Financial reports are the most significant means for an organization to communicate its management results to stockholders, creditors, and regulators. This course covers concepts, principles, and practices, including preparation and interpretation, of financial reports. The financial reporting system and basic internal controls for the balance sheet, income statement, and cash flow statements are discussed. A student may not receive credit for both ACCT 101 and ACCT 203.

Introduction to accounting information, the basic accounting cycle, and consideration of selected financial statement topics. The course emphasizes the uses and limitations of accounting information in economic decision-making, as well as problem-solving, oral and written communication skills, and computer skills.