This course is an introduction to concepts of financial accounting and managerial accounting. In the first part of the course emphasis is placed on studying the accounting cycle, the balance sheet, the income statement, the statement of retained earnings, and the statement of cash flows. The second part of the course uses financial and managerial accounting for decision-making, from external and internal perspective, respectively. At the end of this academic term, students will have completed accounting training. They will be instructed and assisted in: 1) Understanding the importance of accounting practice in the business environment. 2) Understanding the most important accounting principles both from a theoretical as well as from a practical viewpoint. 3) Learning how to record economic events in the business entity on a day-to-day basis by mastering the basic bookkeeping techniques. 4) Preparing the basic financial statements in order to report the business' results. 5) Using financial statements in order to evaluate the company's state of affairs and performance and make decisions. 6) Learning the practical application of cost-volume-profit relationships used to improve corporate earnings by optimizing price and cost structures. 7) Learning the practical application of incremental analysis for optimal use of the company's resources in the short term.