Accounting 2241
Intermediate Accounting I

Choosing this Course
This course is an appropriate choice for students currently working in or planning careers in accounting, finance, management and many other career fields. It is a required course for students pursuing an Associate in Applied Science degree in Accounting and/or the Advanced Accounting Certificate.

This course was primarily developed for students planning to sit for the Certified Public Accountant Examination (the CPA Exam). Such students typically have already earned baccalaureate degrees and are taking courses at College of DuPage to meet the requirements to sit for the CPA Exam.

This course is the first of a two course sequence.

Today's CPA
What is a CPA? As stated in the Illinois CPA Society brochure entitled, 150 Hours in 2001 - Guide to the 150 Hour Requirement to Become a CPA in Illinois in 2001:

"CPAs of today are business advisors and information specialists. That's a stretch from the traditional stereotype of CPAs as back-room number crunchers. CPAs are people-oriented, team workers, and business leaders. They need a solid understanding of accounting and business to be successful. They also need to be able to analyze and resolve complex business problems, working with a diversity of people and new technologies. Strong writing and communication skills are essential."

Course Description
Accounting 2241, Intermediate Accounting I, is an in-depth study of the theory and concepts of accounting emphasizing the income statement and balance sheet and the accounting for cash, receivables, inventory, plant assets, intangible assets, current liabilities and contingencies.

NOTE: The three exams must be taken in person at a COD campus or other approved testing center.

Prerequisite
Accounting 1140 or consent of instructor. If you are unsure whether you meet the prerequisite or are informed that you need a permission form to register for this course, you should contact the Instructor.

Course Objectives
Upon successful completion of the course, you should be able to:

1. Demonstrate an understanding of Financial Accounting Board Statements and Interpretations as they relate to the course.
   
   
2. Explain concepts and solve problems relating to:
   
   
   1. Accounting principles and standards
   2. Cash to accrual conversions
   3. Extraordinary items
   4. Prior period adjustments
   5. Intraperiod tax allocation
   6. Balance sheet classifications
   7. Present-value concepts as they relate to accounting issues
   8. Assignment and factoring of accounts receivable
   9. Dollar Value LIFO and retail inventory
   10. Initial recording and ultimate disposal of assets
   11. Various methods of depreciation and depletion
   12. Nature, measurement and amortization of intangible assets
   13. Short term and contingent liabilities
       
       
3. Demonstrate a level of competence with accounting applications using a computer spreadsheet package.