An introduction to the fundamental principles, theory, and concepts of accounting and their relationship to the accounting cycle. Accounting concepts and practices in the recording process, the accounting cycle and fi nancial statement preparation and interpretation. Fundamental principles of recording business transactions as applied to single proprietorships, corporate and merchandising enterprises and the analysis of transactions and the preparation of fi nancial statements.

4-0-4 Introduction to the theory of accounts and generally accepted accounting principles as applied to a corporation. Emphasis is placed on completing the accounting cycle, inventory and asset valuation and stockholders equity.