Accounting is an information system and is often called the language of business.
The primary function of financial accounting is to provide relevant financial information to users external to the business enterprise. The focus of financial accounting is on the information needs of investors and creditors. These users make critical resource allocation decisions that affect the nation s economy. The primary means of conveying financial information to investors, creditors, and other external users is through financial statements and related notes. The Principles of Accounting 1 is the very basic foundation course in accounting, business, finance, management and marketing departments in the college.