Statistics
| Visits Today: |
90 |
| Visits this Month: |
1357 |
| Total Visits: |
52465 |
|
|
001: INTRODUCTION TO FINANCIAL ACCOUNTING |
Course Objectives
This course is designed to fulfill the following objectives. These are to:
a. understand the role and principles of financial accounting and reporting.
b. know techniques to record, handle and summarize accounting data.
c. prepare financial statements for service rendering and merchandising operations.
d. understand and discuss the accounting treatment of income and expenses and assets and liabilities.
e. understand the accounting for partnership and fundamentals of a corporation.
f. have thorough grounding and the technical skills of accounting necessary to work as an accountant more efficiently and effectively.
Transaction Analysis, Recording & Presentation–Weight-30%
001.01 Introduction to Accounting Concepts
Definition of accounting. Users of accounting information. Importance of accounting information to various stakeholders. Concepts and principles of accounting, Voucher and types of vouchers. Transaction analysis and accounting equation. Financial statements. Professional associations concerned with accounting principles.
001.02 Analyzing and Recording Transactions
Analyzing and recording process. Analyzing and processing transactions. Journalizing and posting transactions. Preparing a trial balance, Types of trialbalance. Errors in trial balance.
001.03 Adjusting Accounts and Preparing Financial Statements
Timing and reporting, Adjusting accounts, Need for adjustments, Types of adjustments, preparation of financial statements after necessary adjustments.
001.04 Completing the Accounting Cycle
The work sheet, need for work sheet, Closing process, Closing entries, Post-closing trial balance, Reversing entries , The accounting cycle, Classification of balance sheet items.
Accounting for Merchandising Activities-Weight-20%
001.05 Accounting for Merchandising Activities
Merchandising activities, Merchandise purchases, Merchandise sales, Completing the accounting cycle, Financial statement formats, work sheet, and closing entries, Periodic and perpetual inventory systems.
001.06 Inventories and Cost of Goods Sold
Inventory basics, types of inventories, methods of inventory valuation. Lower of cost or market, Inventory errors, Estimating inventories, Inventory costing methods – Perpetual system, Decision analysis – inventory turnover and days’ sales in inventory, Testing the accuracy of ledger.
001.07 Accounting Information Systems
Fundamental system principles, Components of accounting systems, Special journals in accounting, Technology based accounting systems.
Accounting for Current Assets & Liabilities -Weight-20%
001.08 Cash and Internal Controls
Composition of cash, internal control, Control of cash, banking activities as controls, Reconciling the bank balance.
001.09 Accounting for Receivables
Accounts receivable, Credit customers and bad debts, methods of bad debt estimation, Notes Receivable, Disposing of receivables- discounting and endorsement. Presentation of receivables in balance sheet.
001.10 Current Liabilities and Payroll Accounting
Characteristics of liabilities, Determinable liabilities, Estimated liabilities, Contingent liabilities, Payroll reports, records, and procedures
Accounting for Fixed Assets –Weight- 10%
001.11 Accounting for Plant Assets
Costs of plant assets, Procurement of assets, Depreciation – concept, causes and methods of charging depreciation, amortization and depletion, Intangible assets, Impairment of intangible assets.
Accounting for Partnership & Corporation-Weight-20%
001.12 Accounting for Partnerships
Partnership form of organization, Basic partnership accounting. Division of partnership earnings, Partnership capital accounts, current and fixed accounts. Admission or withdrawal of partners, Liquidation of partnership.
001.13 Accounting for Corporations
Corporate organization, Basics of capital stock, Issuance of stocks, Classes of stocks and special features of preferred stocks, Types of dividends, Treasury stock, Reporting income and equity.
001.14 Analysis of Financial Statements
Basics of analysis, Horizontal analysis, Vertical analysis, Ratio analysis.
Text Books:
1. Fundamental Accounting Principles, 17th edition, - Larson, Wild & Chiappetta (McGraw-Hill).
2. Accounting Principles, 7th edition, - Weygandt, Kieso & Kimmel (John Wily & Sons, Inc.).
3. Fundamental Accounting Principles (Vol. 1 & 2) 11th Canadian edn., - Larson Jansen & Carrol
4. International Financial Reporting Standards - IASB, London.
|
|
