Introduces the basic concepts of the complete accounting cycle and provides the student with the necessary skills to maintain a set of books for a sole proprietorship. Topics include accounting vocabulary and concepts, the accounting cycle and accounting for a personal service business, the accounting cycle and accounting for a merchandising enterprise, and cash control. Laboratory work demonstrates theory presented in class. Prerequisite: Program admission

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.