Donna J Shores
Concepts and principles of financial accounting. Analysis of controversies and problems related to the measurement of enterprise income and asset and liability valuation. Prerequisite: minimum grade of 2.0 in ACCTG 301; minimum grade of 2.0 in B CMU 301; may not be repeated. Offered: AWSp.
The intermediate accounting series (ACCTG 301, 302, 303) explores the accountant's role in providing financial accounting information to parties external to the business enterprise. In Intermediate Accounting I, you examined the conceptual foundation for financial accounting and then applied these concepts to selected accounting issues. This process is continued in Intermediate Accounting II with the focus on investments in securities; property, plant, and equipment; intangibles; current liabilities and contingencies; long-term debt; and leases. Although the primary emphasis is on U.S. accounting standards (i.e., GAAP), substantive differences between GAAP and international accounting standards for these topics are discussed. In addition, these accounting topics are illustrated in “real world” contexts to raise your awareness of both the usefulness and the limitations of financial accounting information.
Student learning goals
Fluency in accounting terminology.
Familiarity with business transactions.
Understanding of the logical structure that maps transactions into financial statements.
Understanding of the process that generates accounting standards.
Appreciation of the discretion allowed and strategies involved in choosing accounting methods, generating accounting estimates, and disclosing information in financial statements.
General method of instruction
Lecture/discussion: In addition to adequate preparation outside of class, your success in this course also requires continuous mental participation and occasional verbal participation during class. Verbal participation includes asking penetrating questions, providing well-conceived suggestions, and challenging others to support their positions. These activities stimulate critical thinking, develop your problem solving and communication skills, and create an exciting learning environment.
ACCGTG 215, 225, and 301 (minimum 2.0 in 301).
Class assignments and grading
Your performance evaluation is based on in-class examinations, written assignments, and a qualitative dimension I call professionalism. The examinations cover material from class discussions as well as assigned readings and problems. They may include a combination of objective (e.g., multiple choice), problem solving, and essay questions, and they are closed book, closed notes. The requirements for the written assignments will be discussed in detail in class. Professionalism comprises numerous aspects of your participation in the course including attendance (or timely notification of your inability to attend), punctuality, preparation, participation, and responsibility.
Course grade points are based on your relative performance in the class as determined by the percentage of the total points you earn. Historically, the median grade point is 3.2 and percentages below 50% receive 0.0 for the course.