ACCT 2201 – Intermediate Accounting I

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I.COURSETITLE: Intermediate Accounting I

COURSENUMBER: 2201 CATALOGPREFIX: ACCT

II.PREREQUISITES: ACCT 1102 or ACCT 1105

III.CREDITHOURS: 3LECTUREHOURS: 3

LABORATORYHOURS: 0OBSERVATIONHOURS: 0

IV.COURSEDESCRIPTION:

Intermediate Accounting I provides an in-depth study of the conceptual framework of accounting as it relates to recording, reporting, and disclosing financial information on the Balance Sheet, Income Statement and Cash Flow Statement.

Emphasis is placed on the accounting procedures for measuring, recording, and reporting Assets. Recent developments in accounting standards and practice are also covered.

V.GRADING:

100 90 = A

89 80 = B

79 70 = C

69 60 = D

59 Below = F

VI. ADOPTEDTEXT(S):

Intermediate Accounting (E-Book with Connect Access)

9th Edition

J. David Spiceland, Mark Nelson, Wayne Thomas
McGraw-Hill

Copyright 2018

ISBN: 9781260029871

Alternative Purchase Options
If you prefer a physical book, the following options are available:

Hardcover Book with Connect Access / Loose Leaf with Connect Access
ISBN: 9781260089035 / ISBN: 9781260089042

VII.COURSEOBJECTIVES:

At the completion of this course the student will:

  1. Understand the conceptual framework of accounting and its role as the foundation for the development of new accounting standards
  1. Identify the objective and qualitative characteristics of financial reporting information
  2. Identify and explain the purpose, and limitations, of each of the required financial statements
  3. Recognize accounting situations requiring note disclosure in the financial statements
  1. Create a properly classified balance sheet in accordance with U.S. GAAP
  2. Interpret and prepare a multi-step income statement in accordance with U.S. GAAP
  3. Draft a statement of cash flows using the indirect method
  1. Identify and apply the five steps of the core revenue recognition principle to various transactions
  2. Compute the present value and future value of both annuities and single amounts
  1. Recognize effective internal control practices over assets
  1. Perform the accounting procedures necessary to apply changes in the valuation of Accounts Receivable, Inventory, and Investments
  1. Compare and contrast the four main methods of inventory valuation, using each to determine the ending value of inventory and cost of goods sold
  2. Estimate ending inventory and cost of goods sold using the gross profit method and retail inventory methods
  3. Apply the proper accounting procedures relating to the purchase, depreciation, and disposal of property, plant, and equipment, natural resources, and intangible assets
  1. Demonstrate how to account for the purchase, disposal, and income from investments in stocks and bonds

VIII.COURSE METHODOLOGY:

This course may use lecture, discussion, video, overhead, chapter and workbook assignments, hand-in assignments, computer assignments, work projects, skill demonstration, skill competency, practical scenarios, and written tests as appropriate to the course objectives.

ACCT 2201 – Intermediate Accounting I

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IX.COURSEOUTLINE: (Suggested)

Week / Topic / Learning Objectives
1 / Chapter 1 - Theoretical Structure of Financial Accounting / LO1, LO2
2 / Chapter 2 - Review of the Accounting Process / LO3
3 / Chapter 3 - The Balance Sheet and Financial Disclosures / LO4, LO5
4 / Chapter 4 - The Income Statement, Comprehensive Income, and the Statement of Cash Flows / LO6, LO7
5 / Exam #1 (Chapters 1 – 4)
Chapter 5 - Revenue Recognition / LO1 – LO7
LO8
6 / Chapter 6 - Time Value of Money Concepts / LO9
7 / Chapter 6 - Time Value of Money Concepts / LO9
8 / Chapter 7 - Cash and Receivables / LO10, LO11
9 / Exam #2 (Chapters 5 – 7)
Chapter 8 - Inventories: Measurement / LO 8 - 11
LO11, LO12
10 / Chapter 8 - Inventories: Measurement / LO11, LO12
11 / Chapter 9 - Inventories: Additional Issues / LO10, LO11, LO13
12 / Chapter 10 - PPE & Intangible Assets: Acquisition / LO14
13 / Chapter 10 - PPE & Intangible Assets: Acquisition / LO14
14 / Chapter 11 - PPE & Intangible Assets: Utilization / LO14
15 / Chapter 12 - Investments / LO15
16 / Exam #3 (Chapters 8 – 12) / LO10 – LO15

