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Intermediate Accounting

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Based on 9 ratings
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OZIS Academy

In today’s fast-paced and ever-changing business world, a strong understanding of accounting principles and financial reporting is essential for organizations to thrive. Accounting is the backbone of sound decision-making, providing the foundation for strategic business choices, effective resource allocation, and regulatory compliance. This Intermediate Accounting course is designed to equip you with advanced theoretical knowledge, practical frameworks, and real-life examples to navigate the complexities of financial reporting.

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In today’s fast-paced and ever-changing business world, a strong understanding of accounting principles and financial reporting is essential for organizations to thrive. Accounting is the backbone of sound decision-making, providing the foundation for strategic business choices, effective resource allocation, and regulatory compliance. This Intermediate Accounting course is designed to equip you with advanced theoretical knowledge, practical frameworks, and real-life examples to navigate the complexities of financial reporting.

While this course does not involve calculations or technical problems, it offers an in-depth exploration of key accounting principles and their real-world applications. You will explore essential concepts, such as revenue recognition, asset valuation, and financial statement analysis, all through real-world scenarios that showcase how accounting shapes business operations and decisions.

What You’ll Learn:

  • Master the core principles of accounting and financial reporting frameworks used by organizations worldwide.

  • Understand how financial statements are prepared, analyzed, and interpreted to reflect a company’s financial health.

  • Explore advanced accounting topics, including revenue recognition and asset valuation, with real-life case studies.

  • Learn to assess financial performance and identify areas for improvement within an organization.

  • Stay updated on the latest trends in accounting, including ESG (Environmental, Social, and Governance) reporting and international standards.

Why It’s Important: In a globalized economy, professionals with a strong grasp of accounting principles are key to driving business success. Whether you're making decisions as a manager, evaluating financial health as a consultant, or preparing for accounting certifications, this course will provide you with the theoretical knowledge needed to thrive in the world of finance.

This course is ideal for accounting, finance, and business professionals, as well as students preparing for advanced certifications. It gives you the confidence and expertise to make informed decisions, ensuring both personal and organizational growth in today’s complex business environment.

Enroll today to deepen your understanding of accounting and financial reporting, and position yourself as a leader in the ever-evolving financial world.

Enroll now

What's inside

Learning objectives

  • Understand advanced accounting principles and financial reporting standards for accurate and reliable financial statements.
  • Prepare, analyze, and interpret income statements, balance sheets, and cash flow statements with confidence.
  • Master revenue recognition principles, including performance obligations and contract modifications, in various industries.
  • Learn asset valuation techniques, including inventory methods, depreciation, and intangible asset accounting.
  • Understand liability accounting, including bonds, leases, and equity transactions, under current standards.
  • Explore sustainability and esg accounting and their role in modern financial reporting practices.
  • Conduct ratio analysis, trend analysis, and financial health evaluations using real-world financial data.
  • Address contemporary accounting issues like ifrs and gaap convergence, ethical reporting, and emerging global trends.

Syllabus

This module introduces the foundational concepts of financial accounting and reporting, essential for understanding advanced topics in accounting.
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What you will learn in this lecture:

  • Understanding accounting principles, standards, and objectives.

  • Differentiating between various financial reporting methods.

  • Importance of standardization in financial accounting.

What you will learn in this lecture:

  • Identifying the components and purpose of financial statements.

  • Understanding the needs of different users of financial statements.

  • Exploring how financial statements support decision-making.

What you will learn in this lecture:

  • Understanding the conceptual framework of financial reporting.

  • Identifying qualitative characteristics of useful financial information.

  • Recognizing assumptions in financial reporting.

What you will learn in this lecture:

  • Understanding the history and evolution of GAAP.

  • Exploring the structure and key elements of GAAP.

  • Examining global adoption and variations of GAAP.

What you will learn in this lecture:

  • Identifying the key differences between IFRS and GAAP.

  • Understanding the convergence efforts of IFRS and GAAP.

  • Exploring the impact of IFRS adoption on global financial reporting.

