Saint Leo University
Intermediate Accounting I
A study of the development of generally accepted accounting principles and valuation models in
their application to financial statement presentations.
Prerequisite: ACC 202
Kieso, D., Weygandt, J. & Warfield, T. (2010).
ed.) Hoboken, NJ: John
Wiley & Sons.
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.
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.
Illustrate the following steps in the accounting cycle: analyze transactions, record and post
journal entries, prepare adjusting entries, prepare financial statements, and prepare closing
Describe and explain the various elements found in the Balance Sheet, Income Statement and
the Statement of Cash Flows.
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
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.
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.
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.
Explain the importance of time value of money in recording transactions.
Know the types of and account for intangible assets.
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: