An introduction to accounting principles and theory for the sole proprietorship. The recording of business transactions through the accounting cycle, from journalizing, posting, adjusting, and closing entries through work papers and preparation of financial statements, is studied. Related topics include: internal control, receivables and payables, the control of cash transactions, inventories, depreciation, intangible assets, and payroll accounting. Ethical business practices and client privacy issues are stressed throughout all phases of the course.

This course introduces principles and concepts of financial accounting as a means of recording business activities. Students will study the double-entry accounting system and the accounting cycle, including: preparation of journal entries, ledger, trial balance, and financial statements.