What you will learn in this lecture:

  • Understanding the importance of transparency in financial reporting.

  • Exploring ethical considerations and challenges in accounting practices.

  • Recognizing the role of ethics in building trust and credibility.

What you will learn in this lecture:

  • Understanding the structure and components of the income statement.

  • Differentiating between operating and non-operating income.

  • Exploring reporting guidelines for comprehensive income.

What you will learn in this lecture:

  • Classifying assets, liabilities, and equity on the balance sheet.

  • Understanding the significance of equity presentation in financial reporting.

  • Examining the interrelationship between the balance sheet and other financial statements.

What you will learn in this lecture:

  • Analyzing operating, investing, and financing activities.

  • Understanding the importance of cash flow in financial health.

  • Preparing and interpreting the statement of cash flows.

What you will learn in this lecture:

  • Understanding the ASC 606 and IFRS 15 guidelines for revenue recognition.

  • Identifying performance obligations and contract costs.

  • Determining the timing of revenue recognition in different scenarios.

What you will learn in this lecture:

  • Examining case studies across industries like SaaS, construction, and subscription models.

  • Handling contract modifications, warranties, and variable consideration.

  • Understanding real-world challenges in applying revenue recognition standards.

What you will learn in this lecture:

  • Analyzing the impact of digital transactions on revenue recognition.

  • Exploring how subscription models and cryptocurrency affect revenue reporting.

  • Identifying key emerging trends and challenges in modern revenue recognition.

What you will learn in this lecture:

  • Understanding the recognition and measurement of cash and trade receivables.

  • Accounting for allowances and impairments in receivables.

  • Managing bad debt and its impact on financial reporting.

What you will learn in this lecture:

  • Comparing inventory valuation methods: FIFO, LIFO, and weighted average.

  • Understanding the impact of inventory write-downs and write-offs.

  • Analyzing how inventory methods affect financial statements and performance.

What you will learn in this lecture:

  • Capitalization vs. expense decisions for PPE.

  • Exploring depreciation methods and asset impairment.

  • Understanding the disposal and revaluation of PPE assets.

What you will learn in this lecture:

  • Recognizing and accounting for intangible assets.

  • Exploring amortization and impairment of intangible assets.

  • Understanding goodwill impairment under IFRS and GAAP.

What you will learn in this lecture:

  • Accounting for bonds, notes payable, and contingencies.

  • Recognition and measurement of liabilities in different scenarios.

  • Understanding current vs. long-term liabilities and their impact on financial statements.

What you will learn in this lecture:

  • Differentiating between operating and finance leases under ASC 842/IFRS 16.

  • Accounting for lessee vs. lessor, including lease liabilities and right-of-use assets.

  • Understanding the impact of lease accounting on financial statements.

What you will learn in this lecture:

  • Accounting for stock transactions, dividends, and retained earnings.

  • Analyzing issuance and repurchase of shares, stock options, and equity-related transactions.

  • Understanding equity financing and its impact on corporate governance.

What you will learn in this lecture:

  • Integrating environmental, social, and governance (ESG) factors into financial reporting.

  • Understanding emerging standards for sustainability reporting.

  • Exploring the role of ESG in modern financial analysis and decision-making.

What you will learn in this lecture:

  • Understanding liquidity ratios, profitability ratios, and solvency ratios.

  • Interpreting financial health and performance through ratio analysis.

  • Analyzing how ratios reflect a company's financial strength and weaknesses.

What you will learn in this lecture:

  • Performing horizontal and vertical analysis for financial statement comparison.

  • Constructing and interpreting common-size financial statements.

  • Analyzing trends over time to identify financial patterns and outliers.

What you will learn in this lecture:

  • Analyzing real financial statements and case studies.

  • Identifying red flags in financial statements, such as earnings management or off-balance-sheet transactions.

  • Applying financial analysis techniques to detect potential issues in reporting.

