An introduction to accounting and financial accounting theory. Areas include: Accounting as an information system, the accounting cycle, accounting for merchandising operations, financial statements and internal control, short-term liquid assets, inventories, and current liabilities and payroll. Special emphasis will be placed upon the practical application of accounting principles within profit-seeking organizations. (45 lecture hours) Rec Preparation: MATH 1B and ENG 21 or ENG 22 or equivalent or concurrent enrollment; BUSN 188 (BUS 155) or concurrent enrollment.

Prerequisite(s): ENGL 1010 or ENGH 1005 or higher with a minimum grade of C-, MAT 1010 or higher with a minimum grade of C-, or appropriate test scores.. Corequisite(s): ACC 1150 recommended if required for your degree. Teaches concepts and methods underlying preparation of financial statements utilizing generally accepted accounting principles (GAAP). Includes the accounting cycle; income determination for service and merchandising operations; and the reporting of assets, liabilities, and owner's equity for sole proprietorships and corporations.. Lab access fee of $25 for computers applies.. Canvas Course Mats $85/McGraw applies.