2602. Financial Accounting. Study of the accounting cycle and generally accepted accounting principles including preparation of financial statements. Prereq.: BUS 1500 (C) or BUS 1500H (C), sophomore standing. 3 s.h.

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.