Prerequisite: satisfactory completion of College Preparatory English (ENC0020), College Preparatory Reading (REA0002) and College Preparatory Algebra (MAT0024) or appropriate placement scores. An introduction to the theory and procedures used in recording, processing, reporting and analyzing financial information for business organizations. Topics include accounting for current assets, long-lived assets, liabilities, and owner's equity. After completing this course, students should enroll in ACG2011. Students who complete the ACG2001- ACG2011 sequence should not enroll in ACG2021. The ACG2001 and ACG2011 sequence meets college and university requirements for financial accounting. Contact: 3 hours.

This course studies the double-entry accounting system, including: the accounting cycle, books of original entry, preparation of journal entries, worksheets, the trial balance, and statements of financial position and income. Emphasis is on the proper recording and reporting of assets, liabilities, equity, revenue, and expenses.