ACT 210 - Intermediate Accounting I

3 Credit(s)

Accounting theory and practice related to the acquisition, use and disposal of fixed and intangible assets. Recognition and measurement of current assets including cash and inventories are covered. Includes comprehensive study of financial statements.

Prereqs: ACT 130 with a passing grade
Course Type: Lecture
Tuition Tier: Base
Delivery Method:
In-Person, Remote
Course Learning Outcomes:
CLO 1) Students will demonstrate all of the steps in the accounting cycle of a company, including the preparation of the four major financial statements.
CLO 2) Students will identify and calculate the ratios used in making financial decisions including the calculations involved with present and future value of a single sum and present and future value of an annuity.
CLO 3) Students will define what constitutes discontinued operations and extraordinary items and the measurement and reporting requirements for a change in accounting principle.
CLO 4) Students will identify the various methods used to recognize revenue including installment sales and percentage of completion.
CLO 5) Students will demonstrate how to account for the purchases and costs of inventory including cost flow assumptions, perpetual and periodic inventory methods as well as applying LCM to inventory valuation.
CLO 6) Students will demonstrate how to account for the purchase of property, plant and equipment, natural resources, and intangible assets as well as demonstrate how to account for the costs associated with their use and ultimate disposal.