Course Title: Introduction to Financial Accounting
Course Code: ACCT1002
Credits: Three (3)
Level: Level 1
Prerequisite (s): None
Course Description
This course exposes students to the fundamentals of standard financial accounting principles and practices. It therefore focuses on the preparation and communication of relevant financial information about businesses to external users such as investors and creditors.
Topics include the accounting and the business environment; the accounting cycle;
Internal control and bank reconciliations; Accounting for merchandizing activities; Corporations; and statement of cash flows.
Course Objectives
At the end of the course, learners will be able to:
Knowledge
- Describe the system of accounting standards and principles to utilize these in the preparation and communication of relevant financial information.
- Identify the objectives and procedures of internal control for use in guiding financial transaction processes.
Skills
- Apply the accrual method of accounting and the accounting cycle in preparation of financial statements
- Prepare a balance sheet and income statement for merchandising and service organizations
- Use accepted standards and principles to account for the purchase, depreciation and disposal of plant assets
- Apply generally accepted principles when accounting for cash dividends and preparation of journal entries to record the issuance of stock.
- Prepare the statement of cash flows using the indirect method.
Attitudes
- Display the capacity to indulge in professional accounting work
- Demonstrate ethical behaviour in the accounting and business environment in which professional practice occurs
