An introduction to the principles and the practice of accounting. Coverage is given to the fundamentals of recording, summarizing, analyzing, and reporting financial information in accordance with generally accepted accounting principles. Although all business entities are discussed, the primary focus is the accounting system of the sole proprietorship. Offered fall term each year.

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.