ACCT 301 - Intermediate Accounting I

Credits: 5
The first course in the intermediate accounting sequence. Expands on topics covered in earlier financial accounting courses. Offers a deeper look at financial accounting theory and standards. Reviews the accounting cycle including the preparation of financial statements and disclosures. Introduces the statement of comprehensive income. Covers revenue recognition and the measurement and reporting of current assets.

Enrollment Requirement: Admission into the BAS in Accounting program; or instructor consent.

Course Fee: $25.00

Course Outcomes:
Students who successfully complete this class will be able to:

Apply the recognition, measurement, and disclosure concepts that guide accounting practice.
Perform all steps in the accounting cycle.
Prepare the income statement, statement of comprehensive income, balance sheet, and statement of cash flows.
Prepare required financial statement disclosure notes.
Value current assets.

Program Outcomes
Apply the accounting concepts, principles, and standards of Generally Accepted Accounting Principles (GAAP) to the measurement and reporting of economic transactions.

College-wide Outcomes

Critical Thinking - Critical thinking finds expression in all disciplines and everyday life. It is characterized by an ability to reflect upon thinking patterns, including the role of emotions on thoughts, and to rigorously assess the quality of thought through its work products. Critical thinkers routinely evaluate thinking processes and alter them, as necessary, to facilitate an improvement in their thinking and potentially foster certain dispositions or intellectual traits over time.
Quantitative and Symbolic Reasoning - Quantitative Reasoning encompasses abilities necessary for a student to become literate in today’s technological world. Quantitative reasoning begins with basic skills and extends to problem solving.