ACCT1002 – INTRODUCTION TO FINANCIAL ACCOUNTING
Introduction
to the Course
This course, Introduction to Financial Accounting
(ACCT1002), is designed to introduce you, the learner,
to the fundamental principles and underlying assumptions
of financial accounting. It is a three-credit,
one-semester course and is a compulsory course for
persons intending to pursue degrees in Management
Studies, Accounting or Economics. Persons who intend to
pursue intermediate studies in financial accounting and
financial management will also find it particularly
useful.
Course Objectives
The primary objective of this course is to provide a
thorough exposure to financial accounting fundamentals
as they relate to today’s business world. By the end of
the course, you should be able to complete basic
book-keeping functions such as recording and summarizing
accounting information, and prepare financial statements
for single-owner businesses, partnerships and
not-for-profit organizations.
While we do not use a recommended text for this course,
if you wish to further reinforce the material, you may
use any text that is used by secondary schools in your
country to prepare students for the Caribbean
Examinations Council (CXC) examinations. This will
provide you with additional practice exercises.
Course Content
The ten units of the course are:
Unit 1 -
Introduction to Financial Accounting
Unit 2 - The
Basics of Accounting
Unit 3 - The
Trial Balance and its Uses
Unit 4 -
Adjustments
Unit 5 - Fixed
Assets and Depreciation
Unit 6 -
Preparing Final Accounting Statements
Unit 7 -
Partnership Accounts
Unit 8 - Company
Accounts
Unit 9 -
Internal Control Systems
Unit 10 -
Accounting for Not-for-Profit Organizations
A
word of advice:
there are three ways to ensure that you succeed in any
accounting course: practise, practise, practise!
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