This course presents the accounting cycle covering both service and merchandising activities of a sole proprietorship. It also, analyzes a business transaction from a journal entry through the preparation of the financial statements (income statement, statement of owner equity, and the balance sheet) to closing journal entries. The course includes but is not limited to, perpetual inventory, accounts and notes receivable, and accounting for plant and intangible assets.

This course introduces the student to financial accounting and reporting concepts. Special emphasis is placed on measuring and reporting transactions and evaluating the operational performance of business entities.