Intermediate Financial Accounting

CATALOG DESCRIPTION:
Application of alternative accounting measurements and their
effects on corporate assets, liabilities, and stockholders’ equity.

RATIONALE: This course examines US Generally Accepted Accounting
Principles (GAAP) for measurement and reporting purposes.
Emphasis is placed on theory, standards and principles and it
enables students to cope with new and complex accounting
problems on a conceptual rather than a procedural level.

LEARNING OUTCOMES: As a result of taking this course, students should be able to:
1. Demonstrate knowledge of the context of GAAP and their
application in the preparation of the Financial Statements.
2. Measure and analyze current and non-current assets in
order to apply accounting principles.
3. Demonstrate understanding of the differences between debt
and equity financing for a business entity.
4. Identify and discuss the components of stockholders’ equity.

METHOD OF TEACHING AND LEARNING:
In congruence with the teaching and learning strategy of the
college, the following set of tools are used:
 Class lectures, interactive learning (class discussions,
group work) and practical problems solved in class.
 Exercises are assigned as homework and are reviewed in
class. Additionally, assignments concerning financial
reporting issues will be given to students, to enhance their
ability to extract financial information from multiple financial
sources, as well as interpret this data.
 Office hours: students are encouraged to make full use of
their instructor’s office hours.
 Use of Blackboard.
 A tutoring service provided by the College is also available
to students who choose to get additional help.

ASSESSMENT: Summative:
1st Assessment: 1-hour written examination
(closed-book, in-class, problems/essays
combination) 30%
2nd Assessment: 2-hour, comprehensive
written examination (closed-book, in-class,
problems/essays combination) 70%
Formative: Formative exam 0%
The formative assignments prepare students for the examination
and ensure that students are actively engaged during the term.
The 1st summative assessment tests Learning Outcomes 1.
The 2nd summative assessment tests Learning Outcomes 2, 3
and 4.
Students are required to resit failed assessments in this module.

INDICATIVE CONTENT:

1. Development of accounting theory and practice in the
context of GAAP.
2. The full accounting cycle.
3. Financial Statement Preparations and Analysis
4. Current Assets (internal control, valuation of customers &
write-off procedures, inventory valuation)
5. Non-current Assets (valuation of non-current assets under
various forms of acquisition and cost allocation methods)
6. Creditors’ Financing (current liabilities and accounting for
bonds)
7. Equity Financing (contributed capital, preferred and
common stock features, retained earnings, treasury stock,
and accounting for dividends