This is a basic course in accounting fundamentals focusing on the accounting cycle and financial statements. Double entry accrual accounting procedures are emphasized for a service business organized as a sole proprietorship. Specific areas covered include recording and posting transactions, end-of-the-period procedures, and payroll accounting. No previous knowledge of accounting is necessary. Students who have successfully completed ACCT-1005 or ACCT-1060 cannot earn additional credit in ACCT-2010. Students who have credit in ACCT-2010 cannot earn credit in ACCT-1005 or ACCT-1060. 2 hours lecture.

Comments: Prior to spring 2004, ACCT 1005 was listed as ACCT 1050. This course is for students who need a basic knowledge of accounting procedures. It is not recommended for the potential four-year business major or students who have had a year of high school bookkeeping, but rather for the student who needs a basic working knowledge of accounting. (3 lect hrs/week)