Financial Accounting is a study of accounting theories and concepts involved in analyzing, processing, interpreting, and communicating decision-making information for internal and external uses. Financial Accounting is the theory and practice of recording business transactions, preparing and analyzing financial statements, and applying procedures related to current assets, current liabilities, long-term assets, long-term liabilities, and payroll. ACCT 1413 or high school bookkeeping strongly recommended. OSRHE Matrix: AC 201

Introduction to concepts and principles of accounting, to include: recognition, analysis, measurement and recording of monetary information in business transactions. Emphasis of the course will be on understanding financial reporting for external users.