Fundamentals of Accounting

The course is designed to provide students with the essentials of accounting principles, and techniques that are needed in practical book- keeping within an organization. This course is an introductory course in Financial Accounting and also prepares students for a fundamental module of the ACCA programme – Accountant in Business.

This module is the first in a series of accounting modules that will prepare students to make appropriate managerial decisions based on financial information. The students will be exposed to and be able to define the business environment, business units as well as the concepts and methods of accounting. The students will also develop a basis for subsequent studies in accounting.

GENERAL OBJECTIVES:

At the end of the course, the students will be able to:

1. Outline the purpose and types of businesses and how they interact with key stakeholders and the external environment.

2. Describe the role that accounting plays in business.

3. Explain the principles and concepts that guide the recording of business transactions.

4. Prepare accounting statements from financial information.

SUMMARY OF COURSE CONTENT

Unit 1: Business Organisation/Structure/Functions

Unit 2: Introduction to Accounting

Unit 3: Double Entry Accounting and Books of Original Entry

Unit 4: The Trial Balance

Unit 5: Adjustments at the End of an Accounting Period

Unit 6: Final Accounts and Balance Sheet

Unit 7: Bank Reconciliation/Internal Controls