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.
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:
Accounting (The basis for business decision ) 11th Edition
Fundamental Accounting Principles
Larson, Wild, Chiappetta
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)
Decision making by external parties, integrity of accounting information (institutional feature ,professional organization, competence judjement,and ethical behavior)
The role of accounting record (The ledger, the use of accounting debit and credit) double entry accounting (the equality of debit and credit )
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
Net income,revenue,expenses,accrual basis of accounting, Debit and credit rules of revenue ,expenses
Adjusting entries (The need of adjusting entries, types of adjusting entries, concept of materiality, effect of adjusting entries, preparing the worksheet).
How much cash should a business have? The valuation of financial assets (Cash, short-term investment, accounts receivable)
Bank statements, Bank reconciliation statements, Petty cash funds.
Shot-term assets ,Accounts receivables
Current liabilities, Long term liabilities, Special type liabilities
Introduction to financial statements statement of financial position(Assets and liabilities ,creditors, owner equity, accounting equation, effect of business transaction on accounting equation )
Preparing the financial statements. How outsiders use the financial statements?
Income statement,Balancesheet,Practical problems
Cash flow statements, Changes in equity statement, Practical problems