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Course Modules for Intermediate Acct-I Module-1 Learning Objectives After successfully completing the learning activities for module 1, you should be able to: Describe the function and primary focus of financial accounting. Explain the difference between cash and accrual accounting. Explain the purpose of the Financial Accounting Standard’s Board’s conceptual framework. Identify the objectives of financial reporting, the qualitative characteristics of accounting information and the elements of financial statements. Analyze financial transactions. Prepare appropriate journal, adjusting, and closing entries and an adjusted trial balance. Describe the four basic financial statements. Explain the closing process. Explain the impact international accounting standards will have on accounting in the United States and globally. Topics/Key Ideas 1.01 Financial Accounting Environment 1.02 Conceptual Framework of Accounting 1.03 International Financial Reporting Standards 1.04 The Accounting Cycle 1.05 Adjusting Entries 1.06 Preparing Financial Statements-The Income Statement, Balance Sheet, Statement of Cash Flows, and the Statement of Stockholders’ Equity 1.07 The Closing Process 1.08 Conversion from Cash Basis to Accrual Basis Textbook Assignment Read chapters 1 and 2 in the textbook Intermediate Accounting, 6th ed., by Spiceland, Sepe, and Nelson. Module-2 Learning Objectives After successfully completing the learning activities for module 2, you should be able to: Describe the balance sheet and state its usefulness and limitations. Distinguish between different types of assets, liabilities and stockholder equity accounts. Explain the purpose of financial statement disclosure. Explain the purpose of the management discussion and analysis section of the financial statements. Explain the purpose of an audit and describe the content of the auditor’s report. Describe analysis techniques used to review the balance sheet. Explain disclosure requirements for segmental reporting. Topics/Key Ideas 2.01 The Balance Sheet-Usefulness and Limitations 2.02 Classifications-Assets, Liabilities, and Stockholders’ Equity 2.03 Disclosure Note Requirements 2.04 Management Discussion and Analysis 2.05 Management’s Responsibilities 2.06 Auditor’s Reports 2.07 Risk Analysis 2.08 Segmental Reporting Textbook Assignment Read chapter 3 in the textbook Intermediate Accounting, 6th ed., by Spiceland, Sepe, and Nelson. Module-3 Learning Objectives After successfully completing the learning activities for module 3, you should be able to: Explain the difference between net income and comprehensive income. Discuss the importance of income from continuing operations and describe its components. Describe various different categories of the income statement-discontinued operations, extraordinary items, accounting changes, accounting estimates and correction of errors, and how they are accounted on the income statement. Define earnings per share and required disclosures on the income statement. Describe the purpose of the statement of cash flows. Discuss the concept of revenue recognition and determine when revenue should be reported on the income statement. Record accounting transactions under the installment and the cost method of accounting. Identify situations that require the recognition of income over time and distinguish between the percentage-of-completion and completed contract methods for recognition of long-term contracts. Understand transactions for software sales and franchise transactions. Compute ratios that evaluate income statement transactions. Topics/Key Ideas 3.01 Comprehensive Income 3.02 Income From Continuing Operations 3.03 Earnings Quality 3.04 Managing Earnings 3.05 Separately Reported Items 3.06 IFRS rules for the income statement and the statement of cash flows 3.07 Unusual or Infrequent Items 3.08 Correction of Accounting Errors 3.09 Usefulness of the Statement of Cash Flows 3.10 Classifying Cash Flows 3.11 Revenue Recognition 3.12 Completion of the Earning Process over Multiple Reporting Periods 3.13 Industry-Specific Revenue Issues 3.14 Profitability Analysis Textbook Assignment Read chapters 4 and 5 in the textbook Intermediate Accounting, 6th ed., by Spiceland, Sepe, and Nelson. Module-4 Learning Objectives After successfully completing the learning activities for module 4, you should be able to: Explain the difference between simple and compound interest. Compute the present value and future value of a variety of financial transactions. Analyze transactions involving single amounts and annuities. Define what is meant by internal controls and explain key controls for cash and receivables. Explain how cash transactions are recorded on the financial statements. Record transactions under the gross and net method for cash discounts. Describe two methods for estimating bad debt expense. Describe the accounting treatment for notes receivables. Record transactions regarding the use of receivables in a financing arrangement. Compute and explain ratios used for analyzing receivables. Topics/Key Ideas 4.01 Time Value of Money-Basic Concepts 4.02 Simple vs. Compound Interest 4.03 Valuing a Single Cash Flow 4.04 Basic Annuities 4.05 Present Value of Annuities 4.06 Accounting Applications of Present Value 4.07 Internal Control of Cash and Receivables 4.08 Cash and Cash Equivalents 4.09 Current Receivables 4.10 Notes Receivable 4.11 Financing with Receivables 4.12 Discounting of Notes Receivables Textbook Assignment Read chapters 6 and 7 in the textbook Intermediate Accounting, 6th ed., by Spiceland, Sepe, and Nelson. Module-5 Learning Objectives After successfully completing the learning activities for module 5, you should be able to: Explain the difference between a periodic and perpetual inventory system. Determine which physical items should be included in inventory. Compute inventory valuations using the first-in, first-out (FIFO), last-in, first-out (LIFO), average cost and specific identification methods of inventory. Discuss the factors that are used in deciding what inventory method to select. Understand and apply the lower of cost or market rule for valuing inventories. Estimate ending inventory using the gross profit method. Compute inventory valuation amounts using the retail inventory method. Compute inventory values using the dollar-value last-in, first-out (LIFO) method. Utilize financial analysis techniques for inventory evaluation purposes. Topics/Key Ideas 5.01 Types of Inventory Systems-Periodic vs. Perpetual 5.02 Inventory Cost Flow Assumptions 5.03 Lower of Cost or Market 5.04 Inventory Estimation Techniques 5.05 Dollar-Value LIFO Retail 5.06 Change in Inventory Methods 5.07 Inventory Errors Textbook Assignment Read chapters 8 and 9 in the textbook Intermediate Accounting, 6th ed., by Spiceland, Sepe, and Nelson. Module-6 After successfully completing the learning activities for module 6, you should be able to: Identify the various costs included in the acquisition of property, plant and equipment, natural resources, and intangible assets. Determine the initial cost of an asset acquired as part of a lump-sum purchase. Explain how to account for the disposal or trade of an operational asset. Compute the cost of a self-constructed asset. Compute depreciation on tangible using a variety of depreciation methods. Compute amortization of intangible assets. Compute depletion on natural resources. Explain the appropriate treatment for a change in estimate for depreciation purposes. Explain the rationale between capitalizing and expensing an item. Distinguish exchanges of long term assets that have commercial substance versus transactions lacking commercial substance. Topics/Key Ideas 6.01 Valuation at Acquisition 6.02 Costs to be Capitalized 6.03 Lump-Sum Purchases 6.04 Noncash Acquisitions 6.05 Dispositions of Operational Assets 6.06 Exchanges of Operational Assets 6.07 Self-Constructed Assets 6.08 Depreciation of Assets-Different methods 6.09 Amortization of Assets 6.10 Depletion of Assets 6.11 Additional Issues-Depreciation, Amortization and Depletion 6.12 Subsequent Expenditure Textbook Assignment Read chapters 10 and 11 in the textbook Intermediate Accounting, 6th ed., by Spiceland, Sepe, and Nelson.
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