This course is designed to teach a basic understanding of the meaning and purpose of accounting. Emphasis is placed on the accounting cycle, accounting systems for service and merchandising businesses, and financial statements (assets, liabilities, equity, revenues, and expenses). Four major tests and a comprehensive final are administered during the semester. Three hours of lecture per week. Credit, three semester hours

[ACCT 2301] (3:3:0) Prerequisite: 2.75 GPA, sophomore standing, and a C or better in any college-level mathematics course. Concepts and terminology of accounting and financial reporting for modern business enterprises and the relationships between accounting information and business activities.