Intermediate Accounting I

I.     Course Prefix/Number: ACC 241

       Course Name: Intermediate Accounting I

       Credits: 4 (4 lecture; 0 lab)

II.    Prerequisite

Recommended: ACC 153

III.   Course (Catalog) Description

Course presents development, usefulness and limitations of financial accounting.  Content includes the study of financial statements, conceptual framework of accounting, present value techniques, as well as issues arising from cash, receivables, inventories, long-term assets, and current liabilities.  Accounting research is included using professional databases to resolve accounting issues. One credit hour of this course will satisfy the accounting research requirement mandated by the Illinois Board of Examiners.

IV.   Learning Objectives

  1. Students will demonstrate an understanding of concepts and the ability to solve problems in the areas of:
    1. Conceptual Framework of Accounting
    2. Accounting Cycle
    3. Balance Sheet and Income Statement Presentation
    4. Present Value
    5. Cash and Receivables
    6. Inventory
    7. Fixed Assets
    8. Intangible Assets
    9. Current Liabilities and Contingencies
  2. Students will demonstrate the ability to perform accounting research to solve accounting issues using professional databases.

V.    Academic Integrity and Student Conduct

Students and employees at Oakton Community College are required to demonstrate academic integrity and follow Oakton's Code of Academic Conduct. This code prohibits:

• cheating,
• plagiarism (turning in work not written by you, or lacking proper citation),
• falsification and fabrication (lying or distorting the truth),
• helping others to cheat,
• unauthorized changes on official documents,
• pretending to be someone else or having someone else pretend to be you,
• making or accepting bribes, special favors, or threats, and
• any other behavior that violates academic integrity.

There are serious consequences to violations of the academic integrity policy. Oakton's policies and procedures provide students a fair hearing if a complaint is made against you. If you are found to have violated the policy, the minimum penalty is failure on the assignment and, a disciplinary record will be established and kept on file in the office of the Vice President for Student Affairs for a period of 3 years.

Please review the Code of Academic Conduct and the Code of Student Conduct, both located online at
www.oakton.edu/studentlife/student-handbook.pdf

VI.   Sequence of Topics

  1. Conceptual Framework of Accounting
  2. Accounting Cycle
  3. Balance Sheet and Income Statement Presentation
  4. Present Value
  5. Cash and Receivables
  6. Inventory
  7. Fixed Assets
  8. Intangible Assets
  9. Current Liabilities and Contingencies

VII.  Methods of Instruction

  1. Lecture and Discussion
  2. Working Problems and Reviewing Solutions
  3. Case Discussion
  4. Computer lab for Accounting Research

Course may be taught as face-to-face, hybrid or online course.

VIII. Course Practices Required

Students are expected to perform on a college level in text reading, writing, problem solving and oral presentations.

Course may be taught as face-to-face, hybrid or online course.

IX.   Instructional Materials

Note: Current textbook information for each course and section is available on Oakton's Schedule of Classes.

-In Example-
Required:  Intermediate Accounting, 13th Edition, Kieso, Waygandt, and Warfield, 2010.

Note: Current textbook information for each course and section is available on Oakton’s Schedule of Classes.

X.    Methods of Evaluating Student Progress

Grades are based on class attendance and participation, homework submitted, quizzes, exams, and research projects.

XI.   Other Course Information



If you have a documented learning, psychological, or physical disability you may be entitled to reasonable academic accommodations or services. To request accommodations or services, contact the Access and Disability Resource Center at the Des Plaines or Skokie campus. All students are expected to fulfill essential course requirements. The College will not waive any essential skill or requirement of a course or degree program.

Oakton Community College is committed to maintaining a campus environment emphasizing the dignity and worth of all members of the community, and complies with all federal and state Title IX requirements.

Resources and support for
  • pregnancy-related and parenting accommodations; and
  • victims of sexual misconduct
can be found at www.oakton.edu/title9/.

Resources and support for LGBTQ+ students can be found at www.oakton.edu/lgbtq.