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.
Students in this course may gain extra credit by working with Rural Opportunities Inc. as tax preparers. Students who choose this option will receive full training in the preparation of taxes, and will work weekly at a preparation site in the city of Rochester. Tax sites primarily serve low income and elderly residents of ROI housing developments.