ACC 111: Introduction to Accounting & Financial Reporting

CATALOG DESCRIPTION: “The course is designed to enable students to learn the application of the double entry system of book keeping, as well as the underlying principles, concepts, conventions and classification of accounts as applied in different types of transactions. The course will examine students on their ability to apply their knowledge to practical tasks, their ability to record transactions by double entry systems and their appreciation of the use of modern methods in the preparation of final accounts of a sole trader” ABOUT THIS COURSE: ACC 111 Introduction to Accounting & Financial Reporting I is a 3-credit unit course. It covers the following topics: The Nature and Scope of Accounting: The Functions of Accountants. Accounting Function and Its Relationship with the Information System of Organizations. Accounting Procedure and Systems: Double Entry Book-keeping Systems, the Trial Balance, Accruals, Prepayment and Adjustments: Classification of Expenditure between Capital and Revenue. Methods of Recording Accounting Data: Manual and Mechanical. Trading, Profit and Loss Accounts and Balance Sheets of a sole trader: Accounting Treatment of Control Accounts and Bank Reconciliations. Accounts for Non-Profit Making Organization. Introduction to Conceptual framework for Financial Accounting. Learning objectives: at the end of the semester and upon completion of all learning activities, students will be able to: 1. Explain the source documents used in posting accounting records; 2. Explain and prepare books of original entries; 3. Understand the double entry book-keeping systems. 4. Explain the concept of revenue and capital expenditures, and how they are classified. 5. Prepare the statement of profit or loss of a sole trader. 6. Explain types of errors and how they are corrected. 7. Prepare the statement of financial position of a sole trader. 8. Explain and prepare bank reconciliation statement. 2 Teaching Philosophy. I strongly believed that we all come to university to acquired knowledge and knowledge is in the books. If we really have the thirst for thirst for knowledge, we have to read books and for that purpose required and recommended readings are assigned for each week of the semester. I also believed that learning can only take place when the learner is ready to learn. Therefore, my dear students you need to make conscious effort to learn, while I will be available to guide throughout the semester you need grit, resilience and determination to excel in this course.