This course is an introduction to financial accounting concepts that includes analyzing, interpreting and recording transactions. The accounting cycle is covered for service and merchandising corporations. The course also includes the preparation of financial statements in accordance with Generally Accepted Accounting Principles (GAAP) using the accrual method of accounting, and emphasizes the effects of journalizing business transactions on the financial statements. Additional topics include accruals and deferrals, revenues, expenses, internal control, merchandise inventory, accounts receivable, fixed assets, long-term liabilities, and equity. (Prerequisites: None).

Multiple different courses may qualify as transferable. Check with the institution for definitive transfer information.

This course is a survey of uses of accounting information by investors and creditors for decision making. Emphasis is placed on basic accounting principles used to prepare, analyze, and interpret financial statements.