Traffic lights

Read about what's good
what should give you pause
and possible dealbreakers
Explores ESG (Environmental, Social, and Governance) reporting, which is increasingly important for companies seeking to attract investors and meet regulatory requirements
Examines IFRS and GAAP convergence, which is relevant for professionals working in global organizations or those dealing with international financial reporting standards
Covers revenue recognition principles under ASC 606 and IFRS 15, which are essential for accurate financial reporting in various industries
Requires learners to understand the foundational concepts of financial accounting and reporting, which may necessitate prior coursework or professional experience
Does not involve calculations or technical problems, which may not suit learners seeking hands-on experience with quantitative accounting methods
Examines ethical considerations and challenges in accounting practices, which is crucial for maintaining trust and credibility in the financial industry

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Reviews summary

Intermediate accounting: theory & concepts deep dive

According to learners, this course offers a deep theoretical understanding of intermediate accounting principles, frameworks like GAAP and IFRS, and modern topics including ESG reporting. Many students found the conceptual explanations clear and valuable for understanding the 'why' behind accounting standards, making it relevant for professional understanding and certification exam preparation. However, a frequent point raised is the complete lack of practical problems or calculations, leading some to feel it's difficult to apply the theory and that the course feels incomplete on its own for practical skill development. The lecture delivery was described as informative by some but passive or dry by others.
Delivery style is passive for some learners.
"The lectures were informative, though sometimes a bit dry."
"The lectures are just talking heads reading slides."
"the delivery is quite passive, and I struggled to stay engaged."
"It's a decent reference for concepts, but not an engaging learning experience."
Includes current issues like ESG and digital.
"I appreciated the discussions on GAAP vs. IFRS convergence and the inclusion of ESG."
"I found the discussion on modern topics like ESG and digital transactions in revenue recognition very valuable and relevant."
"Integrates environmental, social, and governance (ESG) factors into financial reporting..."
Useful supplement for exam review and theory.
"Good for reinforcing concepts for the CPA exam."
"As a student preparing for exams, this course was a good supplement for reviewing the theoretical underpinnings..."
"Provides a solid conceptual framework [useful] for professional understanding..."
Course excels at providing a strong conceptual base.
"This course provided an excellent theoretical foundation in intermediate accounting."
"Perfect for understanding the 'why' behind the standards, even without calculations."
"Excellent course if you want a strong theoretical grounding."
"Incredibly detailed explanations of complex topics without getting bogged down in calculations."
Major drawback for many: no calculations or practice.
"the complete lack of actual calculation problems or practical examples makes it hard to truly grasp how these principles are applied in reality."
"Disappointing... Without any practice problems, it's difficult to see if I truly understand the concepts."
"Useless for someone needing practical skills... This course provides none of that."
"The course content is comprehensive in theory, but it seriously needs practical examples with numbers."

Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Intermediate Accounting with these activities:
Review Introductory Accounting Principles
Solidify your understanding of fundamental accounting principles to better grasp the advanced concepts covered in this course.
Browse courses on Accounting Fundamentals
Show steps
  • Review your notes from introductory accounting courses.
  • Work through practice problems on basic journal entries and financial statement preparation.
  • Consult introductory accounting textbooks or online resources for clarification.
Review 'Intermediate Accounting' by Kieso, Weygandt, and Warfield
Deepen your understanding of intermediate accounting concepts by referencing a widely used and respected textbook.
View Intermediate Accounting, Volume 2 on Amazon
Show steps
  • Obtain a copy of 'Intermediate Accounting' by Kieso, Weygandt, and Warfield.
  • Read the chapters relevant to the course syllabus, focusing on areas where you need more clarity.
  • Work through the practice problems and review questions at the end of each chapter.
Practice Financial Ratio Analysis
Improve your ability to analyze financial statements by practicing ratio calculations and interpretations.
Show steps
  • Gather financial statements from various companies.
  • Calculate key financial ratios (liquidity, profitability, solvency).
  • Interpret the meaning of each ratio and compare it to industry benchmarks.
Four other activities
Expand to see all activities and additional details
Show all seven activities
Create a Presentation on Revenue Recognition
Solidify your understanding of revenue recognition by creating a presentation that explains the key principles and challenges.
Show steps
  • Research the latest revenue recognition standards (ASC 606/IFRS 15).
  • Outline the key principles of revenue recognition.
  • Develop examples to illustrate the application of these principles.
  • Create visually appealing slides with clear and concise explanations.
  • Practice your presentation to ensure a smooth delivery.
Analyze a Company's Financial Statements
Apply your knowledge by analyzing the financial statements of a real company, enhancing your ability to interpret financial data.
Show steps
  • Select a publicly traded company to analyze.
  • Download the company's annual report (10-K) from the SEC website.
  • Analyze the income statement, balance sheet, and cash flow statement.
  • Calculate key financial ratios and interpret their meaning.
  • Write a report summarizing your findings and conclusions.
Develop a Financial Statement Analysis Template
Create a reusable template for analyzing financial statements, streamlining your analysis process.
Show steps
  • Identify the key financial ratios and metrics to include in the template.
  • Design a spreadsheet or document to organize the data and calculations.
  • Incorporate formulas to automate the ratio calculations.
  • Add sections for interpreting the results and drawing conclusions.
  • Test the template with real financial data to ensure its accuracy and usability.
Read 'Financial Accounting Theory' by William R. Scott
Gain a deeper understanding of the theoretical underpinnings of financial accounting standards.
View Financial Accounting Theory (Eighth Edition) on Amazon
Show steps
  • Obtain a copy of 'Financial Accounting Theory' by William R. Scott.
  • Read the chapters that align with the course topics.
  • Reflect on how the theoretical concepts relate to the practical application of accounting standards.

