Jan 18, 2021
ACC 201 - Intermediate Accounting I
Class: 3 Credits: 3
This course explores fundamental processes of accounting theory, including the preparation of financial statements. Topics will include current asset and liability management as well as future and present value of cash flows.
Prerequisite(s): Take ACC 102 with a minimum grade of “C”.
- T-accounts and journal entries
- Financial Statements: Classified Balance Sheet and a Multi-Step Income Statement
- Completing of the Accounting Cycle to include Adjusting Entries and Closing Entries
- Time Value Of Money
- Inventories: FIFO, LIFO, Average, and Lower Of Cost Or Market
- Analysis of Accountings Receivable and Bad Debt Expense
- Depreciation Methods: straight Line, Declining Balance, Units of Production and Sum Of Years
- Amortization of Intangible Assets, Depletion of Natural Resources and Research and Development
- Short Term Liquid Assets: Petty cash and Bank Reconciliation
- Internal Control
Textbook information can be found on the Book Inn Web site
- Computer and Internet Access
- Publisher’s Access Code is required for online component
An overall grade of C or higher is required for transferability.
A 90 - 100
B 80 - 89
C 70 - 79
D 60 - 69
F 0 - 59
Student Learning Outcomes:
- Apply basic double-entry accounting procedures.
- Apply adjusting and closing procedures to complete the accounting cycle.
- Construct Financial Statements, providing financial disclosure notations.
- Identify accounting practices for cash, receivables, and internal control.
- Apply basic principles of revenue recognition.
- Evaluate and perform the accounting concepts associated with inventories and a merchandising business.
- Demonstrate the accounting procedures for the acquisition, disposal and depreciation of property, plant and equipment.
- Calculate the time value of money concepts within accounting topics.
For SCC Online Courses:
If the course you are taking is online, please review the SCC Online Policies that include:
- Required materials for all online courses
- Mandatory Attendance Requirement
- Proctored Exams
Face Covering Requirements:
All faculty, staff and students must wear a face mask/covering at all times (absent a medical condition) on all SCC campuses when safe social distancing measures are not possible or difficult to follow. For further details, refer to the Student Guidelines for Face Coverings and Social Distancing on the SCC Coronavirus COVID-19 Information page.
Standard SCC Course Policies:
Please review the Standard SCC Course Polices on the following topics:
- Academic Integrity
- Academic Misconduct
- Add/Drop period
- Appeals Process
- Class Attendance
- Classroom Behavior (traditional and online)
- Classroom Conduct/Expectations
- Lab Procedures (general SCC policy regarding this)
- Online Confidentiality
- Services For Students with Disabilities
- Withdrawal Policy
Official Course Syllabus