This course is a study of generally accepted accounting principles (GAP) and other accounting concepts with emphasis on their application in the financial statements of business enterprises. The measurement and reporting of assets, liabilities and owners' equity is stressed, along with the related measurement and reporting of revenue, expense and cash flow. Prerequisite: Sophomore standing or above or approval by the director of accounting studies.

3-0-3 Offered Fall, Spring, and Summer Semesters Prerequisites: Placement into ENG 101 and satisfactory math test placement or completion of MAT 101, or MAT 105, or MAT 155 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. An introduction to accounting theory is included in this course.