Focus on underlying theory and current practice of financial accounting for the sole proprietorship. Includes fundamentals of the accounting process, analysis of transactions, and the preparation of financial statements. Enhances student’s ability to handle all aspects of accounting functions, including inventory control, depreciation, notes and accounts receivable, and control of cash. Students will utilize computerized spreadsheets to solve problems. Prerequisite: CMIS 103 or previous knowledge of computers.

This course provides an introduction to the objectives, principles, assumptions and concepts of financial accounting. It focuses on procedures and practices from the accounting cycle through financial statement presentation with an emphasis on recognizing, valuing, reporting, and disclosing assets, liabilities, and equity. This course presumes no previous accounting knowledge.