Course Title: Introduction to Accounting
Course Code: ACCT1006
Credits: 3 Level: 1
Semester 1
COURSE DESCRIPTION
This course is an introductory course designed to develop understanding of accounting principles and to provide learners with an appreciation for the use of accounting information in business decision-making. At the end of the course learners will understand the differences between financial and cost and management accounting. They will also be familiar with financial statements and the major components including assets, liabilities, earnings, net income and net loss, cash inflows and outflows. In addition, they will be exposed to the requisite attitudes and practical skills required to function as a practitioner in accounting.
COURSE OBJECTIVES
After completing this course learners should be able to: Knowledge
- Explain the need for and uses of accounting in the business organization
- Identify the difference between management accounting and financial accounting
- Interpret and use the major accounting concepts and conventions
- Classify and give examples of the different forms of business organization in the Caribbean
- Identify and discuss the purpose of the various source documents used in accounting
- Classify costs and illustrate, in written or oral work, how fixed and variable costs behave within a range of production
- Explain the nature of overhead cost and its application to products and services
- Appreciate the uses and benefits of budgets
Skills - Prepare Income Statements and Balance Sheets
- Record transactions in the journal and T accounts using the principle of double entry
- Balance accounts and prepare a Trial Balance
- Make end of period adjustments using the accounting worksheets
- Apply the various classifications of cost to decision making situations
- Apply simple costing techniques for pricing and other decisions
- Calculate the break-even point and apply CVP for decision-making
- Prepare Cash Budgets
Attitude - Demonstrate in practice, integrity and ethical standards as required by the accounting profession
- Work cooperatively in group activities and participate in knowledge sharing activities
- Question concepts and rules in a spirit of inquiry to fully understand them
- Pay attention to details and value accuracy in solving problems
