BFC3125: FINANCIAL ACCOUNTING I [45 LH]

PURPOSE OF THE COURSE

To introduce the learner to basic accounting principles, concepts and conventions and their application to organizations.

EXPECTED LEARNING OUTCOMES

By the end of the course the learner should be able to:-

  1. Prepare financial statements for different organizations
  2. Interpret information contained in financial statements.
  3. Apply the principles, concepts and conventions of accounting in keeping financial records
  4. Adjust  various financial accounts

COURSE CONTENT

Nature, purpose and scope of accounting; accounting principles and concepts; Accounting cycle-Data collection, Journalizing, ledger accounts, Trial Balance, Adjusting entries, Financial statements, closing entries, post closing trial balance; Cashbook and Bank reconciliation; Accounting for merchandising operations; Accounting for Service Operations; Correction of errors; Control Accounts; Final accounts of a sole Trader.