An introduction to basic accounting principles, concepts, and procedures. Topics include the accounting cycle, preparation of financial statements, accounting systems and special-purpose journals, internal control methods, inventory costing, short-term liquid assets. A manual practice set is completed.

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.