Describe the basic concepts of accounting, its terminology and the aspects of generally accepted accounting principles.
Define and explain the relationship among the basic accounting concepts of assets, liabilities stockholders equity, income and expenses.
Understand how to use the double entry accounting system.
Record basic economic transactions for assets, liabilities, stockholders equity.
Prepare some of the basic adjusting entries at the end of the period and be familiar with the accounting cycle.
Prepare and interpret financial statements for a merchandising company.
Mode of Delivery
Face to face
Prerequisites
No
Recommended Optional Programme Components
No
Course Description
This course is designed for defining basic financial accounting terms, concepts and rules.Emphasis is placed on introducing the general principles of accounting, accounting cycle,basic accounting concepts, accounts and types of accounts, recording process and preparation of financial statements.
Course Contents
WEEK
TOPICS
1st Week
Accounting in Action
2nd Week
The Recording Process
3rd Week
The Recording Process
4th Week
Adjusting the Accounts
5th Week
Adjusting the Accounts
6th Week
Problem Solving
7th Week
Midterm Exam
8th Week
Completing the Accounting Cycle
9th Week
Completing the Accounting Cycle
10th Week
Accounting for Merchandising Operations
11th Week
Accounting for Merchandising Operations
12th Week
Accounting for Receivables
13th Week
Accounting for Receivables
14th Week
Problem Solving
Recommended or Required Reading
Financial Accounting IFRS Edition, 3 rd or 4 th Ed., Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso, John Wiley and Sons, Inc.
Planned Learning Activities and Teaching Methods
Questions/Answers
Discussion
Lecture
Problem Solving
Assessment Methods and Criteria
Quantity
Percentage (%)
Mid-term
1
40
Practice
1
10
Total(%)
50
Contribution of In-term Studies to Overall Grade(%)
50
Contribution of Final Examination to Overall Grade(%)