Career center

Learners who complete Intermediate Accounting will develop knowledge and skills that may be useful to these careers:
Chief Financial Officer
A Chief Financial Officer oversees all financial activities of a company, including financial planning, reporting, and risk management. This high-level role requires a strategic thinker with a deep understanding of financial principles and business operations. The intermediate accounting course helps those who want to become a chief financial officer to be able to master the core principles of accounting and financial reporting frameworks. The CFO will be able to make informed decisions, ensuring organizational growth in today’s complex business environment. The insight allows a business consultant to assess ESG factors in financial reporting.
See salaries and explore the career path for Chief Financial Officer
Management Accountant
A Management Accountant provides financial information and analysis to help managers make informed decisions. This role involves budgeting, cost analysis, and performance reporting. The Intermediate Accounting course helps management accountants master the core principles of accounting and financial reporting frameworks, allowing them to provide more reliable financial insights. Management accounting is the act of using financials to create an informational advantage within a company to inform strategy. The accountant can use their skills to evaluate a company's financial information.
See salaries and explore the career path for Management Accountant
Financial Analyst
A Financial Analyst assesses financial performance and provides insights to guide investment decisions. This career analyzes financial statements, evaluates market trends, and develops financial models to forecast future performance. The Intermediate Accounting course helps build a solid foundation in understanding how financial statements are prepared, analyzed, and interpreted, which is vital for any financial analyst. With the course’s exploration of key accounting principles and their application through real-world scenarios, learners gain a practical understanding of financial reporting that is crucial for financial analysis. The financial analyst will find the modules covering income statements, balance sheets, and cash flow statements particularly beneficial. Additionally, the skills to conduct ratio analysis and trend analysis can improve a financial analyst's ability to detect subtle issues and improve a company's financial performance.
See salaries and explore the career path for Financial Analyst
Accounting Manager
An Accounting Manager oversees the accounting operations of a company, ensuring accuracy and compliance with financial regulations. This role involves managing accounting teams, preparing financial reports, and implementing internal controls. The Intermediate Accounting course helps accounting managers stay updated on the latest trends in accounting and financial reporting frameworks. The course’s in-depth exploration of revenue recognition and asset valuation enables the accounting manager to apply these complex accounting topics to real-world scenarios. Moreover, the course will allow them to mentor their team members and improve accounting practices within their organizations. The modules on GAAP, IFRS, and ESG are useful to an accounting manager.
See salaries and explore the career path for Accounting Manager
Revenue Manager
A Revenue Manager is responsible for optimizing revenue generation through pricing strategies, demand forecasting, and sales analysis. The Intermediate Accounting course helps the revenue manager to master revenue recognition principles, including performance obligations and contract modifications. The revenue manager is able to apply accurate reporting techniques in diverse industries. They will also be able to analyze the impact of digital transactions on revenue recognition, providing them with valuable insights for optimizing revenue strategies.
See salaries and explore the career path for Revenue Manager
Auditor
An auditor examines financial records to ensure accuracy and compliance with accounting standards and regulations. This role involves assessing internal controls, verifying financial data, and providing recommendations for improvement. The Intermediate Accounting course offers a deep dive into the core principles of accounting and financial reporting frameworks, equipping auditors with the knowledge to scrutinize financial statements effectively. Auditors analyze financial documentation and detect fraud. The course is helpful for auditors to stay updated on the latest trends in accounting, including ethical reporting and emerging global trends. The auditor will find the lessons on the statement of cash flows and balance sheets useful in determining the financial health of a company.
See salaries and explore the career path for Auditor
Controller
A Controller manages a company’s accounting and financial reporting functions, ensuring accurate and timely financial information. This role involves overseeing the preparation of financial statements, managing budgets, and implementing financial policies. The Intermediate Accounting course helps controllers master the core principles of accounting and financial reporting, allowing them to ensure their organization's financial statements are accurate and reliable. In particular, an exploration of liabilities and equity transactions helps controllers handle complex financial scenarios. The lessons on financial statement analysis will allow the controller to conduct ratio analysis and trend analysis.
See salaries and explore the career path for Controller
Internal Auditor
An Internal Auditor evaluates a company’s internal controls and risk management processes to ensure compliance and efficiency. This role involves assessing the effectiveness of controls, identifying areas for improvement, and making recommendations to management. This intermediate accounting course can help the auditor stay updated on the latest trends in accounting, including ethical reporting and emerging global trends. The lesson modules on the statement of cash flows and balance sheets may allow someone in this position to evaluate a company's financial health. They may find it easier to apply reporting techniques and be aware of GAAP and IFRS convergence.
See salaries and explore the career path for Internal Auditor
Business Consultant
A Business Consultant provides expert advice and guidance to organizations to improve efficiency and performance. This role involves analyzing business operations, developing strategic recommendations, and assisting with implementation. The Intermediate Accounting course may help business consultants understand how financial statements are prepared, analyzed, and interpreted, enabling them to assess a company’s financial health and identify areas for improvement. The consultant is able to use their expertise to evaluate financial operations and develop strategic solutions. The insight allows a business consultant to assess ESG factors in financial reporting.
See salaries and explore the career path for Business Consultant
Forensic Accountant
A Forensic Accountant investigates financial fraud and irregularities, often working with law enforcement or legal teams. The intermediate accounting course introduces an individual to analyzing financial statements to detect potential issues in reporting. This course may improve one's expertise to assist with forensic investigations. They must have a deep understanding of accounting principles and auditing procedures. The forensic accountant may draw on knowledge of ethical reporting and emerging global trends.
See salaries and explore the career path for Forensic Accountant
Investment Banker
An Investment Banker advises companies on raising capital through the issuance of stocks and bonds, mergers, acquisitions, and other financial transactions. This role requires a strong understanding of financial markets, valuation techniques, and deal structuring. The Intermediate Accounting course may increase an investment banker's knowledge about how financial statements are prepared, analyzed, and interpreted to reflect a company’s financial health. An investment banker will find the course useful because it explores contemporary accounting issues like IFRS and GAAP convergence. Therefore the banker can better prepare and analyze the impact of transactions.
See salaries and explore the career path for Investment Banker
Portfolio Manager
A Portfolio Manager is responsible for making investment decisions to meet the financial goals of individual or institutional clients. This role involves researching investment opportunities, constructing portfolios, and monitoring performance. The Intermediate Accounting course may help a portfolio manager understand advanced accounting topics such as revenue recognition and asset valuation, providing a more informed basis for investment decisions. The person in this role can evaluate financial performance. The skills in this course may allow the portfolio manager to determine financial patterns.
See salaries and explore the career path for Portfolio Manager
Tax Accountant
A Tax Accountant prepares and files tax returns for individuals or businesses, ensuring compliance with tax laws and regulations. This role involves staying up-to-date on changes in tax legislation and providing tax planning advice. The Intermediate Accounting course may help tax accountants gain a deeper understanding of financial reporting frameworks. This course will help improve the tax accountant's knowledge needed to navigate complex tax scenarios and ensure compliance. While this course may not be directly focused on taxation, the principles discussed may be relevant in a complex tax matter.
See salaries and explore the career path for Tax Accountant
Credit Analyst
A Credit Analyst assesses the creditworthiness of individuals or businesses to determine the risk of lending money. This role involves analyzing financial statements, evaluating credit history, and assigning credit ratings. The Intermediate Accounting course may allow credit analysts to refine their ability to assess financial performance and identify areas for improvement within an organization. This course will help the credit analyst understand financial reporting frameworks used by organizations worldwide. The analyst may evaluate the impact of liabilities on financial statements.
See salaries and explore the career path for Credit Analyst
Actuary
An Actuary assesses and manages financial risks, particularly in the insurance and pension industries. This role involves using statistical models to forecast future events and determine appropriate pricing and reserves. An actuary often requires advanced degrees in statistics, mathematics, or a related quantitative field. The Intermediate Accounting course may help an actuary better understand ESG accounting which is helpful for financial analysis and decision making. This could improve the actuary's ability to integrate environmental factors into financial models.
See salaries and explore the career path for Actuary

