Principles of Accounting I is a common undergraduate course taken by students in business-related fields at a college or university. Students learn basic aspects of record keeping and financial statement preparation. Initial topics in a typical Principles course include the general ledger, debits and credits, and recording transactions.
Students also learn about the four standard financial statements that companies prepare on a regular basis. Class work involves the preparation of each type of accounting statement to grasp an understanding of what the statements should include. Cash and accrual accounting and inventory accounting are among the other topics included in the course. Students may take an Advanced Accounting or Principles of Accounting II course upon successful completion of Principles of Accounting I.