Upon successful completion of the course, students will be able to: describe the uses and application of financial accounting, the GAAP, and IFRS principles and provide examples for demonstration purposes; analyze specific environmental and theoretical structures affecting financial accounting: economic cost concepts, source documents, technology in accounting, ethics in accounting, and users of financial accounting statements; outline the components of the balance sheet, demonstrate the components of the income statement, and differentiate between the seven forms that an income statement can take; evaluate cash flows and the time value of money, incorporating the statement of expected cash flow using the correct formatting, net present value (NPV), and annuities; demonstrate their understanding of accounts receivables by performing the calculations for the maturity date as well as the amount of interest charged on the note; discriminate among the various factors affecting the need for controls in accounting and distinguish between variations in the recording of business transactions; demonstrate an understanding, with the aid of relevant examples, of the need for forecasting, break-even analysis, and cost accounting, in managerial decision making; summarize the six main financial ratios, the role played by each in global capital markets, and evaluate the effect of the ratios on decision making in the strategic/managerial planning process.