Reading list

We've selected two books that we think will supplement your learning. Use these to develop background knowledge, enrich your coursework, and gain a deeper understanding of the topics covered in Intermediate Accounting.
Cover image
Intermediate Accounting, Volume 2
Save
Comprehensive resource for intermediate accounting topics. It provides detailed explanations, examples, and practice problems that align closely with the course syllabus. It is commonly used as a textbook in university-level accounting programs. Reading selected chapters can significantly enhance your understanding of complex accounting standards and their application.
Intermediate Accounting, Volume 2
Paperback
Check
Intermediate Accounting, Volume 2
Kindle Edition
Check
Financial Accounting Theory (Eighth Edition)
Save
Provides a theoretical foundation for financial accounting practices. It explores the underlying principles and assumptions that guide accounting standards. While not a primary reference for calculations, it offers valuable insights into the rationale behind accounting rules. This book is more valuable as additional reading than it is as a current reference.
Financial Accounting Theory (Eighth Edition)
Paperback
Check
Financial Accounting Theory (Eighth Edition)
Kindle Edition
Check

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Rating
4.5 Filled star Filled star Filled star Filled star Half star
Effort
6 total hours
Via
Udemy
Instructor
OZIS Academy
Language
English
Traffic lights
Read about what's good
what should give you pause
and possible dealbreakers
Explores ESG (Environmental, Social, and Governance) reporting, which is increasingly important for companies seeking to attract investors and meet regulatory requirements
Examines IFRS and GAAP convergence, which is relevant for professionals working in global organizations or those dealing with international financial reporting standards
Covers revenue recognition principles under ASC 606 and IFRS 15, which are essential for accurate financial reporting in various industries
Requires learners to understand the foundational concepts of financial accounting and reporting, which may necessitate prior coursework or professional experience
Does not involve calculations or technical problems, which may not suit learners seeking hands-on experience with quantitative accounting methods
Examines ethical considerations and challenges in accounting practices, which is crucial for maintaining trust and credibility in the financial industry
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