Equivalency Details

Introduces accounting principles and practices, primarily in the context of the sole proprietorship form of business. Emphasis is on analyzing and recording financial transactions and summarizing their effects through the preparation of financial statements. Both the merchandising and service enterprises are examined. Major topics include deferrals and accruals, inventories, plant and intangible assets, cash and receivables, and partnerships. Prerequisite(s): MTH 050, 050A or Placement.

A study of accounting concepts and principles that govern the recording, processing, and reporting of accounting information. The significance of the financial statements and the analysis of accounting information for investors, creditors, and other external users in the decision making process is emphasized.