Financial accounting and reporting is the primary medium by which organizations provide information to their external stakeholders (e.g., shareholders, creditors, governmental agencies, customers, and alike). The information provided would be used for a variety of decision-making purposes by interested parties. This is the first of a two-part course. Intermediate Accounting provides an in-depth study of the process of preparing and presenting financial information about an entity for outside users. Topics vary but typically include the process of accounting standard setting, and the accounting cycle including data accumulation, adjustments, and preparation of financial statements. There is a focus on the recognition, measurement, and disclosure of revenue, valuation of inventory and cost ol completion of this course, students will be able to: (1) Examine the conceptual framework for accounting principles; assumptions; measurement; recording rules; and (1) Examine the conceptual framework for accounting principles; assumptions; measurement; recording rules; and financial statements; and explain how that framework is used in setting accounting standards, (2) Record business transactions in all phases of the accounting cycle, (3) Prepare financial statements and explain their presentation and disclosure issues, (4) Examine the link between recognition of revenue and earnings; and contrast expenses with revenues, and (5) Explain how to account for short and long term assets. financial statements; and explain how that framework is used in setting accounting standards, (2) Record business transactions in all phases of the accounting cycle, (3) Prepare financial statements and explain their presentation and disclosure issues, (4) Examine the link between recognition of revenue and earnings; and contrast expenses with revenues, and (5) Explain how to account for short and long term assets.
