The purpose of this course is to provide the student with the basic financial accounting skills, knowledge, and abilities that will enable him/her to effectively use general purpose financial statements prepared in conformity with Generally Accepted Accounting Principles as a fundamental element in the student's business management decision making process. Emphasis is on understanding the meaning and value of the balance sheet, income statement, and statement of cash flows, Pre-requisite: Sophomore standing.

This course introduces basic accounting procedures for analyzing, recording, and summarizing financial transactions, adjusting and closing the financial records at the end of the accounting cycle, and preparing financial statements. Accounting systems for various assets, liabilities, and equities are studied. (University Transfer)