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This course introduces the principles of financial accounting while covering the accounting cycle for service and merchandise companies. Emphasis is on analyzing transactions, summarizing through use of the general ledger, and reporting the results through the preparation of financial statements for use by internal and external decision makers such as stockholders, trade creditors, banks, unions, and governmental agencies. The fundamentals of accounting for inventories, receivables, plant assets, long-term liabilities, internal control, and owners' equity for proprietorship and corporate entities are stressed. Students are introduced to computerized accounting applications. Prerequisite: "C" or better inMTH 086.

Description: A study of fundamental principles of financial accounting beginning with the accounting cycle, including the preparation of financial statements for a service and merchandising enterprises with emphasis on corporate form and organization. The primary focus is on analyzing transactions and the use of accounting concepts.