A study of basic accounting theory and practice, the nature of assets and equity, income measurement, and financial statement preparation. Prerequisites: MATH 110 or placement higher than MATH 110 on the math placement examination, and sophomore standing or permission of the area coordinator for accounting majors.

Introduces the basic financial accounting concepts, principles, and practices applied to the preparation and interpretation of the major financial statements. Included is complete coverage of the accounting cycle which is designed to satisfy the information requirements of external decision makers. Topics covered are asset valuation, liability measurement, income determination and equity activities. Integrated throughout is a discussion of ethical issues and considerations.