AC303 Intermediate Accounting I (3 cr.)

Prerequisite(s): AC301  
This course is a comprehensive study of financial accounting theory. Topics include the formation of Generally Accepted Accounting Principles (GAAP), financial statement presentation and valuation, revenue recognition concepts, time value of money, cash and marketable securities, accounts receivable, and inventories.

Upon completion of this course, students are expected to be able to do the following:

1. Assess the environment of financial reporting and rule making.
2. Recognize the relationship among the objectives of financial reporting and decision making.
3. Prepare and interpret financial statements and disclosure according to GAAP including the balance sheet, income statement, statement of stockholder equity, and the statement of cash flows.
4. Calculate and determine the appropriate value of reporting current assets.
5. Compute ending inventory and cost of goods sold under multiple inventory valuation methods including dollar value LIFO and lower of cost or market methods.
6. Study the codes of ethics for various accounting professional organizations.
7. Recognize various types of computer software and relate the importance to financial reporting and decision making.
8. Know the requirement of the accounting profession concerning continuing professional education (CPE) and certifications (CPA, CIA, CMA, etc.).