ACCT 220 - Principles of Accounting I (3)

ACCT220 is the first course of the two-sequence introductory accounting courses. This course introduces students to the basic principles of financial accounting prepared in accordance with generally accepted accounting principles (GAAP). Topics include forms of business organizations; theory debits and credits; transaction analysis and financial statement preparation including multistep income statement and classified balance sheet; inventory reporting and analysis; fraud and internal control; reporting and analyzing receivables; reporting and analyzing long-lived assets; and reporting and analyzing liabilities. (Fall, Summer).