Financial Accounting
FINANCIAL ACCOUNTING I
COURSE DESCRIPTION/OBJECTIVES
The primary aim of Financial Accounting is to provide students with an introduction to the process and function of financial reporting. Whilst a large proportion of the course is aimed at understanding accounting as a process, taking a preparers‟ perspective, we will also seek to develop an understanding of the importance of the role of accounting in today’s society.
LEARNING OUTCOMES
After studying this course the student will be able to understand:
1. The language of accounting and financial reporting;
2. Complete Accounting Cycle
3. Preparation and the role of Journal, Ledger and subsidiary books
4. Preparation of balance sheet, profit and loss account and cash flow statement.
COURSE CONTENT
Week 01
Accounting and its role
Development of accounting
Accounting Theory and Conceptual framework
Accounting Defined
Why study Accounting
Financial statements
Major fields of Accounting
Accounting as a Career
Week 02
Basic Accounting Concepts
The Entity Concept
The Reliability (or Objectivity) principle
The cost Principle
The Going
-
Concern Assumptions
The Stable Currency Assumptions
Ethics
-
the
-
Most
Fundamental Principle of Accounting
Qualitative characteristics of Financial statements
Week 03 & 04
The recording process
The Recognition Issue
The Valuation Issue
The Classification Issue
The Recording Process
Analysis of Transaction
The Journal
The
Ledger
Balancing the Accounts
Week 05 &06
Preparation of Financial Statements
Preparing Trial Balance
Locating and correcting errors in recording process
Preparing Profit and Loss Account and Balance Sheet
Week 06 &07
The adjusting and closing entries
Need for Adjusting Entries
Recording adjusting entries
Preparing adjusted trial balance
Recording closing entries
Preparing post
-
closing trial balance
Preparing work
-
sheet
COURSE DESCRIPTION/OBJECTIVES
The primary aim of Financial Accounting is to provide students with an introduction to the process and function of financial reporting. Whilst a large proportion of the course is aimed at understanding accounting as a process, taking a preparers‟ perspective, we will also seek to develop an understanding of the importance of the role of accounting in today’s society.
LEARNING OUTCOMES
After studying this course the student will be able to understand:
1. The language of accounting and financial reporting;
2. Complete Accounting Cycle
3. Preparation and the role of Journal, Ledger and subsidiary books
4. Preparation of balance sheet, profit and loss account and cash flow statement.
COURSE CONTENT
Week 01
Accounting and its role
Development of accounting
Accounting Theory and Conceptual framework
Accounting Defined
Why study Accounting
Financial statements
Major fields of Accounting
Accounting as a Career
Week 02
Basic Accounting Concepts
The Entity Concept
The Reliability (or Objectivity) principle
The cost Principle
The Going
-
Concern Assumptions
The Stable Currency Assumptions
Ethics
-
the
-
Most
Fundamental Principle of Accounting
Qualitative characteristics of Financial statements
Week 03 & 04
The recording process
The Recognition Issue
The Valuation Issue
The Classification Issue
The Recording Process
Analysis of Transaction
The Journal
The
Ledger
Balancing the Accounts
Week 05 &06
Preparation of Financial Statements
Preparing Trial Balance
Locating and correcting errors in recording process
Preparing Profit and Loss Account and Balance Sheet
Week 06 &07
The adjusting and closing entries
Need for Adjusting Entries
Recording adjusting entries
Preparing adjusted trial balance
Recording closing entries
Preparing post
-
closing trial balance
Preparing work
-
sheet