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.

Accounting has been called "the language of business." Accordingly, this course emphasizes the provision of relevant and reliable information used by investors, creditors and managers in making financial and business decisions. Areas of emphasis include the basic concepts and principles of financial accounting, the accounting cycle, financial statement preparation, information systems and processing, and internal control. Recognition, measurement, and classification of assets, liabilities, revenues and expenses are examined and the alternative forms of business organization are covered. BSBA majors only.