I. General Information
1. Course Title:
Intermediate Accounting I
2. Course Prefix & Number:
ACCT 2121
3. Course Credits and Contact Hours:
Credits: 4
Lecture Hours: 4
Lab Hours: 0
4. Course Description:
This course is an in-depth study of financial accounting theories, concepts, and practices. It provides a review of the accounting process, the conceptual framework of accounting, and the financial statements. In addition, topics that will be covered in detail include cash and receivables, inventories, property, plant and equipment, intangible assets, and current liabilities.
5. Placement Tests Required:
6. Prerequisite Courses:
ACCT 2121 - Intermediate Accounting I
All Credit(s) from the following...
| Course Code | Course Title | Credits |
| ACCT 2012 | Accounting Principles II (Managerial) | 4 cr. |
8. Prerequisite (Entry) Skills:
Application of basic foundational knowledge of generally accepted accounting principles.
9. Co-requisite Courses:
ACCT 2121 - Intermediate Accounting I
There are no corequisites for this course.
II. Transfer and Articulation
1. Course Equivalency - similar course from other regional institutions:
|
Name of Institution |
Course Number and Title |
Credits |
|
St. Cloud State University |
ACCT 381 – Intermediate Accounting I |
3 |
|
Bemidji State University |
ACCT 3201 – Intermediate Accounting I |
3 |
|
North Dakota State University |
ACCT 311 – Intermediate Accounting I |
4 |
III. Course Purpose
1. Program-Applicable Courses – This course fulfills a requirement for the following program(s):
|
Name of Program(s) |
Program Type |
|
Accounting |
AAS |
IV. Learning Outcomes
1. College-Wide Outcomes
| College-Wide Outcomes/Competencies |
Students will be able to: |
| Demonstrate written communication skills |
Apply writing skills in the preparation of a resume and portfolio using GPS Life Plan tools. |
| Analyze and follow a sequence of operations |
Classify, record and report business assets, liabilities and stockholder’s equity according to GAAP. |
| Work as a team member to achieve shared goals |
Understand, prepare and use financial information by linking accounting education with the “real-world” accounting environment. |
2. Course Specific Outcomes - Students will be able to achieve the following measurable goals upon completion of
the course:
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Expected Outcome
|
MnTC
Goal Area
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identify and explain the basic steps in the accounting process including analyze transactions, record journal entries, complete year-end adjusting and closing entries
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describe the specific elements of the balance sheet, prepare a balance sheet with assets and liabilities properly classified and understand the major limitation of the balance sheet
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describe the specific components of an income statement, explain how income is measured including the revenue recognition and expense-matching concepts
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outline the structure of and information reported in the three main categories of the cash flow statement using both the direct and indirect method and prepare a complete statement of cash flows and provide the required supplemental disclosures
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explain the procedures for recording revenues and long-term debt
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Understand, prepare and use financial information by linking accounting education with the “real-world” accounting environment.
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Understands the fundamentals of accounting and financial reporting to ensure that the accounting system will be continually developed and improved.
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Learn how to use accounting facts and procedures in various business contexts.
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Utilize authoritative research using Financial Accounting Research System (Codification of GAAP)
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Basic understanding of International Financial Accounting Standards (IFRS).
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Identify career opportunities related to accounting and financial reporting and understand the importance of personal ethics in the practice of accounting.
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Develop a resume and portfolio on the GPS LifePlan website
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Understand the significance of the FASB’s conceptual framework in outline the qualities of good accounting information, defining terms such as asset and revenue, and providing guidance about appropriate recognition, measurement and reporting.
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Recognize the importance of the notes to the financial statements, and outline the types of disclosures made in the notes.
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Analyze a company’s performance and financial position through the computation of financial ratios.
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Time Value of money calculations
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Define fair-value measurement, describe the valuation concepts used in determining fair value and identify where fair values are used in the financial statements.
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V. Topical Outline
Listed below are major areas of content typically covered in this course.
1. Lecture Sessions
- 1. Financial Accounting and Accounting Standards
a. Financial statements and financial reporting
b. Parties involved in standard setting
c. Generally accepted accounting principles
d. Issues in financial reporting
- 2. Conceptual Framework underlying Financial Accounting
a. The need for and development of a conceptual framework
b. Basic objectives
c. Fundamental concepts (qualitative characteristics)
d. Recognition and Measurement concepts
- 3. The Accounting Information System
a. Basic terminology, debits and credits, accounting equation, ownership structure
b. The accounting cycle
c. Cash basis versus accrual basis accounting
d. Using a worksheet for the accounting cycle
- 4. Income Statement and Related Information
a. Income statement usefulness and limitations
b. Format of the income statement
c. Reporting irregular items
d. Special reporting issues
- 5. Balance Sheet and Statement of Cash Flows
a. Usefulness, limitations & classification of the balance sheet
b. Additional information reported regarding contingencies, accounting policies, contractual situations and fair value adjustments.
c. Techniques of disclosure
d. Purpose, content, format, preparation and usefulness of the statement of cash flows
e. Ratio analysis
- 6. Accounting and the Time Value of Money
a. Basic time value concepts
b. Present value and future value of single sum problems
c. Present value and future value of ordinary annuities and annuities due
d. Deferred annuities, valuation of long-term bonds and effective interest method
e. Using a BAPlusII Financial calculator
a. Management and control of cash
b. Restricted cash, bank overdrafts and cash equivalents
c. Recognition and valuation of accounts and notes receivables
d. Presentation and analysis of receivables
e. Cash controls and reconciliation of bank balances
- 8. Valuation of Inventories – A cost-basis approach
a. Inventory classification and control
b. Product and period costs included in inventory
c. Cost flow assumptions (FIFO, LIFO, Average, Specific identification, and Dollar-value LIFO)
- 9. Inventories: Additional valuation issues
a. Apply lower-of-cost-or-market
b. Valuation at net realizable value
c. Gross profit method of estimating inventory
d. Retail inventory method
e. Presentation and analysis of inventory
- 10.Acquisition and disposition of property, plant and equipment
a. Cost of Land, buildings, equipment, self-constructed assets
b. Valuation of deferred payment contracts, lump-sum purchases, and exchanges
c. Costs subsequent to acquisition – repairs and betterments
d. Disposition of plant assets by sale, trades and involuntary conversions
- 11.Depreciation, Impairments and depletion
a. Factors involved in the depreciation process and methods of depreciation
b. Recognizing, measuring, restoration and impairment of assets
c. Establishing a depletion base and write off of resource cost
d. Presentation and analysis of property, plant and equipment and natural resources
Income tax depreciation methods
a. Characteristics, valuation and amortization of intangibles
b. Research and development costs
c. Presentation of intangible assets
- 13.Current liabilities and contingencies
a. Definition and classifications of current liabilities
b. Gain and Loss contingencies
c. Presentation and analysis of current liabilities and contingencies