The main objective of this course is to build a foundation of principles of financial accounting so that students gain the knowledge to prepare the trial balance and financial statements. Students will practice recording business transactions using double entry bookkeeping and accrual accounting. Moreover, students will perform necessary bank reconciliations and control account reconciliations for accounts receivable and accounts payable.
Students will use MS Office applications (especially MS Excel).
Upon successful completion of this course, students will be able to:
- Examine the context and purpose of accounting,
- Prepare basic financial statements for unincorporated and small business organizations in accordance with accounting principles, conventions and standards,
- Record business transactions using double entry bookkeeping, books of prime entry, journals and ledger accounts,
- Prepare a trial balance for a given organization from data provided,
- Perform bank reconciliations to ensure that organization and bank records are correct,
- Perform control account reconciliations for accounts receivable and accounts payable.
1. Principles of Financial Accounting, I. Gillespie, R. Lewis and K. Hamilton, Transatlantic Publicatio 2. Journal of Business Finance and Accounting. 3. Related journal articles and publications.
1. Accounting, C. Horngren, W.T. Harrison and Suzanne Oliver, Pearson, Global Edition, 2012.
☒ Discussions / Debates
☒ Hands-on Activities
☒ Problem Solving
☒ Questioning
☒ Reading
☒ Telling / Explaining
| Workload | Hrs |
|---|---|
| Lectures | 42 |
| Course Readings | 30 |
| Exams/Quizzes | 50 |
| Case Study Analysis | 30 |