ACCT 321 Intermediate Financial Accounting I

Intermediate Financial Accounting I offers an in-depth exploration of financial accounting principles, expanding upon the foundation laid in earlier accounting courses. Emphasizing the Financial Accounting Standards Board (FASB) pronouncements, the course takes a closer look at the accounting for assets, ranging from current assets like cash and receivables to long-lived assets including property and equipment, as well as intangibles. Students will delve into the major policy-setting bodies for financial reporting and become well-versed with the elements that make up the conceptual framework for financial reporting, which is vital for understanding and applying accounting standards.

Within the course, significant attention is paid to mastering the accounting cycle, as students learn to prepare complex journal entries, adjustments, and closing entries that reflect intricate financial transactions. The skills for constructing core financial statements—balance sheet, income statement, statement of cash flows, and statement of stockholder’s equity—in proper format are also developed. The curriculum includes detailed study of cash values, accounts receivable, inventory valuation techniques, acquisition and disposal of property, plant, and equipment, alongside methods for computing depreciation on capital assets. Moreover, students will identify the types of intangible assets and the accounting practices suitable for each, enabling them to accurately reflect the value of these assets in financial records. ACCT 321-WA thus is crafted to provide students with a higher level of proficiency in financial accounting, ensuring that they are well-equipped to handle advanced accounting tasks in their professional careers.