This course is designed to give the accounting and non-accounting major an understanding of basic accounting principles and practices as they apply to the sole proprietorship. Special emphasis will be placed on: the theory of debits and credits; the accounting cycle; merchandise and service operations; prepaid expenses; unearned revenues and accruals; accounting systems; internal controls; cash; receivables; trading securities; inventory valuation and ethics in the accounting profession. 4 cr. 4 Lec. AAC approved 09/25/2008. (Departmental Standards Version of ACC 101 Course Outline).

This course introduces basic accounting procedures for analyzing, recording, and summarizing financial transactions; adjusting and closing the financial records at the end of the accounting cycle; and preparing financial statements. Prerequisite: MAT 032 With a grade of C or better or placement into MAT 101.