Principles of Accounting I - ACO 201

This course is an introduction to the basic concepts and standards underlying financial accounting systems. It emphasizes the construction and interpretation of the basic financial accounting statements, the income statement, statements of cash flows, and balance sheets, with a focus on the current assets section of the balance sheet, namely cash, receivables, and inventories. The course also covers revenue and expense recognition issues, equity financing, and generally accepted accounting principles that affect the format and presentation of financial statements.