Intermediate Financial AccountingModule Details

Rationale

The Intermediate Financial Accounting course is integral to the curriculum, offering students a more intensive coverage of the accounting cycle, since it will demonstrate the classified financial statements, recognition methods for expenses and revenues, as well as in depth analysis of current assets, fixed assets and current liabilities. The course prepares students for successful careers in accounting and finance by teaching them the technical skills required for preparing and interpreting financial statements, as well as understanding various financial aspects such as leases, taxation, and capital structure, allowing them to navigate complex financial scenarios effectively.

The aim of the course is to equip students with the knowledge, skills, and competencies needed to meet more advanced financial reporting obligations and prepare and present the financial statements in accordance with the applicable reporting framework. 

Learning Outcomes

At the end of the course students will be expected to:

(i)    Analyse the importance of the conceptual framework and generally accepted accounting principles for financial reporting.  
(ii)   Prepare the financial statements and adjust the account balances accordingly.
(iii)  Adjust cash book and prepare the bank reconciliation statement.
(iv)  Calculate the cost of plant assets at acquisition and prepare entries for the purchase, depreciation and disposal or trade-in of plant assets. 
 
(v)   Distinguish between short-term and long-term liabilities and account for the incurrence and payment of such liabilities.