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).

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.