An introduction to accounting and financial accounting theory. Areas include: Accounting as an information system, the accounting cycle, accounting for merchandising operations, financial statements and internal control, short-term liquid assets, inventories, and current liabilities and payroll. Special emphasis will be placed upon the practical application of accounting principles within profit-seeking organizations. (45 lecture hours) Rec Preparation: MATH 1B and ENG 21 or ENG 22 or equivalent or concurrent enrollment; BUSN 188 (BUS 155) or concurrent enrollment.

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.