Overview

To provide an introduction to basic book-keeping skills and to develop a broad understanding of accounting theory, concepts and conventions.

The course will cover the following:

• Introduction to Financial Accounting including accounting equation and Balance Sheet, the double entry system for assets, liabilities and capital and preparation of the trial balance. • Accounting books and transactions with reference to books of original entries and ledgers • Financial Statements preparation for companies. • Adjustments for financial statements. • Accounting checks and errors. • Preparation of Partnership accounts.

Assessment Strategy

-threshold -D- to D+ (40-49%): No major omissions or inaccuracies in the deployment of information/skills. Some grasp of theoretical/conceptual/practical elements. Integration of theory/practice/information present intermittently in pursuit of the assessed work's objectives.

-good -B- to B+ (60-69%): Very good performance Most of the relevant information accurately deployed. Good grasp of theoretical/conceptual/practical elements. Good integration of theory/practice/information in pursuit of the assessed work's objectives. Evidence of the use of creative and reflective skills.

-excellent -A- to A+ (70%+): Outstanding performance. The relevant information accurately deployed. Excellent grasp of theoretical/conceptual/practice elements. Good integration of theory/practice/information in pursuit of the assessed work's objectives. Strong evidence of the use of creative and reflective skills.

-another level-C- to C+ (50-59%): Much of the relevant information and skills mostly accurately deployed. Adequate grasp of theoretical/conceptual/practical elements. Fair integration of theory/practice/information in the pursuit of the assessed work's objectives. Some evidence of the use of creative and reflective skills.

Learning Outcomes

• Apply concepts and calculations related to year-end adjustments to financial statements.

• Apply fundamental book-keeping skills to prepare books of accounts.

• Explain the basic concepts, techniques, and terminology used in financial accounting.

• Explain the main technical language and practices of accounting, that include applying them in the context of financial statements.

• Prepare accounts for sole traders, partnerships, and companies, that include using quantitative skills to manipulate data, evaluate, estimate, and model business problems, functions, and phenomena.