This course provides an introduction to the essential principles, concepts and applications of fundamental accounting in business and Society. Students will develop an fundamental understanding on the role of financial accounting and managerial accounting information for business decision making. Main topics discussed cover: Accounting Definitions, Concepts and Principles, Accounting Equation, Double Entry Accounting, Accrual Accounting, Business Transaction, Assets, Liabilities, Owner’s Equity, Revenues and Expenses, Internal Control, Statement of Financial Position and Performance, Balance sheet, Statement of Cash Flow, Financial Statement Analysis, Managerial Accounting Basics, Cost Behavior, Cost-volume- profit Analysis and Budgeting. Some current development and topic like Financial Crisis will also be addressed.