Introduces the accounting cycle: analyzing and recording transactions, posting to ledgers, preparation of worksheets and financial statements. Also includes calculations for inventory valuation, depreciation of fixed assets, interest on notes, and payroll issues. Primary emphasis is on merchandising and service organizations. Offered annually.

The course addresses accounting concepts and principles applicable to business enterprises, including a study of the accounting cycle, accounting for assets, liabilities, and equity, and preparation and presentation of financial statements for external users. Prerequisites: MTSC 121. Credit, three hours.