Financial Accounting-I

BRIEF COURSE Description

This course is designed to help students to appreciate the importance of financial

accounting in the workplace. The course involves the posting of transactions to the

Ledger and the preparation of final accounts with adjustments for accruals, prepayment,

provision for bad debts.

LEARNING OUTCOMES:

On completion of the course, students will be able to:

  • Develop a thorough understanding of accounting records and how to record transactions in them.
  • Be able to prepare a set of financial statements for various forms of businesses.
  • Develop an ability to apply accounting concepts, principles and practices.
  • Be familiar with the basic tools for analyses of financial statements

Recommended Text Books:

S.No. Title Author(s) Assigned Code
1 Accounting (The basis for business decision ) 11th Edition Meigs Williams

HakaBettner

MHB
2 Fundamental Accounting Principles

 

Larson, Wild, Chiappetta LWC
Week Topics Assign code
  1 Accounting information for decision making

Accounting information (accounting from user perspective ,types of accounting information).accounting system (Determining information need, the cost of producing accounting ,basic function of accounting system)

 

 

Book1

  2 Decision making by external parties, integrity of accounting information (institutional feature ,professional organization, competence judjement,and ethical behavior)  

 

Book1

  3 Accounting cycle

The role of accounting record (The ledger, the use of accounting debit and credit) double entry accounting (the equality of debit and credit )

 

 

Book1

  4 The journal (Posting journal entries to the ledger accounts how to read journal entries).What is net income (revenue,expenses,accoural base of accounting, the trial balance, Practical problems  

 

Book1

  5 Net income,revenue,expenses,accrual basis of accounting, Debit and credit rules of revenue ,expenses  

 

Book1

  6 Adjusting entries

Adjusting entries (The need of adjusting entries, types of adjusting entries, concept of materiality, effect of adjusting entries, preparing the worksheet).

 

 

Book1

  7 Financial assets

How much cash should a business have? The valuation of financial assets (Cash, short-term investment, accounts receivable)

 

 

Book1

  8 MID-TERM  
 9 Bank statements, Bank reconciliation statements, Petty cash funds.

Practical problems

Book1
 10 Shot-term assets ,Accounts receivables

Practical problems

Book1
 11 Liabilities

Current liabilities, Long term liabilities, Special type liabilities

Book1
 12 Financial statements

Introduction to financial statements statement of financial position(Assets and liabilities ,creditors, owner equity, accounting equation, effect of business transaction on accounting equation )

 

Book1
 13 Preparing the financial statements. How outsiders use the financial statements?

Income statement,Balancesheet,Practical problems

Book1
 14 Cash flow statements, Changes in equity statement, Practical problems Book1
 15 Revision  
16 FINAL -TERM  

 

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