A basic course for those preparing for a bachelor's degree in business administration or accounting. Fundamental accounting concepts and procedures employed by business entities are examined. Basic areas covered include the accounting cycle, income statement, balance sheet, merchandise, cash, systems and controls, receivables, inventories, plant and intangible assets, and current liabilities. Students who have successfully completed ACCT 1050 or ACCT 1060 cannot earn credit in ACCT 1010 and those who have successfully completed ACCT 1010 cannot earn credit in ACCT 1050 or ACCT 1060. 3 hours lecture.

ACCT 2010 Principles of Accounting I (4L,4CR) [E] Examines the fundamental concepts and procedures used in the preparation of the basic financial statements of business entities. Covers generally accepted accounting principles, accounting terminology, the usefulness of financial statements, and the role that judgment plays in accounting. Prerequisite: A "C" or better in ACCT 1005 or MATH 0930, or an ACT Math Score of 23 or better, or an appropriate Placement exam score within the past year.