ACCT301Syllabus - Saint Leo University ACC 301 Intermediate...

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1 Saint Leo University ACC 301 Intermediate Accounting I COURSE DESCRIPTION: A study of the development of generally accepted accounting principles and valuation models in their application to financial statement presentations. Prerequisite: ACC 202 TEXTBOOK: Kieso, D., Weygandt, J. & Warfield, T. (2010). Intermediate accounting . (13 th ed.) Hoboken, NJ: John Wiley & Sons. COURSE OBJECTIVES 1. Explain the role of accounting standards and describe the role of the FASB, SEC, AICPA, AAA, and the IRS in determining standards and policies in financial reporting. 2. Explain the role of the FASB’s conceptual framework in outlining the qualities of good accounting information, defining terms and providing guidance about appropriate recognition, measurement and reporting. 3. Illustrate the following steps in the accounting cycle: analyze transactions, record and post journal entries, prepare adjusting entries, prepare financial statements, and prepare closing entries. 4. Describe and explain the various elements found in the Balance Sheet, Income Statement and the Statement of Cash Flows. 5. Assess a firm’s financial strength by analyzing the relationships among cash flows from operating, investing, and financing activities, and by computing financial ratios based on cash flow data. 6. Prepare and explain journal entries to record revenues, including accounting for notes receivable, bad debts and warranties, and recognize the appropriate disclosures for presenting revenues and receivables in the financial statements. 7. Record and explain journal entries for long-term construction contracts using the percentage- of-completion and completed-contract methods and record journal entries for long-term service contracts using the proportional performance method. 8. Compute acquisition costs and apply the four basic inventory valuation methods using both periodic and perpetual systems and illustrate the concepts of the gross profit method for estimating inventory and the lower-of-cost-or-market rule to reflect declines in the market value of inventory. 9. Explain the importance of time value of money in recording transactions. 10. Know the types of and account for intangible assets. 11. VALUES OUTCOME: To discuss, integrate and explain the relevance of organizational Excellence, Community, Respect, Personal Development, Responsible Stewardship and Integrity, including the critical nature of Ethical Behavior that is not only expected, but demanded of accountants. METHODS OF ASSESSMENT (EVALUATION): Students taking this course will be evaluated based on the following: Chapter quizzes 20% Exams 52% Assignments 16% Discussions 12%
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2 GRADING SCALE A 94-100 A- 90-93 B+ 87-89 B 84-86 B- 80-83 C+ 77-79 C 74-76 C- 70-73 D+ 67-69 D 60-66 F 0-59 Late Policy: All work must be submitted on time. Exceptions must be documented and acceptance is at the discretion of the faculty member. Attendance Policy:
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ACCT301Syllabus - Saint Leo University ACC 301 Intermediate...

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