This introductory course is an overview of financial accounting, why it is important, and how it is used by investors and creditors to make decisions. It covers the accounting information system, and the recording and reporting of business transactions with a focus on the accounting cycle, the applications of generally accepted accounting principles (GAAP), the classified financial statements, and statement analysis. Other topics include issues related to asset, liability, and equity valuation; revenue and expense recognition; cash flows; internal controls; and ethics. This course is intended for students majoring in accounting or other fields related to business administration.
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