What Is Intermediate Accounting?

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After learning the basic principles of accounting, a college student seeking a bachelor’s degree in this field must then complete two semesters of in-depth intermediate accounting classes.

1 Intermediate Accounting I and II

How the fundamentals are applied to actually keeping financial records and preparing reports includes similar course approaches, whether you are studying at Harvard, Franklin University in Ohio or California State University-Fullerton. Over two semesters, students learn how to prepare income statements and cash flow statements. They learn how to prepare balance sheets. Topics include accounting for liabilities, leases, taxes, pension benefits and earnings per share.


When it comes to public company financial statements, intermediate accounting students learn how to apply standards set by two boards. Generally accepted accounting principles, or GAAP, are based on standards set by the U.S. Financial Accounting Standards Board. International financial reporting standards, or IFRS, are set by the International Accounting Standards Board.

S.R. Haines is a veteran writer whose work has been published by newspapers, magazines, international news wire services and nonprofit publications on topics ranging from breaking news and politics to travel, parenting, education, business and technology. She earned a Bachelor of Journalism from the University of Texas at Austin.