ACCT 51 Intermediate Accounting (5)
Credit, Degree Applicable
Designed for the students who pursue accounting beyond introductory study. A rapid review of fundamentals, with problems in valuation and presentation of assets, and liabilities, together with a study of analytical procedures. The course meets the educational requirements for the Certified Public Accountant (CPA) exam as determined by the California State Board.
After successful completion of this course, students will be able to:
- Outcome 1: Describe the objectives of financial accounting, the accounting information system and the need for accounting standards.
- Outcome 2: Distinguish the content and purpose of the income statement, balance sheet and statement of cash flows.
- Outcome 3: Interpret accounting topics where the time value of money is relevant. Contrast the differences between present value and future value concepts.
- Outcome 4: Compare and contrast different inventory valuations and cost flow assumptions
- Outcome 5: Examine the accounting issues related to the recognition and valuation of accounts receivable, and notes receivable
- Outcome 6: Describe how to report and disclose cash and related items in the financial statements, to provide relevant accounting information.
- Outcome 7: Describe the nature, type, and valuation of current liabilities, contingencies and long-term liabilities to provide investors and creditors relevant information.
- Outcome 8: Examine accounting issues related to the acquisition and disposition of property, plant, and equipment and intangible assets.
- Outcome 9: Compare and contrast depreciation, impairments, and depletion methods.