This course introduces principles and concepts of financial accounting with emphasis on accounting for sole proprietorships. Areas covered include accounting for service and merchandising businesses, cash, receivables, inventory, plant assets and liabilities. Balance sheet and Income statement preparation and analysis are included. Prerequisites: (Test Scores or ENG 090 or ENG 091 or EAP 093 or higher) and (Test Scores or MAT 020 or higher)

The course addresses accounting concepts and principles applicable to business enterprises, including a study of the accounting cycle, accounting for assets, liabilities, and equity, and preparation and presentation of financial statements for external users. Prerequisites: MTSC 121. Credit, three hours.