This introductory course shows students what financial accounting is, why it is important, and how it is used by investors and creditors to make decisions. It covers the accounting information system, and the recording and reporting of business transactions with a focus on the accounting cycle, the applications of generally accepted accounting principles, the classified financial statements, and statement analysis. This course also includes issues related to asset, liability, and equity valuation; revenue and expense recognition; cash flows; internal controls; and ethics.

Multiple different courses may qualify as transferable. Check with the institution for definitive transfer information.

This course is a survey of uses of accounting information by investors and creditors for decision making. Emphasis is placed on basic accounting principles used to prepare, analyze, and interpret financial statements.