The objective of the course is to provide the students fundamentals of financial accounting and reporting. This course focuses on preparing and communicating financial statements of profit-oriented organizations in accordance with the principles of financial accounting. Based on an understanding of the nature of business transactions and events, methods involved in accounting and reporting for the business transactions and events shall be presented. An understanding and interpreting the financial statements as potential external users of the financial information shall be developed. Following completion of the accounting cycle, the methods and procedures for recognition, de-recognition, measurement, analysis and reporting of major items of the financial statements will be presented.