X.OTHERREQUIREDBOOKS, SOFTWAREANDMATERIALS:

  • Required: Access to a calculator
  • Required: Access to the Connect learning management software that corresponds with the current edition of the textbook
  • Recommended: Microsoft Excel
  • Recommended: Journal of Accountancy (Free Online at
  • Recommended: Academic Accounting Access to the FASB Accounting Standards Codification (Free Online at aaahq.org/research/FASB-GARS)

XI.EVALUATION:

Knowledge of content is evaluated by student performance of competency based skills, assignments, and work projects per instructor. Quizzes may be given at instructors’ discretion. Competency-based skill performance is required on each skill discussed and demonstrated. After completion of this course, the student will be requested to complete a form to assist in evaluation of course content and instruction.

Class participation will be evaluated by the students’ ability to contribute to class discussion.

Sample Grading Scale:

Quiz grades = 40% of final grade

Homework = 20% of final grade

Exams = 40% of final grade

XII.SPECIFICMANAGEMENTREQUIREMENTS:

Attendance Policy

To meet the objectives ofIntermediate Accounting I, students should attend all scheduled classes. If a student must miss class due to extenuating circumstances, the student is expected to call and inform the instructor by either talking with the instructor, e-mail, or leaving a message should the instructor not be available.

If you wish to drop the course you must take positive action. Do not assume that the Instructor will automatically drop you if you stop attending class.

Instructor and Student Responsibilities and Academic Dishonesty

Students are required to submit only their own original work with proper citation of third party sources quoted in that work, this includes the team papers; it must be original work produced by the team. The College’s Plagiarism Checker includes a database of all past papers submitted by SSCC students. Submission of copied or purchased assignments is likely to be caught by Turnitin and the resulting sanctions under the Code of Conduct can include a failing course grade, suspension, or expulsion from the College.

IT Proficiency

The mission of Southern State Community College is to provide accessible, affordable and high quality education to the residents of its service area. We believe that education is more than a mastery of a body of technical and professional knowledge and the achievement of technical or professional proficiency. We provide students with the life-long ability to acquire knowledge and translate it into responsible action in a competitive global environment. Toward that end, we seek to develop future professionals who will be critical thinkers with the international/diversity perspectives and IT skills necessary to be effective and ethical communicators/decision makers in an increasingly complex and multicultural environment. Among the primary skills(s) developed in this class will be IT proficiency. In part, this skill will be promoted by:

  • Interacting with the Connect Learning Management Software
  • Retrieving financial information from companies’ web sites
  • Retrieving company filings from sec.gov
  • Researching accounting standards online using the FASB website
  • Performing future value, present value, and depreciation calculations using Excel

XIII.OTHER INFORMATION:

Classroom Conduct: Civility in the classroom is very important. As professionals, we expect students to conduct themselves in a courteous and respectful manner. Disruptive, rude, sarcastic, obscene or disrespectful speech or behavior have a negative impact on everyone, and will not be tolerated. Students need to remember that the online discussion boards and chat rooms in the online courses are considered classrooms and the same rules apply. Students will use these tools in the online classroom for information that pertains to the class; it is not to be used for personal exchanges of a social nature. If you engage in any such conduct you will be asked to leave and you will receive a “zero” for any work completed that day. The instructor reserves the right to permanently remove a student from the class for inappropriate conduct after consultation with the Department Coordinator and Academic Dean.

FERPA: Students need to understand that your work may be seen by others. Others may see your work when being distributed, during group project work, or if it is chosen for demonstration purposes.

Students also need to know that there is a strong possibility that your work may be submitted to other entities for the purpose of plagiarism checks.

DISABILITIES: Students with disabilities may contact the Disabilities Service Office, Central Campus, at 800-628-7722 or 937-393-3431.