Introduction to the accounting information reported to external users, including the accounting cycle, valuation of assets, liabilities and owners' equity, measurement of net income, and reporting of cash flows. Emphasis is on creation and interpretation of financial statements including required disclosures. Introduction to the business environment and vocabulary; introduction to ethics and related areas of accounting such as managerial accounting, taxation, auditing, and attestation. May not be taken for credit by students who have received credit for ACCT 203.

(Prerequisite: MATH B111) External financial reporting for business entities, including income measurement and determination of financial position.