This course introduces the student to the basic principles of accounting theory and practice. It will describe the different ways a business might be organized and takes an introductory look, at how accountants analyze, organize and report the effects of business transactions throughout the accounting process. Primary areas of study will include: Understanding accounting and the business environment; the task of recording transactions, processing the recorded data and the preparation of financial reports for use by managers, owners, creditors and government agencies(the Accounting Cycle); Other areas to be covered are: accounting for trading/merchandising businesses; Inventory/stock; and Internal control & cash.  The Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS/IAS) are incorporated for a contemporary study approach