This first course in financial accounting and reporting taken by all business students assumes no prior knowledge of accounting. It introduces the FASB conceptual framework as the logic underlying accounting standards. It develops and traces the basic steps used in accounting and reporting for service-oriented entities and progresses to more complex merchandising firms with inventory valuation considerations. The course culminates in the use of simple financial statement analysis in reaching credit and investment decisions. A general ledger software package embedded in the coursework familiarizes students with the rapid electronic processing of information possible and with the basic outline of all such packages available today. Lecture: 4 hours per week. 4 credits

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