This course is a study of generally accepted accounting principles (GAP) and other accounting concepts with emphasis on their application in the financial statements of business enterprises. The measurement and reporting of assets, liabilities and owners' equity is stressed, along with the related measurement and reporting of revenue, expense and cash flow. Prerequisite: Sophomore standing or above or approval by the director of accounting studies.

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.