Students will demonstrate an understanding and be able to explain the following:

1 - The importance of following the rules of financial accounting and reporting in order to secure capital from parties external to an organization.

2 - The basic forms for communicating this information to external parties – the four (4) financial statements: the Balance Sheet, Income Statement, Statement of Changes in Owners’ Equity and the Statement of Cash Flows.

3 - The systematic processing of transactions that ultimately get summarized and presented in financial statements.

4 - The consequences of unethical financial accounting and reporting for organizations preparing financial statements and those external parties that rely on financial statements being accurate.

5 - An understanding of the role that information processing technology plays in financial accounting and reporting.