Intermediate accounting I covers generally accepted accounting principles (GAAP) and the formation of the income statement, balance sheet and cash flow statement. Assets accounts are also a focus of this course. Intermediate accounting II includes a study on current and nom-current liabilities, accounting adjustments and stockholder's equity, among other topics.
Intermediate accounting is often a difficult course for many accounting students. Rather than just highlight common accounting concepts like basic accounting courses, intermediate accounting takes students behind the numbers to show them the theoretical purpose of accounting. This approach also teaches students how to break down accounting information for easy review.
Many colleges and universities use intermediate accounting as the starting point for more advanced accounting coursework. Students unable to master the concepts of intermediate accounting I may find it difficult to understand later accounting course. The material in this course leads to advanced courses such as auditing, advanced accounting and accounting information systems.