Students taking their first course in accounting are strongly encouraged to complete ACTG 100 before enrolling in ACTG 121. Explores what financial accounting is, why it is important, and how it is used by investors and creditors to make decisions. Covers the application of generally accepted accounting principles, the classified financial statements, and statement analysis. Includes issues relating to asset, liability, and equity valuation; revenue and expense recognition; cash flow; internal controls; and ethics.