Everything You Want to Know about Intermediate Accounting Classes Intermediate accounting is a course in financial accounting. Many universities teach this course in two semesters. Students, who are majoring in accounting, take this course while they are in their junior year. Experts believe that intermediate accounting techniques can be used in several fields of accounting. This course is extremely essential for accounting students. It offers detailed information on accounting concepts, practices, and policies for a variety of economic transactions that occur in a business. Professionals gather information regarding a group of transactions that mainly affect liabilities vs. assets vs. equities.