Focus on underlying theory and current practice of financial accounting for the sole proprietorship. Includes fundamentals of the accounting process, analysis of transactions, and the preparation of financial statements. Enhances student’s ability to handle all aspects of accounting functions, including inventory control, depreciation, notes and accounts receivable, and control of cash. Students will utilize computerized spreadsheets to solve problems. Prerequisite: CMIS 103 or previous knowledge of computers.

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.