Financial Accounting IModule Details

1. Explain the main principles of accounting, including the accounting equation and the double entry system.

2. Expose students to financial statements (i.e. Income Statement, Balance Sheet).

3. Expose students to post Trial Balance adjustments (depreciation of non- current assets, accruals, prepayments, and allowance for doubtful debts).

4. Enable students to prepare Bank Reconciliation Statements

After completion of the course students are expected to be able to:
 1. Explain what accounting is about.
 2. Understand and list the main users of accounting information.
 3. Present and explain the accounting equation, and how accounting transactions affect the items in the accounting equation.
 4. Open ‘T’ accounts, understand how the double entry is used, and record transactions into individual accounts.
 5. Prepare Trial Balance, Income Statement, and Balance Sheet. Explain how adjustments (e.g. prepayments, accruals, etc.) affect the financial statements.
 6. Describe the process of recording transactions in a book of original entry.
 7. Explain and operate the imprest system for petty cash.
 8. Account for bad debts and allowance for doubtful debts.
 9. Account for depreciation of non-current assets.
10. Understand and prepare bank reconciliation statement.