ACC 201 - Intermediate Accounting I

Lecture Hours: 3 Credits: 3

Description: 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.

Course Topics:

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

Textbooks:
Textbook information can be found on the Book Inn Web site

Required Materials:

Computer and Internet Access
Publisher’s Access Code is required for online component

Grading System:
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 Course Policies that include:

Identity Verification
Required materials for all online courses
Mandatory Attendance Requirement
Orientation and Support
Proctored Exams

Standard SCC Course Policies:
Please review the Standard Course Policies on the following topics:

Academic Integrity
Add/Drop period
Attendance
Classroom Conduct
Equal Access
IT Access
Online Behavior
Online Confidentiality
Services For Students with Disabilities
Student Concerns
Student Help Services
Withdrawals

Official Course Syllabus
2023-2024