Introduction To Financial Accounting Ii

1. Identify special and general journals and make distinction between them
2. Perform the mechanics of simple and compound journal entries
3. Learn the meaning of a trial balance and how it is constructed
4. Identify the errors that affect the trial balance and how they are corrected using suspense account
5. Distinguish between current assets and current liabilities

13 weeks, about 104 hours in total. Yours will differ.

1. Week 1Module 1: The Journals

   • Unit 1: The Journals · 8 hours

     Understand the differences between special and general journals.. Learn to perform simple and compound journal entries.. Review Exhibit 1.1 and 1.2..

2. Week 2Module 2: Trial Balance I: Errors and Suspense Account

   • Unit 2: Trial Balance I: Errors and Suspense Account · 8 hours

     Understand the meaning of a trial balance and its construction.. Identify errors affecting the trial balance and their correction.. Study the Illustrative Example and postings to relevant ledgers..

3. Week 3Module 3: Trial Balance II: Special Kind of Errors

   • Unit 3: Trial Balance II: Special Kind of Errors · 8 hours

     Identify, explain, and correct errors that do not affect the trial balance.. Use journal entries and ledger accounts for corrections.. Review the Illustrative Example..

4. Week 4Module 4: Current Assets and Current Liabilities

   • Unit 4: Current Assets and Current Liabilities · 8 hours

     Distinguish between current assets and current liabilities.. Learn accounting entries and recognition in the statement of financial position.. Review the Illustrative Example..

5. Week 5Module 5: Long-Term Liabilities and Ownership Equity

   • Unit 5: Long-Term Liabilities and Ownership Equity · 8 hours

     Distinguish between long-term liabilities and ownership equity.. Explain the difference between long-term sources of fund and long-term liabilities.. Understand the effects of drawings on equity..

6. Week 6Module 6: Revenue Expenditure and Capital Expenditure

   • Unit 6: Revenue Expenditure and Capital Expenditure · 8 hours

     Differentiate capital expenditure from revenue expenditure.. Identify and segregate capital expenditure from revenue expenditure.. Learn how they are treated in the income statement and statement of financial position..

7. Week 7Module 7: Bad Debts and Allowances for Bad Debts

   • Unit 7: Bad Debts and Allowances for Bad Debts · 8 hours

     Explain bad debts and allowance for bad/doubtful debts.. Understand the concept of cash discount in relation to account receivable.. Review the Illustrative Examples..

8. Week 8Module 8: Accruals and Prepayments

   • Unit 8: Accruals and Prepayments · 8 hours

     Explain accruals in the form of accrued income and accrued expense.. Distinguish between accrued income and accrued expense.. Understand accounting treatments in the statement of comprehensive income and statement of financial position..

9. Week 9Module 9: Depreciation I: Introductory Concepts and Methods

   • Unit 9: Depreciation I: Introductory Concepts and Methods · 8 hours

     Explain depreciation and related concepts such as depreciable value, scrap/residual value, carrying cost, useful life, and depreciable asset.. Identify and explain depreciation methods.. Compute depreciation using different methods..

10. Week 10Module 10: Depreciation II: Further Issues and Accounting Entries

    • Unit 10: Depreciation II: Further Issues and Accounting Entries · 8 hours

      Learn accounting entries for depreciation.. Identify and explain non-time related basis of depreciation.. Understand the concept of depreciation used for intangible assets and wasting assets..

11. Week 11Module 11: Accounting for the Purchase and Sale of Non-Current Assets

    • Unit 11: Accounting for the Purchase and Sale of Non-Current Assets · 8 hours

      Distinguish between non-current assets held as trading items and those held for running the business.. Learn accounting entries for the purchase and disposal of non-current assets.. Understand accounting treatments where a non-current asset is exchanged for another..

12. Week 12Module 12: Inventory Valuation I: Periodic Inventory Model

    • Unit 12: Inventory Valuation I: Periodic Inventory Model · 8 hours

      Define inventory and identify when assets can be regarded as inventories.. Explain the nature of periodic inventory model.. Compute common methods of valuing inventory..

13. Week 13Module 13: Inventory Valuation II: Perpetual Inventory Model

    • Unit 13: Inventory Valuation II: Perpetual Inventory Model · 8 hours

      Compare and contrast periodic and perpetual inventory models.. Value closing inventory and cost of sales using FIFO, LIFO and moving averages.. Review the Illustrative Example..