ACCT 250 Intermediate Accounting • 5 Cr.
In-depth examination of theoretical foundations of accounting. Topics include cash flow, revenue recognition, lease accounting, and advanced financial reporting. Prerequisite: ACCT 102 or permission of instructor.
After completing this class, students should be able to:
- Discuss and explain the application of the FASB Conceptual Framework.
- Discuss the use of ethics in accounting decision making.
- Interpret and explain the decision making and measurement processes to prepare financial statements.
- Apply accounting principles to the recognition and recording of assets, liabilities and equity.
- Use mathematical methods to calculate and record the time value of money.
- Record and measure inventory and explain inventory cost flow assumptions.
- Discuss and apply depletion, depreciation and amortization methods.