May 21, 2024  
Loyola Marymount University Bulletin 2021-2022 
Loyola Marymount University Bulletin 2021-2022 [ARCHIVED CATALOG]

ACCT 3110 Intermediate Accounting I

4 semester hours

This course begins the in-depth study of financial accounting and reporting. Topics covered include the environment of the standard setting process for financial reporting, the conceptual framework, basic financial accounting concepts, accounting cycle procedures, financial statement preparation and financial disclosures, basic ratio analysis, revenue recognition, present value applications, and accounting standards and procedures for cash, notes and accounts receivable, and inventories. Uses and limitations of the balance sheets, income statements, and statements of cash flows are studied. Researching accounting issues through the use of the FASB’s Codification database is integrated throughout the course.

Prerequisite: BCOR 2120  with a minimum grade of C (2.0).