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Prerequisite: Sophomore standing. The major emphasis is on the development and reporting of accounting information for use by investors, creditors, and others. The student is required to develop skills in the preparation and use of accounting information and must demonstrate an understanding of the accounting process, and be able to evaluate the impact of estimates, alternative accounting principles, and the limitations of the accounting model on accounting information. Topics include: preparation and use of financial statements; the accounting process; and the measurement and reporting of income, assets, liabilities, and owners¿ equity. Outcome: The student will be able to understand the underlying principles, design, concepts, limitations, and the necessity of accounting systems. The student will gain an appreciation of the uses of financial data and financial statements and their impact on business decisions.

Introduction to fundamental concepts and principles underlying accounting information, the accounting cycle, service and merchandising operations, sole proprietorships and partnerships, and corporations. (TCCNS = ACCT 2301)