AC303 Intermediate Accounting I (3 cr.)

Prerequisite(s): BU300  
This course focuses on a comprehensive analysis 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. Students critically examine the principles of real-world financial analysis and reporting issues.

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

1. Assess the environment of financial reporting and rulemaking.
2. Use critical decision-making skills to meet the objectives of financial reporting.
3. Prepare financial statements and disclosure according to GAAP, including the disclosure requirements for the balance sheet, income statement, statement of stockholder equity, and the statement of cash flows. 
4. Examine the inventory process in accounting, ending inventory, and cost of goods sold under multiple inventory valuation methods, including dollar value LIFO and lower of cost or market methods. 
5. Examine the codes of ethics and theoretical frameworks for various accounting professional organizations.
6. Relate SOX and systems and controls in accounting by various types of accounting software to financial reporting and decision making. 
7. Know the requirement of the accounting profession concerning continuing professional education (CPE) and certifications (CPA, CIA, CMA, etc.).
8. Examine business data and apply financial ratios for analysis.