Accounting is mainly a system of external reporting that is used in decision making by users external to the firm. To understand this external reporting role of accounting, the following topics will be covered: the generally accepted concepts, assumptions, principles, and practices used ın the preparation and use of the financial statements; basic business terminology used in the business world and other management courses; accounting valuation of financial assets, inventories, plant assets, liabilities, owners' equity; basic ratio analysis. A second role of accounting, aiding managerial decision making, will also be introduced in the last part of the course and the following introductory topics will be covered: managers' information needs, identifying and classifying cost behavior, and cost-volume-profit relationships.