Equivalency Details

Introduces the basic financial accounting concepts, principles, and practices applied to the preparation and interpretation of the major financial statements. Included is complete coverage of the accounting cycle which is designed to satisfy the information requirements of external decision makers. Topics covered are asset valuation, liability measurement, income determination and equity activities. Integrated throughout is a discussion of ethical issues and considerations.

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.