4 class hours This introductory course covers fundamental principles of accounting as related to service and merchandising sole proprietorships. Emphasis is on developing technical procedures of the accounting cycle including journalizing, posting, adjusting entries, closing books and preparing financial statements. Exposes the specific areas of deferrals and accruals, inventories, payroll, receivables, payables and accounting systems. Practical application will be through the use of sets and projects.

First semester introductory financial accounting. Emphasizes procedures for recording, analyzing and summarizing accounting transactions. Includes discussion of the following asset categories: cash, accounts receivable and inventory. Taught from the perspective of the accountant or bookkeeper who is responsible for recording accounting transactions. Special Note: ACCT A101 and ACCT A102 will satisfy requirement for ACCT A201. AAS Accounting majors must take ACCT A101 and ACCT A102. Registration Restrictions: UAA-approved mathematics placement test scores may be used in lieu of prerequisite.