Prerequisites: None Introduces the basics of accounting: accounting equation, transaction analysis and recording, debits and credits, chart of accounts, journals, ledgers, financial statements, worksheets, adjusting entries, matching concept, closing entries, worksheets, cost of goods sold, sole proprietorship, service companies, retail companies, periodic inventory method, subsidiary ledgers, special journals.

Prerequisites: ACC 101 with C or higher Examines concepts, journal entries and alternatives: cash bank reconciliations, petty cash, receivables, allowance method, notes and related interest, periodic and perpetual choices for recording inventories, FIFO, LIFO, weighted average choices in assigning costs to inventories, estimating inventories, plant assets, (straight-line, double-declining, units-of-usage, sum-of-the-years-digits) depreciation, partnership accounting, admitting a new partner, liquidating a partnership, and corporation accounting (including stock issuance, cash and stock dividends, retained earnings and appropriations, shareholders' equity in a balance sheet, treasury stock, etc.).

Accounting is the tool every business uses to measure and communicate financial information. Only by understanding accounting can you attempt to understand or evaluate the current performance and future potential of any company and/or compare companies. Prerequisites: Intermediate OR Full Major status in the David Eccles School of Business.