Fundamentals Of Accounting
COURSE DESCRIPTION AND
YEAR ONE SEMESTER ONE
COURSE TITLE: FUNDAMENTALS OF ACCOUNTING
COURSE CODE: ACC
HOURS TAUGHT: 3
hrs per week
PURPOSE OF COURSE
course introduces the nature of accounting, its basic principles, as well as
the procedures involved in recording transactions. Topics covered include
double entry recording, final accounts preparation, various components of
financial statements, adjustments to the accounts, closing of accounts,
documentation, book of accounts, bank reconciliation, accounting related to
manufacturing, non trading, partnership and company accounts, and ratio
analysis. It helps students develop and
enhance the understanding of the theory and practice of financial accounting.
EXPECTED LEARNING OUTCOMES
the end of the course unit students should be able to;
- Explain the basic
accounting principles, concepts, bases, policies and standards.
- Discuss the basic
accounting equation and explain the meaning of assets, liabilities and
- Describe the nature and
functions of double – entry book keeping and financial accounting.
- Identify and describe
the major difference between accounting for companies and for sole
- Prepare the final
accounts for a limited company.
- Explain the nature of
capital and revenue transactions.
- Analyze the effect on
the final accounts the profit shown if revenue expenditure is wrongly
treated as being capital expenditure, and vice versa.
- Calculate the main
- Analyze financial
statements using ratios.