SYLL 161 Essay

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BSAD 161 Intermediate Accounting I Spring 2015

Instructor: Susan B. Hughes, Ph.D., CPA
Office: 314 Kalkin Hall
Office Hours: Wednesday 1:00 – 3:30 and by appointment
Phone: 802 656 0504
Things you need to acquire:
Texts: Intermediate Accounting. Kieso, Weygandt and Warfield (Wiley, 15th edition, with access to WileyPlus). Available at the Bookstore. Access to: class URL:

Additional text chapters: Gordon, Raedy, Sannella. Provided by professor.
News: The Wall Street Journal Purchase at Instructor: Susan Hughes

Assessment Tests Online: (more details appears on Blackboard)

Academic Accounting Access to the FASB and GASB accounting standards: Username AAA51391 Password Y8k7hDG

Access to,, (user name: UVMACCT, Password GOCATS or UVMACCT1, Password GOCATS1),

Prerequisites: BSAD 60, 61, junior standing. Overview:
Intermediate Accounting I reviews the structure of the accounting standards established by the U.S. Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB). Although intended primarily for accounting majors, the course(s) also benefits those pursuing a career in corporate finance or the securities industry.

The course concentrates on the basics of financial accounting and the composition and usefulness of the four basic financial statements. It uses a systems approach to address accounting and reporting issues in the sales cycle (revenue recognition, accounts receivable, including the allowance for doubtful accounts, notes receivable, cash receipts, and accruals), the purchase cycle (inventory, noncurrent assets, accounts payable, cash disbursements, depreciation and impairments); and accounting for investment securities. As such, by the end of the course, you should have a good understanding of most asset accounts, and the accounts commonly included within current liabilities. You will also be able to identify when revenue should be recognized, when various expenses are incurred, and how these activities affect the Statement of Cash Flows. Because the SEC currently recognizes both U.S. generally accepted accounting principles (GAAP) developed by the FASB and International Financial Reporting Standards (IFRS) developed by the IASB, both sets of standards will be used in the course.

Course Content:
Overview of the FASB’s and IASB’s conceptual frameworks of financial reporting
The use of judgment in financial reporting
Time value of money
Revenue recognition
Proper accounting for items in the balance sheet, recognize relationships with income statement accounts: Cash Marketable securities Investments Accounts receivable Inventory Property, plant and equipment Intangible assets, including accounting for research and development and IPR&D Current liabilities and contingencies
Fair value
Preparing and interpreting the income statement
Preparing and interpreting the balance sheet
Preparing and interpreting the statement of cash flows

Course Learning Objectives:
Successful completion of the course should allow you to:

Explain the need for generally accepted accounting principles;
Identify steps in the accounting cycle;
Record transactions in journals, post to general ledger accounts, and prepare a trial balance;
Explain the objectives of financial reporting;
Describe the basic assumptions of accounting;
Evaluate the judgments that underlie the reported financial results;
Identify the timing of revenue recognition for simple and complex transactions;
Explain why revenue recognition was a joint project of the FASB and IASB;
Explain the purpose of notes that accompany the primary financial statements;
Differentiate cash from other assets;
Identify different types of