Topics include: fundamental principles of accounting, the accounting cycle and basic procedures, statement of financial position, determination and reporting of periodic earnings, cash and accrual basis of accounting; accounting for a merchandising firm and inventory valuation, principles of internal control; and accounting for the acquisition, depreciation, and disposal of property plant, and equipment.

This course introduces basic accounting procedures for analyzing recording and summarizing financial transactions adjusting and closing the financial records at the end of the accounting cycle and preparing financial statements.