Accounting IModule Details

Course/Module Description:

It introduces the study of accounting. Accounting is defined as a set of concepts and techniques that are used to measure and report financial information about an economic entity. This course gives students with no previous knowledge of accounting a better understanding of accounting processes and the ability to prepare financial statements for unincorporated and incorporated entities.

Course/Module Objectives:

The main objectives of the course are:

1. To explain the main principles of accounting, including the accounting equation and the double entry system
2. To expose students to financial statements (i.e. Income Statement, Balance Sheet)
3. To expose students to post Trial Balance adjustments (depreciation of non- current assets, accruals, prepayments, and allowance for doubtful debts)
4. To enable students to prepare Bank Reconciliation Statements

Course/Module Learning Outcomes:

After completion of the course students are expected to be able to:

1. To present and explain the accounting equation, and how accounting transactions affect the items in the accounting equation
2. To open ‘T’ accounts, understand how the double entry is used, and record transactions into individual accounts
3. To prepare Trial Balance, petty cash, Income Statement, and Balance Sheet and explain how adjustments (e.g. prepayments, accruals, etc.) affect the financial statements
4. To describe the process of recording transactions in a book of original entry as well as account for bad debts and allowance for doubtful debts
5. To account for depreciation of non-current assets and to prepare bank reconciliation statement