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ACC203Management Sciences3 Unitsbeginner

Introduction To Financial Accounting I

This course introduces the fundamental principles of financial accounting. It covers the nature and scope of accounting, the functions of accountants in business organizations, and the relationship between accounting and information systems. Students will learn about basic accounting concepts, source documents, subsidiary books, double-entry bookkeeping, trial balance preparation, error correction, and the classification of expenditures. The course also includes the preparation of financial statements for sole traders and bank reconciliation statements.

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150h
Study Time
13
Weeks
12h
Per Week
basic
Math Level
Course Keywords
Financial AccountingBookkeepingTrial BalanceBank ReconciliationAccounting Concepts

Course Overview

Everything you need to know about this course

Course Difficulty

Beginner Level
Perfect for newcomers to the field
35%
beginner
➕
Math Level
Basic Math
🔬
Learning Type
Hands-on Practice

Course Topics

Key areas covered in this course

1

Accounting Principles

2

Subsidiary Books

3

Double Entry Bookkeeping

4

Trial Balance

5

Error Correction

6

Financial Statements

Total Topics6 topics

Ready to Start

No specific requirements needed

This course is designed to be accessible to all students. You can start immediately without any prior knowledge or specific preparation.

Assessment Methods

How your progress will be evaluated (3 methods)

Assignments

Comprehensive evaluation of course material understanding

Written Assessment

Tutor-Marked Assessments

Comprehensive evaluation of course material understanding

Written Assessment

Final Examination

Comprehensive evaluation of course material understanding

Computer Based Test

Career Opportunities

Explore the career paths this course opens up for you

Account Clerk

Apply your skills in this growing field

Bookkeeper

Apply your skills in this growing field

Accounting Assistant

Apply your skills in this growing field

Junior Accountant

Apply your skills in this growing field

Industry Applications

Real-world sectors where you can apply your knowledge

AuditingTaxationFinancial Advisory

Study Schedule Beta

A structured 13-week journey through the course content

Week
1

Module 1: Introduction

8h

Unit 1: The Nature and Scope of Accounting

4 study hours
  • •Define accounting, explain its nature, and discuss the qualities of good accounting information.
  • •Understand the branches of accounting and their scope.

Unit 2: The Functions of Accountants in Business Organisations

4 study hours
  • •Define who an accountant is and understand the essential features of business organizations.
  • •Explain the functions of accountants and how they add value to business organizations.
Week
2

Module 1: Introduction

8h

Unit 3: The Accounting Function and its Relationship with the Information System of Organizations

4 study hours
  • •Know how accounting functions in an organization's information systems.
  • •Explain the relationship between accounting and organization information systems.
  • •Understand the role of accounting in an organization.

Unit 4: Users and Uses of Accounting Information

4 study hours
  • •Understand the importance of accounting information.
  • •Identify and explain users of accounting information.
  • •Discuss the uses of accounting information.
Week
3

Module 2: Accounting Records

5h

Unit 5: Basic Accounting Concepts and Conventions

5 study hours
  • •Define accounting concepts and explain different accounting concepts.
  • •Define accounting conventions and discuss key accounting conventions.
  • •Understand the implication of accounting concepts and conventions in preparation of accounting records.
Week
4

Module 2: Accounting Records

5h

Unit 6: Source Documents and Subsidiary Books: Sales Day Book

5 study hours
  • •Define source documents and explain their importance.
  • •Prepare sales day book and discuss the uses of subsidiary books.
  • •Explain the relationship between sales and discount.
Week
5

Module 2: Accounting Records

5h

Unit 7: Subsidiary Books: Purchases Day Book

5 study hours
  • •Explain the purchases day book and prepare it.
  • •Explain the relationship between purchases and discount.
Week
6

Module 2: Accounting Records

5h

Unit 8: Subsidiary Books: Returns Inwards and Outwards Day Book

5 study hours
  • •Explain returns inwards journal and returns outwards journal.
  • •Prepare return inwards and outwards journal.
  • •Explain how discount is treated in returns journal.
Week
7

Module 2: Accounting Records

5h

Unit 9: Subsidiary Books: Journal

5 study hours
  • •Define a journal and explain its importance.
  • •Prepare journal entries for various transactions.
Week
8

Module 3: Cash and Bank Transactions

5h

Unit 10: Subsidiary Books: Single and Two Column Cash Books

5 study hours
  • •Define and prepare cash book.
  • •Explain and prepare two column cash book.
  • •Understand the concept of 'contra entry'.
Week
9

Module 3: Cash and Bank Transactions

5h

Unit 11: Subsidiary Books: Three Column and Petty Cash Books

5 study hours
  • •Discuss and prepare three column cash book.
  • •Explain and prepare petty cash book.
  • •Understand petty cash and imprest system.
Week
10

Module 4: Double Entry and Trial Balance

5h

Unit 12: Double Entry Book-keeping Systems

5 study hours
  • •Explain the concept of double entry system.
  • •Define a ledger and discuss different classifications of ledger.
  • •Define an account, explain account classification, and prepare accounts in a ledger in compliance with double entry principle.
Week
11

Module 4: Double Entry and Trial Balance

5h

Unit 13: Trial Balance

5 study hours
  • •Define and explain trial balance.
  • •Prepare trail balance from the subsidiary books of account.
  • •Understand the benefits of trial balance and discuss key facts about trial balance.
Week
12

Module 5: Financial Statements

5h

Unit 14: Types and Correction of Errors

5 study hours
  • •Explain error in accounting and discuss causes of errors.
  • •Understand and prepare suspense account.
  • •Know and explain types of errors not affecting the trial balance.
Week
13

Module 5: Financial Statements

5h

Unit 15: Classification of Expenditure between Capital and Revenue

5 study hours
  • •Explain the concept of expenditure and understand the meaning of capital and revenue expenditure.
  • •Differentiate between capital and revenue expenditure.
  • •Explain the accounting entry for capital and revenue expenditure and classify expenditure into either capital or revenue expenditure.

This study schedule is in beta and may not be accurate. Please use it as a guide and consult the course outline for the most accurate information.

Course PDF Material

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Study Tips & Exam Preparation

Expert tips to help you succeed in this course

1

Review all key accounting terms and definitions from Units 1-5 to build a strong foundation.

2

Practice preparing subsidiary books (Units 6-11) by working through multiple examples; focus on accuracy and speed.

3

Master the double-entry bookkeeping system (Unit 12) by creating T-accounts and posting transactions for various scenarios.

4

Familiarize yourself with common types of accounting errors (Unit 14) and practice correcting them using journal entries.

5

Understand the classification of expenditures (Unit 15) and be able to differentiate between capital and revenue expenditures.

6

Practice preparing financial statements (Units 17-18) using trial balances and adjusting entries; pay attention to format and presentation.

7

Review bank reconciliation statements (Unit 21) and practice reconciling cash book balances with bank statements.

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