Prerequisite: High school accounting or AC 101 (Accounting Fundamentals). This is a beginning course designed to equip students with a thorough knowledge of the fundamental accounting principles and basic accounting procedures applicable to the sole proprietorship form of business enterprise. The course includes basic principles and assumptions, cash receipts, cash payments, purchases, sales, receivables, payables, accruals and deferrals, fixed assets, intellectual property, depreciation, inventory and payroll. (Offered both semesters)

A study of accounting concepts and principles that govern the recording, processing, and reporting of accounting information. The significance of the financial statements and the analysis of accounting information for investors, creditors, and other external users in the decision making process is emphasized.