Intermediate Accounting 1 Flashcards, test questions and answers

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What is Intermediate Accounting 1?

Intermediate Accounting is a type of accounting course that focuses on the theoretical and practical aspects of financial statement preparation and analysis. This course provides an introduction to the fundamentals of accounting principles, including an overview of financial statements and their components, such as income statements, balance sheets, and cash flow statements. It covers topics like the accounting cycle, depreciation methods, the matching principle, inventory methods, liabilities and equity accounts. The objectives of this course are to enable students to understand generally accepted accounting principles (GAAP) as they apply to businesses; use these principles in preparing financial statements; analyze financial reports; develop an understanding of corporate disclosure requirements; evaluate alternative methods for recording economic transactions; and practice control procedures used in business organizations.The main focus of Intermediate Accounting is to train students in analyzing financial information effectively. This includes familiarizing them with a variety of accounting concepts such as double-entry bookkeeping systems, ratio analysis techniques, accrual basis versus cash basis accounting systems, budgeting processes, tax considerations for businesses and capital budgeting decisions. Through lectures and class discussions students learn how to interpret numerical data found on financial reports as well as understand how certain types of transactions affect a company’s overall performance. Students also gain valuable insight into how external factors such as changes in governmental regulations or economic conditions can influence business decisions that ultimately affect an organization’s bottom line numbers.