An introduction to the fundamental principles, theory, and concepts of accounting and their relationship to the accounting cycle. Accounting concepts and practices in the recording process, the accounting cycle and fi nancial statement preparation and interpretation. Fundamental principles of recording business transactions as applied to single proprietorships, corporate and merchandising enterprises and the analysis of transactions and the preparation of fi nancial statements.

An introduction to the theory and fundamental concepts of the financial reporting process in modern business organizations. The course focuses on the accrual method of accounting and an introduction to GAAP theory. Topics covered include analyzing and recording business transactions, periodic determination of income and financial position, and preparation and understanding of financial statements.