3 cr. LEC 3 hrs. Pre-req.: ENG 042, MAT 050 or appropriate placement test score This course addresses the fundamentals of accounting theory and practice: double entry, journals and ledgers, control accounts and subsidiary ledgers, financial statements, taxes, valuation reserves, inventory costing, accounting for notes, accruals and deferrals, and adjusting and closing entries.

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.