3] An introduction to financial accounting fundamentals in today’s business world. The basic financial statements are presented: balance sheet, income statement, statement of cash flows, and statement of retained earnings. Students are exposed to the recording, summarization, and presentation of financial information and methods of analyzing financial 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.