(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

The study of accounting principles underlying financial reporting of organization to external users. The accounting model for capturing and processing the economic effects of financing, investing, and operating activities as well as the financial statements provided by the model are developed. Focus is placed on reading, interpreting, and applying the financial information in decision-making processes. Pre-requisite: MATH 121 with C or better. Three credit hours.