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ACC 231 Intermediate Accounting I

This course examines the principles and procedures emphasized in the preparation and interpretation of the statements of income, retained earnings, cash flow, and balance sheets. The time value of money, receivables, inventories, and fixed assets are covered in depth.

Credits

3

Prerequisite

Prerequisite: (Test scores or ENG 102 or higher or concurrent) and (MAT 152 or higher) and ACC 112

See Course Syllabus

Course Number and Title:

ACC 231 Intermediate Accounting I

Campus Location

  • Dover
  • Georgetown
  • Wilmington

Effective Date

2022-51

Prerequisites

Prerequisite: (Test scores or ENG 102 or higher or concurrent) and (MAT 152 or higher) and ACC 112

Course Credits and Hours

3 credit(s)

3 lecture hours/week

1 lab hours/week

Course Description

This course examines the principles and procedures emphasized in the preparation and interpretation of the statements of income, retained earnings, cash flow, and balance sheets. The time value of money, receivables, inventories, and fixed assets are covered in depth.

Required Text(s)

Obtain current textbook information by viewing the campus bookstore - https://www.dtcc.edu/bookstores online or visit a campus bookstore. Check your course schedule for the course number and section.

Core Course Performance Objectives (CCPOs)

  1. Describe the environment of financial accounting, explain the development of accounting standards, and describe the conceptual framework underlying financial accounting. (CCC 1, 5; PGC 1)
  2. Use the accounting cycle, and prepare a statement of income and retained earnings. (CCC 1; PGC 6)
  3. Prepare a balance sheet and a statement of cash flows, and demonstrate the use of the time value of money calculations. (CCC 2, 6; PGC 2, 3, 6, 7)
  4. Explain the accounting issues, and demonstrate the accounting procedures relating to cash and receivables. (CCC 2, 3; PGC 2)
  5. Explain the accounting issues, and demonstrate the accounting procedures relating to inventories. (CCC 2, 3; PGC 2)
  6. Explain the accounting issues, and demonstrate the accounting procedures relating to the acquisition and disposition of plant, property, and equipment. (CCC 2, 3; PGC 4)

See Core Curriculum Competencies and Program Graduate Competencies at the end of the syllabus. CCPOs are linked to every competency they develop.

Measurable Performance Objectives (MPOs)

Upon completion of this course, the student will:

