This course is the first of three intermediate accounting courses and provides an in-depth study of financial accounting and reporting including the conceptual framework, accounting systems, and the preparation of financial statements in accordance with U.S. generally accepted accounting principles (GAAP). Topics include the regulatory environment, the full accounting cycle, and the requirements for financial statement presentation and disclosure. Emphasis is placed on accounting for cash, receivables, and inventories, including valuation, internal controls, and the effects of different accounting methods. Prerequisite: ACC 206.