ACC-220 Principles of Accounting I

Credits: 3
Contact Hours: Lec 3
This course covers basic accounting principles and practices used by corporations in the service and merchandising industries. Students learn accrual accounting terminology and how transactions are recorded during the accounting cycle. These transactions are then used to create four basic financial statements; Income Statement, Statement of Changes in Stockholder’s Equity, Balance Sheet and Statement of Cash Flows. Throughout the course students will practice recording the transactions, prepare financial statements, and communicate the information formulated in those statements.