This is course continues the deep examination of generally accepted principles related to the preparation of financial statements, with particular emphasis on balance sheet valuations and their relationship to income determination. It also employs the concept of the time value of money and the application of present value techniques to accounting valuations. Participants will study the valuation and disclosure issues associated with inventory, property, plant, and equipment, and intangible assets in depth.
Successful completion of this course is the basis for taking Intermediate Accounting II.
- Develop a more advanced understanding of generally accepted principles related to preparation of financial statements, with emphasis on balance sheet valuations and their relationship to income determination
- Exploration of time value of money concepts and the application of present value techniques to accounting valuations
- In depth study of valuation and disclosure issues associated with inventory, property, plant & equipment, and intangible assets
- Analyze and question financial statements prepared by others.
- Prepare the Statement of Cash Flows from income statement, balance sheet, and other required data.
- Understand the implications of different inventory valuation and fixed asset depreciation methods.
- Employ time value of money principles within the accounting for long-term assets and liabilities.
- Identify and describe current and long-term liabilities and contingencies
- Communicate what costs are capitalizable (both tangible and intangible), the related cost bases for those acquisitions, and the related cost recognition methods
PrerequisitesECON X400 – Principles of Financial Accounting, equivalent course or work experience as approved by Course Instructor and Program Manager.
Applies Towards the Following Certificates
- Business Accounting : Required Courses (6 Courses)