Intermediate Financial Accounting I

Course Description

This course is considered as a deep study to understand the basics of financial accounting, where this course on scientific and practical applications of accounting standards and the philosophy of these applications to suit the economic activities with concentration on accounting standards that have a practical application in the Saudi business environment and linked to the partial part of this course. The course focuses on accounting standards for the measurement, presentation and disclosure of basic financial statements (income statement, statement of financial position, list of retained earnings and statement of cash flows) in addition to the detailed study of the foundations of measurement and evaluation assets and long-term and trades in the balance sheet.

Course Aims

• This course aims to develop methods and skills for students with regard to issues of measurement, disclosure, analysis, and interpretation of elements of financial statements in accordance with accounting principles recognized through:
• Acquiring scientific knowledge of the general framework of financial accounting in the Kingdom of Saudi Arabia.
• Knowing the procedures for preparing financial statements
• Acquiring analytical skills by applying the acquired theoretical concepts to various practical situations.
• Developing thinking skills through developing students' abilities to choose the accounting principles and rules appropriate for various accounting transactions
• Develop students' skills in dealing with information bases by preparing research related to the subjects of the course.

Course Contents:

• Income statement (concept - importance - determinants - methods of preparation)
• List of retained earnings (concept - significance - methods of preparation)
• List of financial position (concept - importance - methods of preparation)
• Statement of cash flows (concept - significance - methods of preparation)
• Measurement problems and accounting disclosure for debtors
• Other commodity stock valuation entries
• Measurement and accounting disclosure for fixed assets

Course ID: ACCT211