The course includes a thorough discussion of the fundamental principles of financial accounting with an emphasis on the corporate form of a business entity. These principles are studied in connection with financial accounting systems, and are taught with the use of assigned problems and questions. Information technology and various other means are used for problem solving and to study the applications of the basic principles as they relate to financial statement preparation and understanding. P: Open to all students who have completed a minimum of 15 semester hours of college credit.

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.