Financial Accounting (FA)

Course Objective

To develop knowledge and understanding of the underlying principles and concepts relating to financial accounting and technical proficiency in the use of double-entry accounting techniques including the preparation of basic financial statements.

Learning Outcome

After completion of the course students are expected to have the following competence:

1. Explain the context and purpose of financial reporting
2. Define the qualitative characteristics of financial information
3. Demonstrate the use of double-entry and accounting systems
4. Record transactions and events
5. Prepare a trial balance (including identifying and correcting errors)
6. Prepare basic financial statements for incorporated and unincorporated entities.
7. Prepare simple consolidated financial statements
8. Interpretation of financial statements

Content

Section One: The context and purpose of financial reporting

Section Two: Recording basic transactions and balancing ledger

Section Three: Recording transactions and events

Section Four: Reconciliation

Section Five: The trial balance, errors and suspense accounts

Section Six: Preparing basic financial statements

Section Seven: The consolidated financial statements

Section Eight: Interpretation of Financial Statements

Section Nine: Partnership Accounting

Section Ten: Incomplete Records

Section Eleven: Public Sector Organizations’ Perspective