Financial Accounting IModule Details

Rationale

Financial Accounting I is crucial to the programme as it introduces students to fundamental accounting principles, standards, and practices. Covered topics include bookkeeping, the double-entry system, and financial statement preparation.

The course aims to equip students with the skills to accurately record and comprehend financial transactions, fostering foundational knowledge and technical expertise. The course also aims to introduce the student to the basic concepts and principles of accounting for preparing financial statements, such as statement of profit or loss (income statement) and statement of financial position.

Learning Outcomes

At the end of the course students will be expected to:
(i)     Outline what financial accounting is about.
(ii)    Identify the main users of accounting information.
(iii)   Outline the key accounting principles and concepts. 
(iv)   Apply double-entry accounting techniques.
(v)    Indicate the accounting equation and prepare 'T' accounts.
(vi)   Prepare Trial Balance, Statement of profit or loss, and Statement of financial position, demonstrating how post-trial balance adjustments (e.g. accruals, prepayments, etc.) affect the financial statements.
(vii)  Account for irrecoverable debts and allowance for doubtful debts.
(viii) Account for depreciation of non-current assets.
(ix)  Prepare petty cash book, bank reconciliation statement, control accounts, and books of original entry (day books).