Upon successful completion of the course, students will be able to: understand the purpose of accounting, generally accepted accounting principles, ethical accounting and technology in accounting; interpret balance sheets, income statements and cash flow statements, and understand how to prepare different financial statements and the auditing process; discover debits, credits, journal entries, the trial balance and how to determine a company's performance based on financial statement ratios; explain internal controls, safeguards and bank reconciliation; study accounts receivable, revenue recognition, the allowance method, notes receivable and disposing of receivables; define long-term operating assets, plant assets, the cost principle, acquisition of property, computing depreciation, natural resource assets and accounting for intangible assets; breakdown loans, equity investments, raising equity financing, corporations, stockholder's equity, common and preferred stock, accounting for stock and retained earnings; and distinguish the purpose and elements of financial statement analysis, standards for comparison, horizontal analysis, vertical analysis and financial ratio analysis. Interpret financial ratios for companies, efficiency ratios, leverage ratios and issues with financial statement analysis.