TOURO COLLEGE COURSE SYLLABUS
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Business and Accounting
Intermediate Accounting I
EBA 201
EBA 102
3
David Tajerstein
December 5, 2003
COURSE DESCRIPTION
This course will review financial accounting standards as well as the
conceptual framework underlying financial accounting. This course will
extensively review the income statement and balance sheet and introduce the
statement of cash flows. Particular emphasis will be placed on the
accounting for current assts such as cash, receivables and inventories as well
as long-term assets such as property, plant and equipment. In addition this
course will examine the accounting for intangible assets such as patents and
goodwill. Finally, this course will examine the accounting for current and
contingent liabilities.
COURSE/ DEVELOPMENTAL OBJECTIVES:
The objective of this course is to expand on the student’s foundation of
financial accounting knowledge acquired in introductory accounting and
serve as a bridge to Intermediate Accounting II. The student will be exposed
to the intricacies of financial reporting inclusive of financial statement
preparation. The student will learn in detail the various methods of inventory
valuation. Additionally, the student will understand how to account for the
acquisition, depreciation/ amortization and disposition of various fixed and
intangible assets. Finally, the student will understand the circumstances
surrounding the reporting of current liabilities and contingencies.
COURSE/ INSTITUTIONAL OBJECTIVES
This course is intended to augment the students’ knowledge of financial
accounting while preparing them to deal with the types of accounting issues
they will be exposed to while employed in the public or private accounting
sector. In addition this course will aid in the students’ preparation to
successfully complete the financial accounting part of the uniform CPA
examination. The successful completion of all four parts of the uniform CPA
examination is an institutional goal that this course is designed to assist in
accomplishing.
COURSE CONTENT
Accounting Cycle
The first part of this course focused on the framework of financial
accounting and serves as an intensive review of Principles of Accounting I
and II. The course reviews the analysis of transactions, recording
transactions in the general journal and posting them to the general ledger.
The course examines the accounting worksheet and the preparation of
financial statements including the multi-step income statement (inclusive of
irregular items), the statement of comprehensive income, the retained
earnings statement, the balance sheet and the statement of cash flows.
Time Value of Money
The second part of this course introduces present and future value tables and
calculations, which will be utilized throughout the remainder of the student’s
accounting education.
Examples include present and future value of single sums as well as
“ordinary annuities” and “annuities due.”
Receivables
The third part of this course deals with the accounting for various
receivables including Accounts Receivable and Notes Receivable. Particular
attention for will be given to the calculation of the allowance for doubtful
accounts (including the use of the percentage of receivables method I. E.
“Aging” method)
Inventory
The fourth part of this course deals with the accounting for Inventory. The
course will analyze both the Perpetual and Periodic Inventory systems. In
addition the course will discuss the various Inventory costing methods (I. E.,
LIFO, FIFO and Average). Finally the course discusses the application of
the Lower-of-Cost or market rule.
Fixed / Intangible Assets
The fifth part of the course deals with the accounting and recording of Fixed
and Intangible Assets. Moreover, the course will examine the various
methods of Depreciation and Amortization. Finally, the course will discuss
the Accounting for Non monetary Transactions (I. E. Similar and Dissimilar
Exchanges)
Current and Contingent Liabilities
The final part of this course deals with the accounting for various current
liabilities. The course concludes with the decision of the rules of Contingent
Liabilities inclusive of the appropriateness of accrual and disclosure of said
liabilities.
HARDWARE/SOFTWARE/MATERIALS REQUIREMENTS
Not Applicable
COURSE REQUIREMENTS
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Students must read assigned chapters in textbook
Student must complete homework assignments
Students must attend class and participate in classroom discussions
Students must take and exams
GRADING GUIDELINES
Midterm Examination
Final Examination
Homework, Attendance
Class Participation
Total:
45%
50%
5%
100%
METHODOLOGY
The course should be carried out via lecture with in-class reference to
pertinent illustration and case studies in the textbook. The lecture should be
enhanced but introducing current developments in the accounting profession,
including recently released accounting principles and practices published by
authoritative bodies.
COURSE TEXT
Kieso, Weygandt, Warfield, Intermediate Accounting 11th ed., Wiley, 2003
ISBN# 047107208
BIBLIOGRAPHY
Journal of Accountancy – monthly by AICPA
www.aicpa.org
www.fasb.org
Dyckman, Dukes, and Davis, Intermediate Accounting 5th ed., Mcgraw Hill,
2001, ISBN# 0072508051.
Spiceland, Sipe, & Tommassini: Inermediate Accounting 3rd Ed.
Intermediate Accounting, Eighth edition, By Nikolai & Bazley
Intermediate Accounting, by Skousen, and Stice, 15th edition, ITP.
South Western Publishing Co.