The Fundamentals of Accounting is similar to studying a foreign language.    Accounting is  the business language and it is essential to understand the language to read and comprehend the text.  We will start building the foundation to understand the business language in the first class.  The class will begin with study of the forms of business and an introduction to the financial report required, who establishes and enforces the accounting rules and an accountant’s code of ethics.  We will then study the accounting equation, main categories for accounts, debit and credits, the recording of transactions, preparation of the trial balance and the required financial reports.  The next step will be to understand the differences between the cash and accrual basis of accounting and the recording of accrual and deferral journal entries.   Finally, we will focus on the study of cash and inventory