Focus on underlying theory and current practice of financial accounting for the sole proprietorship. Includes fundamentals of the accounting process, analysis of transactions, and the preparation of financial statements. Enhances student’s ability to handle all aspects of accounting functions, including inventory control, depreciation, notes and accounts receivable, and control of cash. Students will utilize computerized spreadsheets to solve problems. Prerequisite: CMIS 103 or previous knowledge of computers.

Introduces the basic financial accounting concepts, principles, and practices applied to the preparation and interpretation of the major financial statements. Included is complete coverage of the accounting cycle which is designed to satisfy the information requirements of external decision makers. Topics covered are asset valuation, liability measurement, income determination and equity activities. Integrated throughout is a discussion of ethical issues and considerations.