This course is one of the core courses for Accounting. Our primary concern is to develop an understanding of the principles involved in the preparation of general-purpose financial statements. This course is the foundation for all the work in accounting that many of the student will need for the rest of their professional lives! We will deal with issues regarding to how to account for transactions involving the major accounts in the asset, liability, and equity sections of the balance sheet. We will learn and explore Generally Accepted Accounting Principles (GAAP), including the effects on the balance sheet, on income, and on cash flows. In addition, we will critically evaluate GAAP as compared to other alternatives, from the perspectives of both the issuer and user of financial information. Money value, Income statements, cash accouting, short and long term investments, inventory evaluation, intangible assets, leasing, changes in financial position, prices effects on financial statements are key themes to be covered. This course will also help in developing students’ ability to be a “life-long learners” by providing the opportunity to work outside the classroom environment in projects and field research at local businesses.