BUS 200 - Intermediate Accounting I
An intensive study of accounting theory and procedures. Emphasis on the balance sheet accounts and their inter-relationship with income statement accounts, the accounting process, and correction of errors. Advanced treatment of cash, receivables, and inventories.
Prerequisite: BUS 101 Accounting II
4 Class Hours
Learning Outcomes of the Course:
Upon successful completion of this course the student will be able to:
1. Analyze and interpret financial data of the conceptual framework of accounting.
2. Analyze and interpret financial data of the concepts and principles forming the theoretical structure of accounting.
3. Analyze and interpret financial data of the significance and limitations of the balance sheet.
4. Analyze and interpret financial data of the income statement and limitations of the income statement.
5. Analyze and interpret financial data of the valuation of marketable securities, receivables, and inventories.
6. Analyze various treatments of key elements of the Balance Sheet.
7. Project the financial consequences of alternative courses of action with regard to bad debt allocation, allowance for depreciation, warranties, depletion, and amortization.
8. Create an inventory system appropriate to a specific business.
9. Compare FASB standards to International Accounting Standards.
10. Discover and correct errors and create a clear and complete paper trail.
11. Utilize the time value of money to guide decision making.
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