Summary INTERMEDIATE ACCOUNTING

Welcome to this course Intermediate Accounting 1. I trust you will find it interesting, stimulating and valuable. Accounting is the language that pervades organizations and markets because it is used to engage and measure commercial transactions and to determine performance. This course covers accounting knowledge essential for effective collection, collation, classification, quantification, assessment, analysis and communication financial information about the economics and performance of the enterprise, and analysis and interpretation of such information thereof. This is in line with the realization that managers make extensive use of accounting information in their day-to-day work and accounting information is fundamental to corporate governance in that it provides the means of making the organization’s management accountable to outsiders such as owners. This course is designed to enable students to understand and acquire skills necessary in accounting for both current and noncurrent assets of a business enterprise. This is with particular emphasis to measurement, recognition and presentation of these assets in financial statements as fundamental aspects of accounting.