This course discusses the accounting model, evaluates the accounting standards employed in financial reporting, and examines their effects on managerial decisions. This course focuses on the important role of accounting in planning, decision making, control, and evaluation of performance. Students will also examine the ethical issues concerning the available alternatives one encounters when making major accounting decisions.
- Describe and explain the nature and scope of accounting.
- Describe, explain and accurately reflect double entry bookkeeping principles and adjustments from books of original entry such as day books to the trial balance stage.
- Prepare a set of final annual accounts, including any appropriate adjustments needed, for a sole trader, a partnership and a limited company.
- Understand the need for and complete accurately a cash flow statement.
- Undertake some financial ratio analysis of a company’s accounts and make reasoned judgments and comments on company performance based on their figures.