(3.0 hours) A study of basic principles and procedures of double-entry accounting for service and merchandising businesses. Includes the complete accounting cycle, special journals, deferrals, accruals, payroll, other current liabilities and an introduction to receivables and inventories. There will be some basic analysis of fi nancial statements. Most problems will be solved using general ledger and spreadsheet software. Lab is required for all vocational accounting majors and recommended for all other students. Corequisite of AC 1011 is recommended. Prerequisite: None

This course introduces basic accounting procedures for analyzing, recording and summarizing financial transactions, adjusting and closing the financial records at the end of the accounting cycle, and preparing financial statements. Students identify sound ethical and personal values.