Introduction To Financial Accounting I

1. Explain basic accounting principles and concepts
2. Prepare subsidiary books of accounts
3. Apply the double-entry bookkeeping system
4. Prepare a trial balance
5. Identify and correct accounting errors
6. Classify expenditures
7. Prepare basic financial statements

13 weeks, about 71 hours in total. Yours will differ.

1. Week 1Module 1: Introduction

   • Unit 1: The Nature and Scope of Accounting · 4 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 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..

2. Week 2Module 1: Introduction

   • Unit 3: The Accounting Function and its Relationship with the Information System of Organizations · 4 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 hours

     Understand the importance of accounting information.. Identify and explain users of accounting information.. Discuss the uses of accounting information..

3. Week 3Module 2: Accounting Records

   • Unit 5: Basic Accounting Concepts and Conventions · 5 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..

4. Week 4Module 2: Accounting Records

   • Unit 6: Source Documents and Subsidiary Books: Sales Day Book · 5 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..

5. Week 5Module 2: Accounting Records

   • Unit 7: Subsidiary Books: Purchases Day Book · 5 hours

     Explain the purchases day book and prepare it.. Explain the relationship between purchases and discount..

6. Week 6Module 2: Accounting Records

   • Unit 8: Subsidiary Books: Returns Inwards and Outwards Day Book · 5 hours

     Explain returns inwards journal and returns outwards journal.. Prepare return inwards and outwards journal.. Explain how discount is treated in returns journal..

7. Week 7Module 2: Accounting Records

   • Unit 9: Subsidiary Books: Journal · 5 hours

     Define a journal and explain its importance.. Prepare journal entries for various transactions..

8. Week 8Module 3: Cash and Bank Transactions

   • Unit 10: Subsidiary Books: Single and Two Column Cash Books · 5 hours

     Define and prepare cash book.. Explain and prepare two column cash book.. Understand the concept of 'contra entry'..

9. Week 9Module 3: Cash and Bank Transactions

   • Unit 11: Subsidiary Books: Three Column and Petty Cash Books · 5 hours

     Discuss and prepare three column cash book.. Explain and prepare petty cash book.. Understand petty cash and imprest system..

10. Week 10Module 4: Double Entry and Trial Balance

    • Unit 12: Double Entry Book-keeping Systems · 5 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..

11. Week 11Module 4: Double Entry and Trial Balance

    • Unit 13: Trial Balance · 5 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..

12. Week 12Module 5: Financial Statements

    • Unit 14: Types and Correction of Errors · 5 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..

13. Week 13Module 5: Financial Statements

    • Unit 15: Classification of Expenditure between Capital and Revenue · 5 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..