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    Financial Accounting 1

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    Aimie Mie
    This course introduces financial accounting for students with no prior knowledge. It covers the double entry system for recording accounting transactions and preparing financial statements for a sole proprietorship business. Students will learn fundamental accounting principles and techniques, how to record accounting entries in journals and ledgers, and prepare end-of-period financial statements. The course also addresses accounting adjustments, bank reconciliation, accounting ratios, and accounting for businesses with incomplete records. The overall goal is to provide students with basic skills in financial accounting and entrepreneurship.

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    Financial Accounting 1

    Uploaded by

    Aimie Mie
    36 views3 pages
    This course introduces financial accounting for students with no prior knowledge. It covers the double entry system for recording accounting transactions and preparing financial statements for a sole proprietorship business. Students will learn fundamental accounting principles and techniques, how to record accounting entries in journals and ledgers, and prepare end-of-period financial statements. The course also addresses accounting adjustments, bank reconciliation, accounting ratios, and accounting for businesses with incomplete records. The overall goal is to provide students with basic skills in financial accounting and entrepreneurship.

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    for financial accounting students

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    This course introduces financial accounting for students with no prior knowledge. It covers the double entry system for recording accounting transactions and preparing financial statements for a sole proprietorship business. Students will learn fundamental accounting principles and techniques, how to record accounting entries in journals and ledgers, and prepare end-of-period financial statements. The course also addresses accounting adjustments, bank reconciliation, accounting ratios, and accounting for businesses with incomplete records. The overall goal is to provide students with basic skills in financial accounting and entrepreneurship.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    36 views3 pages

    Financial Accounting 1

    Uploaded by

    Aimie Mie
    This course introduces financial accounting for students with no prior knowledge. It covers the double entry system for recording accounting transactions and preparing financial statements for a sole proprietorship business. Students will learn fundamental accounting principles and techniques, how to record accounting entries in journals and ledgers, and prepare end-of-period financial statements. The course also addresses accounting adjustments, bank reconciliation, accounting ratios, and accounting for businesses with incomplete records. The overall goal is to provide students with basic skills in financial accounting and entrepreneurship.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 3

    FINANCIAL ACCOUNTING 1

    About this Course

    This course introduces the student to financial accounting and assumes that the student has no prior
    knowledge of the subject. It deals with the recording of accounting transactions and events using the
    double entry system and the preparation of financial statements of a sole trader for merchandising and
    service enterprise. The course will expose the student to the fundamental accounting principles,
    accounting techniques, the underlying records used in recording, preparing financial statements and
    developing basic entrepreneurial skills. This course aims to provide students with the basic accounting
    knowledge and skills in the recording process and the preparation of financial statements for sole
    proprietors.

    Course Learning Outcomes

    1) Describe the terms and the activities associated with financial accounting
    2) Prepare accounting records and the financial statements of a sole-proprietorship business
    3) Demonstrate entrepreneurial skills in task related to financial accounting simulation package for a
    sole-proprietorship business.

    Course Syllabus

    Introduction to Accounting
    Definition of accounting
    Three basic activities
    Objective of financial reporting
    Users and uses of accounting information
    Qualitative characteristic of accounting information
    The building blocks of accounting
    Business Entity

    Accounting Cycle and Accounting Equation


    Accounting cycle
    Accounting equation

    Double Entry System


    Double entry principle
    The relationship between accounting equation and double entry rule

    Journal, Ledger and Trial Balance


    Journal - all specialise journals (including petty cash journal) and the imprest system
    3 Column Ledger
    General ledger.
    Trial Balance: Trial balance format, purpose of a trial balance (introduction of SOPL and SOFP format)

    Accounting Errors
    Error versus fraud
    Types of accounting errors
    Correction of errors
    Methods to correct errors
    The suspense account
    Calculation of revised profit

    Accounting Adjustments: Accruals, prepayments and depreciation


    Accruals and prepayments
    Accounting implications for accruals and prepayments
    The recording and reporting of accruals
    The recording and reporting of prepayments
    The causes of depreciation
    The recording and reporting of depreciation
    Method of depreciation - SLM, RBM
    Factors to consider in depreciation calculation

    Completing the Accounting Cycle and Financial Statements


    Preparing the adjusted trial balance.
    Preparing the adjusted financial statements

    Accounting Ratio
    Purpose and the explanation of accounting ratio
    Types of ratios
    Usefulness of accounting ratios
    Limitations of accounting ratios

    Bank Reconciliation
    Cash and bank transactions.
    Bank statement.
    Bank reconciliation and its purpose.
    Transactions recorded by the business but not by the bank.
    Transactions recorded by the bank but not by the business.
    Error.
    The bank reconciliation techniques

    Incomplete Records
    Single entry and double entry system
    Disadvantages of a single entry system
    Comparison and analysis methods
    Preparation of the statement of profit or loss and statement of financial position

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