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1.Explain the financial reporting environment.

This paper deals with the key concept of intermediate accounting that studies the basic accounting assumptions, rules, and aspects. The student is required to focus on the following elements primarily:

  • The phenomena and objectives of financial reporting environment

  • The implementation of the basic accounting concepts (GAAP) under different situations

  • The creation of Income Statement and Statement of Retained Earnings, Balance Sheet, Statement of Cash Flows and accompanying notes in accordance with GAAP

  • The application of revenue recognition criteria under different transaction contexts

  • The concept of monetary balances including cash, accounts receivable, notes receivable and notes payable

  • The usage of investments accounts

  • The analysis of long-term assets and account for the acquisitions, repairs and transformation of tangible and intangible capital assets

  • The details of mortization, impairment and disposition of tangible and intangible capital assets

Instructions 

Subject Title 
Intermediate Accounting I

Subject Description 
This subject is the first of two in the program on Intermediate Accounting (ACC415/517). It examines fundamental accounting assumptions, concepts and principles. Income determination is stressed through a review of revenue and expense recognition principles and the underlying conceptual support. It integrates an in-depth study of asset items on the Statement of Financial Position (including cash, receivables, inventories and capital assets) with emphasis upon generally accepted accounting principles that apply to these items.

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Learning Outcomes 
Upon successful completion of this subject the student will be able to:

1.Explain the financial reporting environment.

2. Explain the objectives and fundamental concepts of financial reporting.

3. Apply the basic accounting concepts and generally accepted accounting principles(GAAP) to a wide range of situations in order to determine the most appropriate method of accounting, including the IFRS equivalent standards.

4. Prepare and interpret the Income Statement and Statement of Retained Earnings, Balance Sheet, Statement of Cash Flows and accompanying notes in accordance with GAAP, including the IFRS equivalent standards.

5. Apply revenue recognition criteria to a number of situations and account for related transactions, including the IFRS equivalent standards.

6. Account for monetary balances including cash, accounts receivable, notes receivable and notes payable.

7. Account for inventory costs, including the application of various cost flow assumptions, valuing inventory at year end and estimating inventory, including the IFRS equivalent standards..

8. Identify and account for investments.

9. Identify types of long-term assets and account for the acquisitions, repairs and improvements of tangible and intangible capital assets, including the IFRS equivalent standards.

10. Account for the amortization, impairment and disposition of tangible and intangible capital assets.


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