ACCT 311 - Intermediate Financial Accounting I

Units: 3
First in the two-course intermediate financial accounting sequence. Topics include conceptual framework for financial reporting, financial statements preparation, revenue recognition, and accounting for cash, receivables, inventories, and operating tangible and intangible assets. Differences between US GAAP and IFRS are emphasized.

Prerequisites: ACCT 210 with grade C or better.
Equivalent Quarter Course: ACCT 3212 or ACCT 3212T
Possible Instructional Methods: Entirely On-ground, or Entirely Online.
Grading: A-F grading only.
Course Typically Offered: Fall & Spring

Student Learning Outcomes - Upon successful completion of this course students will be able to:

Describe the conceptual framework for financial reporting;
Explain elements of primary financial statements and the statement of comprehensive income;
Explain the composition of cash and the recognition and valuation of accounts receivable;
Calculate inventory costing and discuss additional valuation issues of inventories;
Discuss the valuation of property, plant and equipment in acquisition and disposition, depreciation methods, and impairment issues;
Discuss the types and impairment of intangible assets. Explain and apply the five-step model for revenue recognition process;
Discuss key differences between U.S. generally accepted accounting principles (GAAP) and international financial reporting standards (IFRS) on above topics.