ACCT 231 Intermediate Accounting I

In this course, students will study and review the foundations of accounting theory and preparation of classified financial statements. The concepts of future and present value and the effects of changing prices on financial reporting will be studied. Students will apply current accounting standards to account for cash, short-term investments, receivables, liabilities, income taxes, inventories, and property. The completion of a comprehensive practice set is required.

Credits

3

Prerequisite

ACCT 112

Hours Weekly

3 hours weekly

Course Objectives

1. 1. Analyze the concepts and principles underlying accounting and their application in the accounting
   process.
2. 2. Identify the various groups who have contributed to the development of the conceptual structure of
   accounting.
3. 3. Identify the challenges to principles and practices in recent years and the responses that have been made
   to these challenges.
4. 4. Prepare and interpret detailed financial statements, supporting schedules, and reports.
5. 5. Describe changes in the accounting process that have occurred in recent years in response to changes in
   the economic, political, and social environment.
   

Course Objectives

1. 1. Analyze the concepts and principles underlying accounting and their application in the accounting
   process.
2. 2. Identify the various groups who have contributed to the development of the conceptual structure of
   accounting.
3. 3. Identify the challenges to principles and practices in recent years and the responses that have been made
   to these challenges.
4. 4. Prepare and interpret detailed financial statements, supporting schedules, and reports.
5. 5. Describe changes in the accounting process that have occurred in recent years in response to changes in
   the economic, political, and social environment.