Introduction To Financial Accounting I
- Management Sciences
- 200 level
- 3 credit units
- 171 pages
- 21 units
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.
About this course
- Difficulty
- Beginner
- Study hours
- 150 hours
- Maths
- Basic
- Content
- Theoretical, practical, problem solving
- Practical work
- Yes
- Assignments
- Tutor Marked Assessments
- Final Examination
What you'll read
The real module and unit structure of ACC203, taken from the course material NOUN publishes.
- UNIT 1: THE NATURE AND SCOPE OF ACCOUNTINGPage 7
- UNIT 2: THE FUNCTIONS OF ACCOUNTANTS IN BUSINESS ORGANISATIONSPage 14
- UNIT 3: THE ACCOUNTING FUNCTIONS AND ITS RELATIONSHIP WITH THE INFORMATION SYSTEM OF ORGANISATIONSPage 20
- UNIT 4: USERS AND USES OF ACCOUNTING INFORMATIONPage 24
- UNIT 5: BASIC ACCOUNTING CONCEPTS AND CONVENTIONSPage 28
- UNIT 6: SOURCE DOCUMENTS AND SUBSIDIARY BOOKS: SALES DAY BOOKPage 33
- UNIT 7: SUBSIDIARY BOOKS: PURCHASES DAY BOOKPage 43
- UNIT 8: SUBSIDIARY BOOKS: RETURNS INWARDS AND OUTWARDS DAY BOOKPage 49
- UNIT 9: SUBSIDIARY BOOKS: JOURNALPage 57
- UNIT 10: SUBSIDIARY BOOKS: SINGLE AND TWO COLUMNCASH BOOKSPage 61
- UNIT 11: SUBSIDIARY BOOKS: THREE COLUMN AND PETTYCASH BOOKSPage 67
- UNIT 12: DOUBLE ENTRY BOOK-KEEPING SYSTEMSPage 74
- UNIT 13: TRIAL BALANCEPage 83
- UNIT 14: TYPES AND CORRECTION OF ERRORSPage 95
- UNIT 15: CLASSIFICATION OF EXPENDITURE BETWEEN CAPITAL AND REVENUEPage 106
- UNIT 16: METHODS OF RECORDING ACCOUNTING DATA: MANUAL AND MECHANICALPage 110
- UNIT 17: FINAL ACCOUNTS OF A SOLE TRADER 1: STATEMENT OF PROFIT OR LOSSPage 115
- UNIT 18: FINAL ACCOUNTS OF A SOLE TRADER 2: STATEMENT OF FINANCIAL POSITIONPage 126
- UNIT 19: END OF YEAR ADJUSTMENTS IN FINAL ACCOUNTSPage 134
- UNIT 20: ACCOUNTING TREATMENT OF CONTROL ACCOUNTSPage 148
- UNIT 21: BANK RECONCILIATIONSPage 163
One paragraph, so you can see how it reads
ACC203 · UNIT 1: THE NATURE AND SCOPE OF ACCOUNTING
Good accounting information should be relevant to the purpose for which it is prepared. It should include enough facts and figures to satisfy the need of the users. Without this, the information is like an ordinary plain piece of paper.
What you should be able to do
- Explain basic accounting principles and concepts
- Prepare subsidiary books of accounts
- Apply the double-entry bookkeeping system
- Prepare a trial balance
- Identify and correct accounting errors
- Classify expenditures
- Prepare basic financial statements