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Course Description

Schoolcraft is excited to offer traditional credit face-to-face, hybrid, online, and remote classes. We are committed to providing students a safe experience based on recent COVID-19 concerns.

Please see the COVID-19 web page to learn more. Keep checking the schedule for additions on our New, Added, and Late Starting Courses web page.

Accounting - ACCT 221

Intermediate Accounting 1

4 Credit Hours
4 Lecture Hours

Course Description

This course further explores these accounting principles used by publicly traded companies, including the methods used to measure and report the financial transactions of corporations. The course focuses on the valuation of assets, such as cash and receivables, investments, inventory and operational assets, but will also include preparation of financial statements, review of financial disclosures and measurement of income and time value of money concepts.


(A requirement that must be completed before taking this course.)

Course Competencies

Upon successful completion of the course, the student should be able to:

  • Explain the differences between cash and accrual basis accounting.
  • Explain the current trends in the accounting standards setting process.
  • Identify the differences between US accounting standards and International accounting standards.
  • Explain the conceptual framework for accounting standards including: broad principles, basic assumptions, characteristics of accounting information and elements of financial statements.
  • Determine the effects of financial transactions on a company's financial position.
  • Complete the accounting cycle for routine business transactions.
  • Prepare a Classified Balance Sheet.
  • Explain balance sheet disclosure requirements.
  • Calculate common liquidity, financing and profitability ratios.
  • Prepare an Income Statement.
  • Explain income statement disclosure requirements.
  • Determine proper use of time value of money concepts.
  • Apply current accounting principles to cash and receivables.
  • Apply current accounting principles to inventory.
  • Apply current accounting principles to operational assets.
  • Apply current accounting principles to investments.
  • Determine asset impairment.
  • Evaluate internal controls for cash receipts and disbursements.
  • Identify ethics violations.

Course Schedule

 CourseSectionCourse TitleLocationCredit HoursInstructorsSeats Available ⁄Capacity ⁄WaitlistStatusFeeDays-Time-Room

Fall; 2021; ACCOUNTING; No of Weeks : 15; Begins : 08/30/2021

 221142513Intermediate Acct 1RMT4Randall M17/30/0Open$12.00T R  12:30 PM-02:24 PM WEBWEB
 221142561Intermediate Acct 1RMT4Perpich E18/30/0Open$12.00M W  05:30 PM-07:24 PM WEBWEB

Key: Day of the Week

  • T = Tuesday
  • R = Thursday
  • S = Saturday
  • X = Sunday