An introduction to accounting principles and theory for the sole proprietorship. The recording of business transactions through the accounting cycle, from journalizing, posting, adjusting, and closing entries through work papers and preparation of financial statements, is studied. Related topics include: internal control, receivables and payables, the control of cash transactions, inventories, depreciation, intangible assets, and payroll accounting. Ethical business practices and client privacy issues are stressed throughout all phases of the course.

3 Credits, 3 Class Hours A study of accounting meant for persons who intend to own and/or operate their own business. The emphasis is on how to interpret accounting information and how to use it to make smart business decisions. Some general accounting procedures such as recording debits and credits and preparing financial statements will be covered, but the majority of the course will focus on understanding accounting information and how it is useful to both internal and external users. Some curriculums allow students to choose between ACCT 1010 and ACCT 1104, others require ACCT 1104. Please verify curriculum requirements before enrolling. Note: This course does not substitute for ACCT 1104.