ACCT 2613: Intermediate Accounting I

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Subject:
Accounting
Credit hours: 3 Lecture hours: 3 Lab hours: 0
PCS code (Local ID):
Baccalaureate/Transfer
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Course Description
This course is a study of accounting theory relating to inventories, assets, current liabilities, and financial statements. The student will study adjustments, corrections of prior periods, present value applications, concepts of financial accounting and their impact upon financial statements, and uses of financial statements. Computerized activities will be required.
Prerequisite(s)

ACCT 1523

Topical Outline
  1. The Financial Reporting Environment
  2. Financial Reporting Theory
  3. Review of the Accounting Cycle
  4. Review of the Accounting Cycle
  5. Statements of Net Income and Comprehensive Income
  6. Statements of Financial Position and Cash Flows and the Annual Report
  7. Accounting and The Time Value of Money
  8. Revenue Recognition
  9. Short-Term Operating Assets: Cash and Receivables
  10. Short-Term Operating Assets: Inventory
  11. Long-Term Operating Assets: Acquisition, Cost Allocation, and Derecognition
  12. Long-Term Operating Assets: Departures from Historical Cost
  13. Operating Liabilities and Contingencies

At the end of this course, students will be able to:

  • Complete the accounting cycle and develop classified financial statements for stakeholders
  • Understand the theory and concepts of Financial Accounting standards compute present value calculations as they apply to financial accounting activities
  • Understand the concepts, theory, and accounting for assets, liabilities, and owners’ equity accounts