Introduces the basic financial accounting concepts, principles, and practices applied to the preparation and interpretation of the major financial statements. Includes complete coverage of the accounting cycle, which will 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.

The study of accounting principles underlying financial reporting of organization to external users. The accounting model for capturing and processing the economic effects of financing, investing, and operating activities as well as the financial statements provided by the model are developed. Focus is placed on reading, interpreting, and applying the financial information in decision-making processes. Pre-requisite: MATH 121 with C or better. Three credit hours.