This is an introductory course in the fundamentals of accounting. It presumes no prior knowledge of accounting from second level, however there is material that students who have studied the subject before will find challenging. The student is introduced to the key concepts underlying accounting and recording business transactions. It also encompasses the preparation of financial statements for different business entities. It sets the foundation for further study in the area.
*Curricular information is subject to change
The Nature and Role of Financial Accounting within a regulated environment Double Entry Book-keeping and Accounting Systems for a Business Entity
- The Double Entry Accounting System
- Accounting for Assets and Liabilities and the Accounting Equation
- Accounting for Income and Expenditure
- Balancing ledger accounts and the Trial Balance Maintaining Adequate Controls
- Correction of Errors and the Suspense Accounts
- Control Accounts
- Bank Reconciliations The need for period end adjustments when preparing financial statements
- The need for period end adjustments
- Accounting for Depreciation
- Accounting for Debtors (Receivables)
- Accruals and Prepayments Financial Statements of Unincorporated Organisations
- Financial Statements for Sole Proprietor Organisations (including those from Incomplete Records)
- Financial Statements for Not-for-Profit Organisations
- Financial Statements for Partnerships
- Financial Statements for Manufacturing OrganisationsFinancial Statements of Limited Companies in accordance with IAS 1
- The Statement of Profit or Loss
- The Statement of Financial Position
- The Statement of Changes in Equity
- The Double Entry Accounting System
- Accounting for Assets and Liabilities and the Accounting Equation
- Accounting for Income and Expenditure
- Balancing ledger accounts and the Trial Balance
- The need for period end adjustments
- Accounting for Depreciation
- Accounting for Debtors (Receivables)
- Accruals and PrepaymentsMaintaining Adequate Controls
- Correction of Errors and the Suspense Accounts
- Control Accounts
- Bank ReconciliationsFinancial Statements of Unincorporated Organisations
- Financial Statements for Sole Proprietor Organisations (including those from Incomplete Records)
- Financial Statements for Not-for-Profit Organisations
- Financial Statements for Partnerships
- Financial Statements for Manufacturing OrganisationsFinancial Statements of Limited Companies in accordance with IAS 1
- The Statement of Profit or Loss
- The Statement of Financial Position
- The Statement of Changes in Equity
The course will be delivered through a combination of lectures and tutorials. The learning and teaching methods employed will include discussion, problem-solving exercises, and self-directed learning.
| Module Content & Assessment | |
|---|---|
| Assessment Breakdown | % |
| Formal Examination | 70 |
| Other Assessment(s) | 30 |