Jun 19, 2024  
2023-2024 Catalog 
2023-2024 Catalog Archived

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

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:
  1. Apply basic double-entry accounting procedures.
  2. Apply adjusting and closing procedures to complete the accounting cycle.
  3. Construct Financial Statements, providing financial disclosure notations.
  4. Identify accounting practices for cash, receivables, and internal control.
  5. Apply basic principles of revenue recognition.
  6. Evaluate and perform the accounting concepts associated with inventories and a merchandising business.
  7. Demonstrate the accounting procedures for the acquisition, disposal and depreciation of property, plant and equipment.
  8. 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

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