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ACCT113M - Introduction to Accounting and Financial Reporting I (3-0-3)

Introduces accounting as the language of business and the need for accounting in the business world. Students develop an understanding of the concepts and usage of assets, liabilities, equity, revenue and expense accounts and are introduced to accounting procedures necessary to prepare a financial statement utilizing current concepts and accounting principles. Topics covered include journalizing transactions, trial balance, adjustments, closing entries, accounts receivable and payable, inventory, bank reconciliations, special journals, cash receipts, disbursements and banking procedures.