ACCT 311

Intermediate Accounting I

4 Undergraduate credits
Effective August 22, 2015 – Present

Graduation requirements this course fulfills

This course is the first in a two course sequence (Intermediate Accounting I and Intermediate Accounting II) that provides for the preparation and understanding of financial information. Topics include accounting theory and practice, the conceptual framework of United States (U.S.) generally accepted accounting principles (GAAP), recognition of economic transactions, the preparation and analysis of financial statements and the related disclosures. Intermediate Accounting I focuses on the role of accounting as an information system and the measurement, recognition, presentation, and disclosure of economic transactions focusing on the following: basic financial statements, time value of money, cash and receivables, inventories, property, plant, and equipment, depreciation and impairment, and current liabilities and contingencies.

Special information

Note: Download the syllabus from the course D2L site and do the assignment for week one.

Learning outcomes

General

  • Measure economic events using suitable valuation methods including consideration of United States and International standards.
  • Demonstrate the ability to record and disclose complex financial events in accordance with U.S. GAAP for assets, revenues, expenses, gains and losses.
  • Prepare balance sheets, income and equity statements using GAAP standards and procedures.
  • Create communications, both oral and written, to convey accounting information in a cross-functional decision-making environment.
  • Determine what economic events require recognition in financial statements using financial accounting theory in accordance with U.S. Generally Accepted Accounting Principles (GAAP).
  • Analyze information in financial reports for its value in stakeholder decision-making.
  • Demonstrate understanding of ethical considerations in preparing and reporting accounting information.