This course is designed to provide students the breath, depth, and application of accounting standards and regulations underlying financial reporting, along with the processes by which authoritative accounting guidelines are promulgated (the preparation, presentation, interpretation and use of financial statements). More specifically, the course deals with measurement and reporting of financial condition of business firms and with Accounting Principles and Process of different types of assets, liabilities and equities. Topics include environment of accounting, generally accepted accounting principles, income measurement and reporting, plant assets acquisition, depreciation and depletion, accounting for shares, stock and debentures, cash flows, current liabilities, and accounting for changes, errors, and incomplete records.