Intermediate Accounting IACC 227W
Prerequisite: ACC 212 with a "C" (2.0) minimum grade or equivalent. Includes a study of accounting processes, theory, and principles. Includes financial statement presentation, revenue recognition, evaluation of current assets, property plant and equipment, intangible assets, and time value of money. Designed for transfer. (60-0)
Outcomes and Objectives
Describe the conceptual framework environment of Financial Accounting.
- Identify and describe standard-setting entities in the accounting field.
- Identify the major financial statements and their usefulness in financial decision making.
- Apply generally accepted accounting principles (GAAP) to financial accounting.
Provide useful and effective financial statements in an accrual basis accounting system.
- Accurately perform steps in the accounting information system.
- Analyze a variety of business transactions.
- Analyze results of operations.
- Identify special line items and required disclosures to the financial statements.
Identify internal control procedures.
- Describe appropriate controls for assets.
- Evaluate alternative methods and apply appropriate valuation methods to assets of the entity.
Explore alternative decisions for making written and verbal recommendations to users.
- Apply time value of money concepts.
- Use critical thinking, problem solving, and ethical principles to assist in making recommendations to users.
- Apply qualitative characteristics of accounting within the conceptual framework.
Assess current developments in accounting theory and practice.
- Use authoritative pronouncements, professional literature, and other resources to solve accounting problems.
- Demonstrate an understanding of the federal tax laws and their impact on the financial statements as they relate to assets.
- Develop the ability to apply technology as it impacts the accounting profession.
Exhibit a desire for professional growth and improvement of performance as a professional accountant.
- Communicate accurately and effectively, both verbally and in writing, with clients, customers, co-workers, and supervisors in the workplace.
- Plan and prepare for employment, education, and career advancement.
- Apply the standards of ethical conduct to students' personal and professional lives.