Duration
Nil
Prerequisites
Nil
Corequisites
Nil
Aims and learning outcomes
This unit’s aim is to provide students with an understanding of the basic accounting principles. Students will learn how business transactions are recorded as entries into accounting systems and financial statements.
Students who successfully complete this unit should be able to:
- Discuss and understand the fundamental concepts and classifications of accounting information in the context of business
- Apply basic accounting principles and analyze the effect of business transactions
- Record business transactions as accounting entries to prepare journals, ledgers and trial balances
- Identify and apply adjustments toward relevant accounts in the preparation of financial statements
Unit information
Content
- Introduction to the accounting principles and qualitative characteristics of accounting information
- Elements of financial reports
- The accounting equation
- The two-fold effect of financial transactions
- Special journals and general journal
- General ledger and T-Form accounts
- Trial Balance
- Balance day adjustments
- Financial statements
