ACCT350 - Intermediate Accounting 1
Central Washington University
Dr. MaryAnne Atkinson
Summer, 2012

Required Textbook: Intermediate Accounting,  14th edition, by Kieso, Weygandt and Warfield                         

Note: this course is continually under construction. The schedule below may be changed during the quarter.

Class time: Tuesday, Thursday,  5:30 - 7:50 p.m.
Office hours: Tuesday, Thursday,  2:00-3:00 pm, and by appointment
Office: SQL, Room 302F
Office telephone: (509) 963-3885
Office fax: (425) 640-1488
Email address:
Home Page:
Homework: Homework page

Course Objectives and Expected Skills

Understand the nature, purpose, environment, and importance of financial reporting Explain how GAAP is constantly evolving because of political and economic factors.

Explain who the users of financial statements are and how GAAP and Concepts meet the needs of such users.

Use the conceptual framework as the underlying foundation for measuring and reporting business activities.

Master the accounting cycle and information communicated through financial reporting Explain journal entries, posting, the adjusting process, closing entries, and present and future value concepts.

Prepare financial statements and related footnotes

Understand current assets and its components Identify cash and cash equivalents;

Explain receivables;

Compute and explain periodic and perpetual inventory systems under different costing methods;

Explain current asset measurement and income determination.

Understand property, plant and equipment Identify the cost of an asset;

Compute and explain disposal, depreciation, impairment of fixed assets;

Identify necessary disclosures;

Explain plant asset measurement and expense and income determination.

Understand intangible assets Explain and compute the cost and amortization of intangible assets.
Understand current liabilities Define and account for items included in current liability section of the balance sheet;

Explain current liability measurement and expense and revenue determination.

Appreciate the importance of ethical behavior in the accounting and business process Explain why it is important to have ethical directors, managers, auditors, and accountants.



Homework:  All homework due for that part of the course is due at the time of the test (quiz, midterm, or final).  It must be complete and hand written, and you must have at least attempted to solve each problem to get credit.  If you haven't completed or attempted all of the problems, don't turn it in.  It will be graded for completeness, not for obtaining the correct answer.

Detailed Course Outline:

June 19 - 21
Financial Accounting and Accounting Standards, Conceptual Framework Underlying Financial Accounting, The Accounting Information System
Chapters 1, 2, 3

June 26 - 28
The Income Statement and Related Information, The Balance Sheet and the Statement of Cash Flows 
Chapters 4, 5

July 3 - 5
Accounting and the Time Value of Money; Cash and Receivables
Quiz #1 (ch. 1-5), Chapters 6, 7

July 10 - 12
Cash and Receivables; Valuation of Inventories:  A Cost-Basis Approach
Chapters 7, 8

July 17 - 19
Inventories:  Additional Valuation Issues
Midterm Exam (Chapters 1 - 8) Chapter 9

July 24 - 26
Acquisition + Disposition of Property Plant + Equipment; Depreciation, Impairments and Depletion
Chapters 10, 11

July 31 - August 2
Intangible Assets
Quiz #2 (Chapters 9 - 11), Chapter 12

August 7 - 9
Current Liabilities + Contingencies

August 14 -- Tuesday  -- Final Exam, 5:30 - 7:50 (comprehensive)

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This page was last updated on:  06/19/12