Fundamentals of Accounting provides students with an understanding of the basic concepts and procedures necessary for accounting. It focuses on two accounting cycles: one for a service business organized as a proprietorship and one for a merchandising business organized as a corporation.
Among the activities students do in completing this subject are preparing a beginning balance sheet; recording transactions in a journal; posting from a journal to a general ledger; preparing an income statement, an eight column work sheet and financial statements; and reconciling a bank statement. These activities require a solid knowledge of arithmetic and the application of the basic accounting concepts and procedures which students learn in this subject.
There are 7 examinations in Fundamentals of Accounting.
Gilbertson et al., Fundamentals of Accounting, Course 1, South-Western/CengageLearning.