This course introduces you to basic concepts in financial accounting and managerial accounting. Financial accounting involves gathering information, summarizing it, and creating reports about an organization's financial activities, financial performance, and financial position. Groups outside of the organization such as investors and lenders analyze this information to make decisions such as whether to invest in or make a loan to the organization. Managerial accounting involves analyzing and communicating financial information to managers, who use the information to make decisions within the organization. Specifically, the course will provide you with an understanding of (1) the nature of the accounting function, (2) gathering, analyzing, and reporting information, and (3) how the information in accounting reports is used by various decision makers in their resource allocation decisions.