This course is a study of the underlying theory and application of financial accounting concepts. It presents the theory and methodology of interpretation of economic transaction; and the recording, and reporting of monetary data arising from economic transactions and daily events. Although the initial emphasis is on the use of accounting information in decision-making ("user perspective"), equal attention will be devoted to the preparation of financial statements ("prepare perspective"), as well as understanding and analysis of the financial statements ("user perspective"). This is an introductory course that presupposes no prior knowledge of accounting. The emphasis with respect to business structures will be on corporations.

Introduction to financial accounting concepts and principles. Emphasizes the recognition and recording of financial information, the creation and understanding of financial statements, and the role accounting information takes in business and society. Special Note: ACCT A101 and ACCT A102 will satisfy the requirement for ACCT A201. AAS Accounting majors must take ACCT A101 and ACCT A102. Registration Restrictions: UAA-approved mathematics placement test scores may be used in lieu of prerequisites.