Three hours An introduction to financial accounting concepts and principles as they apply to various forms of business for profit. The role of accounting information in decision-making, financial statement interpretation and use, communicating accounting knowledge, and the ability to think and apply accounting knowledge are collectively the focus. Prerequisite: sophomore standing or consent of instructor. Fall and spring semester.

This course studies the double-entry accounting system, including: the accounting cycle, books of original entry, preparation of journal entries, worksheets, the trial balance, and statements of financial position and income. Emphasis is on the proper recording and reporting of assets, liabilities, equity, revenue, and expenses.