An introduction to the fundamentals of financial accounting involving the communication of relevant financial information to external parties. Includes interpretation and effective use of financial statements through study of accounting model, the measurement processes, data classification and terminology. Discussions emphasize concepts, standards and generally accepted accounting principles as the rationale for accounting procedures.

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.