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.

Students examine the role of accounting information in business and society. Utilizing critical thinking and decision-making skills, students prepare and analyze financial statements using Generally Accepted Accounting Principles (GAAP). Students evaluate how this financial information is used in making business decisions. Prerequisites: ENGL 0810 and MATH 0975 (or equivalent placement)