(Formerly ACC 1842) 3 credits, 3 hours Pre-requisite: ACC 100 Co-requisites: ENG 091 or ESL 091 or above The student will study the accounting operations associated with employer payroll taxes and reports. The student will become familiar with accounting for notes payable and notes receivable and interest, and accounting for bad debts. The student will study the accounting processes associated with merchandise inventories, accounting for plant assets and depreciation and accounting for accruals and deferrals.The student will study the accounting process associated with corporate formation and paid-in capital. In addition, the student will develop the ability to analyze and calculate the effects of operating, investing and financing activities on cash and prepare a statement of cash flow. The student will be required to complete a computerized practice set for a corporation.

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.