An introduction to basic principles of financial accounting, the effects of business transactions, and the effect on the financial statements. Learn how to prepare basic financial statements and to engage in decision making essentials in our economic system through analysis of receivables and inventories. Prerequisite: BAS 100 for Graduate & Professional Studies students.

Students will develop literacy and skills in the application of the basic principles of financial accounting including accounting principles and practices, accounting journals and ledgers for recording business transactions, and application of the accounting cycle for service and merchandising enterprises from analysis of business transactions through preparation and evaluation of the income statement, balance sheet and statement of cash flows.