to construct a statement of cash flows
• Perform present value and future value measurements
• Explain and apply financial reporting issues for cash, accounts receivable, and inventory