The aim of this three-credit course is to introduce students to the fundamental concepts and techniques of the basic accounting system as it applies to sole traders, in both merchandising and service industries. The accrual basis of accounting is covered, together with end – of – period adjustments. Through exercises and problems, students will gain an understanding of the accounting cycle; demonstrate proficiency in performing tasks associated with the completion of the accounting cycle, including the preparation of the income statement, statement of owner’s equity and balance sheet. Students will also be able to interpret information presented on financial statements in order to make operational and investment related decisions.