An introduction to basic principles of financial accounting, the effects of business transactions, and the effect on the financial statements. Learn how to prepare basic financial statements and to engage in decision making essentials in our economic system through analysis of receivables and inventories. Prerequisite: BAS 100 for Graduate & Professional Studies students.

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.