ACC 101: Introduction to Financial Accounting I

Learning Outcomes

At the end of this course, students should be able to:

1. describe the nature and scope of accounting;
2. differentiate between bookkeeping and accounting;
3. discuss the objectives of financial accounting;
4. appreciate various branches of accounting; and methods of recording accounting data using manual and electronic devices;
5. prepare basic accounting records from primary books to extraction of trial balance;
6. correct basic posting errors; and
7. prepare bank reconciliation statements.

Course Contents

The nature and scope of accounting. Definition of bookkeeping and accounting. Differences and similarities between bookkeeping and accounting. Objectives of financial accounting,

financial accounting cycle, various branches of accounting, methods of recording accounting data using manual and electronic devices. Source documents for Book-keeping and Accounting, original/principal/prime books of entry/ledgers in accounting. Principles of double- entry and accounting equation, the trial balance, bank reconciliation statement, classification of revenue/receipts and expenditure (current & capital).