The purpose of this course is to provide the student with the basic financial accounting skills, knowledge, and abilities that will enable him/her to effectively use general purpose financial statements prepared in conformity with Generally Accepted Accounting Principles as a fundamental element in the student's business management decision making process. Emphasis is on understanding the meaning and value of the balance sheet, income statement, and statement of cash flows, Pre-requisite: Sophomore standing.

This is an introduction to the basic concepts of accounting, the accounting cycle, accounting systems including ethical consideration, and components of the financial statements. This course examines accounting as a system of communicating to owners, creditors, governmental bodies, and others needing the financial results of the operation of business entities. Also covered are concepts, theories, and conventions underlying measurement, processing of business activities, and reporting of the financial results of those activities. Prerequisite: MATH 1110.