ACCT 2120 - Intermediate Accounting I

4.5 Credits

Students engage in an advanced study of financial accounting. This is the first of three courses covering intermediate financial accounting. Students learn basic accounting theory, review of the accounting cycle, financial statement presentation, revenue recognition, time value of money, and reporting related to accounting changes and error corrections.

Note: Students should attempt to take ACCT 2120, ACCT 2130, and ACCT 2140 immediately after one another to facilitate understanding and learning.

Prerequisites: (1) ACCT 1110 with a grade of C or better

Lecture Hours: 4.5
Lab Hours: 0.0
Internship Hours: 0.0
Clinical or Practicum Hours: 0.0

Course Objectives

Identify and explain the development of accounting theory and the purpose of the conceptual framework.
Explain and apply the accounting process.
Analyze the financial classifications and elements required to prepare the primary financial statements and the related disclosures.
Identify, classify, and account for accounting changes and error corrections.
Identify and apply the five steps involved in recognizing revenue.
Apply time value of money concepts as they relate to accounting and business.
Discuss the primary differences between U.S. GAAP and IFRS.
Apply ethical reasoning to accounting scenarios.

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