Basic principles of financial accounting for the business enterprise with emphasis on the valuation of business assets, measurement of net income, and double-entry techniques for recording transactions. Introduction to the cycle of accounting work, preparation of financial statements, and adjusting and closing procedures. Four class hours.
Prerequisite: MTH 098 or MTH 130 or with a grade of C or better or MCC Level 6 Mathematics placement or equivalent.
Course Offered Fall and Spring
Service Project (ACC 101-CC1):
Students in this course have the option of working with the finance department of the National Center for Missing and Exploited Children (NCMEC) preparing basic financial statements, and posting and summarizing accounting data or participate in a one day business simulation with Rochester area youth who have completed a business camp through Biz Kid$. MCC students participate by playing one of several roles (tax collector, the government, the bank, supplier, and many more) in hopes of giving the youth a realistic experience about business ownership. (10 hours – Option) F-09