Scribd Logo
Upload

Welcome to Scribd!

  • 8 views

    Document

    Uploaded by

    Innocent Mpande

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Document

    Uploaded by

    Innocent Mpande
    8 views1 page

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    8 views1 page

    Document

    Uploaded by

    Innocent Mpande

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 1

    BS 120:

    Basic Financial Accounting


    Background and Rationale
    This course is intended to introduce the basic theory, concepts, and practice of financial accounting
    and to enable students to understand information contained in the published financial statements of
    companies and other organisations. It includes the preparation of accounting statements, but their
    uses and limitations will also be emphasised.
    Learning outcomes
    At the end of the course students will be expected to:
    (a) State the uses and users of accounting information.
    (b) Explain and apply accounting concepts, principles, and conventions.
    (c) Record basic accounting transactions and prepare annual financial statements.
    (d) Analyse, interpret and communicate the information contained in basic financial statements and
    explain the limitations of such statements
    Course content
    1.0 Introduction to Accounting
    • Nature, purposes, and role of accounting; the accountant in society;
    economic and legal framework.
    • users of accounting information and their requirements; overview of the accounting process;
    principles, concept; and conventions, underlying the accounting model,
    • The institutional and regulatory framework of accounting.
    2.0 Accounting model, recording transactions, reporting results
    • Accounting equation, nature of assets, liabilities, owners' equity, balance sheet, impact of
    transactions, double entry system of bookkeeping; revenues and expenses,
    • Accruals and matching concepts, classification of expenditure between capital and revenue, nature
    of profit, profit versus cash, profit and loss
    account.
    • Source documents and books of first entry, posting to the nominal ledger, subsidiary ledgers and
    control accounts (Trade receivables and Trade payables), bank reconciliation, trial balance, accruals
    and prepayments, closing off procedures and preparation of final accounts, use of microcomputer in
    recording and accounts preparation.
    3.0 Year-end adjustments
    Fixed asset valuation, nature and methods of depreciation, acquisition and disposal of fixed assets,
    • Stock valuation methods, bad debts, provisions and reserves, location and correction of errors,
    suspense accounts

    You might also like