ACC 221 - Intermediate Accounting

Institution:

Kapiolani Community College

Subject:

Description:

6hours lecture per week for 8 weeks or 3 hours lecture per week for16weeks Prerequisite(s): ACC 32; ACC 33; ACC 0; ACC 155; ACC 202 or approval of the Business Education Department Chairperson. Recommended Preparation: BUS 00; ENG 0; SP , SP 2or SP 4. ACC 221 covers generally accepted accounting principles (GAAP) at beyond the introductory level and is intended for students nearing graduation in the Associate of Science in Accounting program, or for those transferring to four-year Accounting programs. Applications of GAAP to recording and reporting requirements for the Income Statement, Statement of Retained Earnings, Balance Sheet, and Statement of Cash Flows are covered in depth. Other topics such as financial statement classification, manufacturing activity financial statements, and reporting and recording alternatives and other advanced issues related to GAAP are also covered. Students will also gain experience in the application of fundamental accounting tools such as spreadsheets and general ledger software to the solution of real-world accounting problems. Upon successful completion of ACC 221, the student should be able to: Demonstrate understanding of generally accepted accounting principles (GAAP) and concepts and their application to recording and reporting requirements beyond the introductory level. Prepare comprehensive financial reports with Income Statement, Statement of Retained Earnings, Balance Sheet, and Statement of Cash Flows properly classified. Demonstrate understanding of advanced problems involving valuations, recording and reporting alternatives, and analysis and interpretation of data. Describe the various generally accepted accounting principles and concepts, their development and application. Discuss and apply accounting procedures for control, recording, and reporting of cash and temporary investments. Discuss the problems of valuation of receivables and demonstrate the various methods of estimating and recording doubtful accounts. Discuss accounting and control procedures applicable to inventories; compute the value of inventories using various acceptable methods of pricing and valuation; and discuss the effects of inventory values in the determination of income. Record transactions involving current liabilities to trade creditors or vendors, officers and employees, and government taxing authorities. Discuss the theoretical and practical problems of accounting for valuation of long-term assets, both tangible and intangible. Record acquisitions, expenditures after acquisition, periodic allocations of cost, and disposals. Demonstrate understanding of various types of long-term investments and liabilities, their recording, and their financial statement presentation. Demonstrate an understanding of, and record corporate transactions involving formation, paid in capital, earnings and distributions to stockholders. Prepare financial statements for corporations including calculation and presentation of earnings per share. Prepare and analyze a statement of cash flows. Describe techniques used for analysis and interpretation of financial statements.

Credits:

3.00

Credit Hours:

Prerequisites:

Corequisites:

Exclusions:

Level:

Instructional Type:

Lecture

Notes:

Additional Information:

Historical Version(s):

Institution Website:

kapiolani.hawaii.edu/page/home

Phone Number:

(808) 734-9000

Regional Accreditation:

Western Association of Schools and Colleges

Calendar System:

Semester

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