3 cr. LEC 3 hrs. Pre-req.: ENG 042, MAT 050 or appropriate placement test score This course addresses the fundamentals of accounting theory and practice: double entry, journals and ledgers, control accounts and subsidiary ledgers, financial statements, taxes, valuation reserves, inventory costing, accounting for notes, accruals and deferrals, and adjusting and closing entries.

Accounting has been called "the language of business." Accordingly, this course emphasizes the provision of relevant and reliable information used by investors, creditors and managers in making financial and business decisions. Areas of emphasis include the basic concepts and principles of financial accounting, the accounting cycle, financial statement preparation, information systems and processing, and internal control. Recognition, measurement, and classification of assets, liabilities, revenues and expenses are examined and the alternative forms of business organization are covered. BSBA majors only.