Financial Accounting
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This course introduces the fundamental principles and practices of financial accounting. It covers the preparation and analysis of financial statements, accounting for different business structures, and specialized accounting areas such non-trading concerns. Students will develop a comprehensive understanding of the accounting cycle, the treatment of share capital, partnership accounts, and company final accounts. The course equips learners with practical skills essential for managing and interpreting financial information, fostering life-long learning and adaptability in a dynamic financial environment.
Course Details
Instructor
Course Catagory
Accounting Courses
Duration
48 Hours
Type
Self Guided
Course Plan
Course Objectives
1. Understand and apply fundamental accounting principles and practices.
2. Analyze and prepare financial statements for various types of entities.
3. Develop problem-solving skills in specialized accounting scenarios such as partnerships and non-trading concerns.
4. Demonstrate knowledge of accounting standards and their applications.
5. Foster critical thinking and a commitment to life-long learning in financial decision-making and reporting.
Program Learning Outcomes (PLO)
Upon successful completion of the Accounting Teacher program, graduates will be able to:
1. Understand Core Accounting and Finance Principles
Develop a comprehensive understanding of foundational and advanced principles in accounting and finance, enabling effective analysis and resolution of diverse financial and managerial challenges.
2. Apply Analytical and Quantitative Skills
Enhance the ability to employ analytical tools and quantitative techniques for problem-solving, decision-making, and performance evaluation across various accounting and finance contexts.
3. Integrate Ethical and Professional Standards
Promote the application of ethical principles, professional standards, and accountability in all accounting and finance practices, fostering trust and responsibility in organizational and societal contexts.
4. Foster Lifelong Learning and Adaptability
Cultivate a commitment to lifelong learning by encouraging curiosity, self-reflection, and the ability to adapt to evolving accounting standards, financial regulations, and technological advancements in the field.
5. Communicate Financial and Managerial Information Effectively
Develop the skills to prepare, interpret, and effectively communicate financial and managerial information to diverse stakeholders, supporting informed decision-making in dynamic business environments.
Course Learning Outcomes (CLO)
After successfully completing this course, the students will be able to:
CLO #1: Prepare financial statements for sole proprietorships, partnerships, and corporations.
CLO #2: Students will demonstrate the ability to apply partnership accounting, including the formation, admission, death, and dissolution.
CLO #3: Demonstrate the ability to handle non-trading concerns’ financial reporting.
CLO #4: Evaluate the process of accounting for share capital and company final accounts.
CLO #5: Exhibit a continuous learning attitude towards evolving accounting standards and practices.
Course Schedule
| Lesson 1: Financial Accounting Orientation |
| Lesson 2: Introduction to Accounting |
| Lesson 3: Types of Accounts and Accounting Equation |
| Lesson 4: Recording Transactions |
| Lesson 5: Classification and Summarization Transactions |
| Lesson 6: Adjustments to Financial Statements |
| Lesson 7: Adjusted Trial Balance |
| Lesson 8: Accounting Closing Process |
| Lesson 9: Conceptual Framework of Accounting |
| Lesson 10: IAS, IFRS and GAAP |
| Lesson 11: Income Statement |
| Lesson 12: Balance Sheet |
| Lesson 13: Cash Flow Statement |
| Lesson 14: Financial Statement Analysis |
| Lesson 15: Partnership Accounting (I) |
| Lesson 16: Partnership Accounting (II) |
| Lesson 17: Partnership Accounting (III) |
| Lesson 18: Share Capital |
| Lesson 19: Company Final Account |
| Lesson 20: Cash Management |
| Lesson 21: Bank Reconciliation |
| Lesson 22: Long Term Assets |
| Lesson 23. Accounting for Liabilities |
| Lesson 24: Shareholders' Equity |
| Lesson 25: Tax Accounting |
| Lesson 26: Non-Trading Concern (I) |
| Lesson 27: Non-Trading Concern (II) |
| Lesson 28: Final Class |
Recommended Books
Atrill, P., & McLaney, E. (2020). Financial accounting for decision makers (9th ed.). Pearson Education.
Elliot, B., & Elliot, J. (2019). Financial accounting and reporting (19th ed.). Pearson Education.
Kieso, D. E., Weygandt, J. J., & Warfield, T. D. (2020). Intermediate accounting (17th ed.). Wiley.
Libby, R., Libby, P. A., & Hodge, F. (2020). Financial accounting (10th ed.). McGraw-Hill Education.
Thomas, C. W., Tietz, W. M., & Harrison, W. T. (2020). Financial accounting (13th ed.). Pearson Education.
Pre-requisite
This course is designed as an introductory-level class in accounting. No prior knowledge of accounting is required.
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