The first of two in-depth financial accounting courses. Course provides student with the in-depth understanding of the theory, conceptual framework, and development of generally accepted accounting principles giving them the knowledge necessary to properly account for and present information in financial statements prepared for external uses. Topics include the income statement, the statement of cash flows and balance sheet with an emphasis on asset accounts. Prereq: BUS 532 and BUS 533. No credit if credit received for BUS 675 Intermediate Accounting I.