This course introduces financial accounting as a system of recording, classifying, summarizing, and interpreting economic transactions for service and merchandising concerns. Accounts and financial statements for the proprietorship, partnership, and corporation are examined. Students enrolled in ENG 094 and/or MATH 092 may not register for this course.

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.