  1. Describe the environment of financial accounting, explain the development of accounting standards, and describe the conceptual framework underlying financial accounting.
    1. Describe the financial reporting environment.
    2. Identify the major policy-setting bodies and their role in the standard-setting process.
    3. Explain the meaning of generally accepted accounting principles (GAAP) and the role of the Codification for GAAP.
    4. Describe major challenges in the financial reporting environment.
    5. Describe the usefulness of a conceptual framework and the objective of financial reporting.
    6. Identify qualitative characteristics of accounting information and the basic elements of financial statements.
    7. Review the basic assumptions of accounting.
    8. Explain the application of the basic principles of accounting.
  1. Use the accounting cycle, and prepare a statement of income and retained earnings.
    1. Describe the basic accounting information system.
    2. Record and summarize basic transactions.
    3. Identify and prepare adjusting entries.
    4. Prepare financial statements from the adjusted trial balance and prepare closing entries.
    5. Identify the uses and limitations of an income statement.
    6. Describe the content and format of the income statement.
    7. Discuss how to report various income items.
    8. Explain the reporting of accounting changes and errors.
    9. Describe related stockholders' equity statements.
  1. Prepare a balance sheet and a statement of cash flows, and demonstrate the use of the time value of money calculations.
    1. Explain the uses, limitations, and content of the balance sheet.
    2. Prepare a classified balance sheet.
    3. Explain the purpose, content, and presentation of the statement of cash flows.
    4. Describe the fundamental concepts related to the time value of money.
    5. Solve future and present value of one problems.
    6. Solve future value and present value of ordinary and annuity due problems.
    7. Solve present value problems related to deferred annuities, bonds, and expected cash flows.
  1. Explain the accounting issues, and demonstrate the accounting procedures relating to cash and receivables.
    1. Indicate how to report cash and related items.
    2. Define receivables, and explain accounting issues related to their recognition.
    3. Explain accounting issues related to valuation of accounts receivable.
    4. Explain accounting issues related to recognition and valuation of notes receivable.
    5. Identify inventory classifications and different inventory systems.
    6. Determine the goods and costs included in inventory.
    7. Describe and compare the cost flow assumptions used to account for inventories.
    8. Identify special issues related to last in first out (LIFO).
    9. Determine the effects of inventory errors on the financial statements.
  1. Explain the accounting issues, and demonstrate the accounting procedures relating to inventories.
    1. Describe and apply the lower-of-cost-or-net realizable value rule, the lower-of-cost-or-market rule, and other inventory valuation issues.
    2. Determine ending inventory by applying the gross profit method and the retail inventory method.
    3. Explain how to report and analyze inventory.
    4. Identify property, plant, and equipment and its related costs.
    5. Discuss the accounting problems associated with interest capitalization.
    6. Explain the accounting issues related to acquiring and valuing plant assets.
    7. Describe the accounting treatment for costs subsequent to acquisition.
    8. Describe the accounting treatment for the disposal of property, plant, and equipment.
  1. Explain the accounting issues, and demonstrate the accounting procedures relating to the acquisition and disposition of plant, property, and equipment.
    1. Describe depreciation concepts and methods of depreciation.
    2. Discuss special depreciation methods and other depreciation issues.
    3. Identify the accounting issues related to asset impairment.
    4. Explain the accounting procedures for depletion of natural resources.
    5. Demonstrate how to report and analyze property, plant, equipment, and natural resources.
    6. Discuss the characteristics, valuation, and amortization of intangible assets.
    7. Discuss the accounting for various types of intangible assets.
    8. Describe the accounting procedures for recording goodwill.
    9. Identify impairment procedures and presentation requirements for intangible assets.
    10. Describe accounting and presentation for research and development and similar costs.

Evaluation Criteria/Policies

The grade will be determined using the Delaware Tech grading system:

90-100 = A
80-89 = B
70-79 = C
0-69 = F
Students should refer to the Catalog/Student Handbook for information on the Academic Standing Policy, the Academic Integrity Policy, Student Rights and Responsibilities, and other policies relevant to their academic progress.

Final Course Grade

Calculated using the following weighted average

Evaluation Measure

Percentage of final grade

Summative: (4-6) Exams/Projects (Equally weighted)

60%

Formative Assessments: Assignments, activities, quizzes, problems, etc.

40%

TOTAL

100%

Program Graduate Competencies (PGCs are the competencies every graduate will develop specific to his or her major)

Accounting (ACC)

  1. Prepare and analyze financial statements in accordance with Generally Accepted Accounting Principles.
  2. Analyze data to process information for decision-making under a product and job costing system.
  3. Apply tax laws to the preparation of tax returns and to tax plans.
  4. Integrate professional, ethical and legal standards into business practice.
  5. Employ the various theories of management and marketing in a business.

 

Core Curriculum Competencies (CCCs are the competencies every graduate will develop)

  1. Apply clear and effective communication skills.
  2. Use critical thinking to solve problems.
  3. Collaborate to achieve a common goal.
  4. Demonstrate professional and ethical conduct.
  5. Use information literacy for effective vocational and/or academic research.
  6. Apply quantitative reasoning and/or scientific inquiry to solve practical problems.

Students in Need of Accommodations Due to a Disability

We value all individuals and provide an inclusive environment that fosters equity and student success. The College is committed to providing reasonable accommodations for students with disabilities. Students are encouraged to schedule an appointment with the campus Disabilities Support Counselor to request an accommodation needed due to a disability. The College's policy on accommodations for persons with disabilities can be found in the College's Guide to Requesting Academic Accommodations and/or Auxiliary Aids Students may also access the Guide and contact information for Disabilities Support Counselors through the Student Resources web page under Disabilities Support Services, or visit the campus Advising Center.

Minimum Technology Requirements

Minimum technology requirements for  all distance education type courses.

Academic Integrity

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Cell phone/Electronic Device

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Tuition Adjustment Policy

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