Financial Accounting

No prerequisite

The objectives of this course are to enable you to demonstrate and understanding of:

• basic accounting principles, the components of the basic accounting system, and basic accounting vocabulary;
• double entry bookkeeping entries; identification of transactions summarized in ledgerform and the preparation of sets of financial statements from an adjusted trial balance;
• subsidiary ledgers and special purpose journals and how they are used to manage and control financial and management information;
• the composition and basic analysis of historical and budgeted financial statements, including the balance sheet, income statement, statement of owner’s equity and statements of sources and uses of cash, the cost principle, inventories LIFO and FIFO average; and
• application of the concepts learned in class to current events relating to financial accounting and the accounting profession, the violation of the cost principle and window dressing.

Financial Accounting introduces the candidate to the fundamentals of the regulatory framework relating to accounts preparation and to the qualitative characteristics of useful information. The syllabus then covers drafting financial statements and the principles of accounts preparation. The syllabus then concentrates in depth on recording, processing, and reporting business transactions and events. The syllabus then covers the use of the trial balance and how to identify and correct errors, and then the preparation of financial statements for incorporated and unincorporated entities. The syllabus then moves in two directions, firstly requiring candidates to be able to conduct a basic interpretation of financial statements; and secondly requiring the preparation of simple consolidated financial statements from the individual financial statements of group incorporated entities.

At the completion of the course the student will be able to:

1. Explain the purpose of accounting by mastering the language of business and accounting terminology. Understand the objectives and goals of accounting information systems and the role of financial statements.

2. Explain and differentiate between the methods of accounting and the accounting for merchandising companies and inventories.

3. Prepare the multistep income statement, explain the objectives and purposes of this statement and the articulation of this statement with the other components of the financial statements.

4. Prepare the statement of financial position, (the balance sheet), explain the objectives and purposes of this statement and the articulation of this statement with the other components of the financial statements.

5. Identify and explain all of the fundamental accounts that comprise revenue, assets, liabilities and stockholders’ equity.

6. Prepare the statement of cash flows, explain the objectives and purposes of this statement and the articulation of this statement with the other components of the financial statements.

The online delivery blends synchronous and asynchronous components. Students complete self-directed assignments hosted on the course platform. Weekly Forums support a required active, rubric-based student contributions that foster collaboration.

Exams may include essays, short answers, or MCQs. Formats include open/closed book. Time zones are considered. Assessments are formative and summative. Students have 2 weeks to review grades and must follow the appeal process in the Student Handbook.

Certificate

Please note that there are three semesters as admission periods as noted on the academic calendar.
Scholarship Awarded (Total Fee: €100)

Registration is done online.