Introduces the basic financial accounting concepts, principles, and practices applied to the preparation and interpretation of the major financial statements. Included is complete coverage of the accounting cycle which is designed to satisfy the information requirements of external decision makers. Topics covered are asset valuation, liability measurement, income determination and equity activities. Integrated throughout is a discussion of ethical issues and considerations.

ACC 202 focuses on the external financial reporting of enterprises. The course examines the creation, flow and analysis of enterprise financial information, including the income statement, balance sheet, statement of retained earnings and cash flow statement in accordance with accepted accounting principles. Students conduct introductory Internet research on published company financial information.