Introduction to Accounting II

Description

Module description: The aim of this module is to introduce to the students the basic principles and techniques for preparing and constructing a set of comprehensive financial statements. This module is intended for students majoring in accounting and those who have a keen interest in gaining an understanding of elementary financial accounting. The module will commence with an introduction to double-entry booking keeping and accounting equations that govern the recording of business transactions. The module will then discuss the recognition and measurement principles for accounting for some key items in financial statements, including inventory, accruals, prepayments, long-term assets and long-term finance, using International Financial Reporting Standards as reference. Finally, the module covers the preparation of financial statements from the trial balance for various types of entities, incorporating a variety of simple adjustments. Module aims The aims of this module: To provide students with a broad understanding of financial accounting, a thorough grounding in double-entry bookkeeping To understand and measure the results of the activities of companies and prepare the financial statements for different types of entities Module learning outcomes By the end of this module, students will be expected to be able to: Explain the accounting equation and its link to financial statements, and illustrate the impact of economic transactions on the accounting equation. Describe and apply the process of recording transactions from source documents to financial statements via the double-entry bookkeeping system and trial balance. Explain and apply the recognition and measurement principles relating to: inventories (and cost of sales) and other current assets and liabilities (including receivables an Requisites for this module: Pre-requisites: (none) Co-requisites: (none) Pre and / or co-requisites: (none) Prohibited modules: (none) Key module (requisite for): BE110, BE111, BE121 Key module for: BSC N420BH Accounting and Finance Module description The aim of this module is to introduce to the students the basic principles and techniques for preparing and constructing a set of comprehensive financial statements. This module is intended for students majoring in accounting and those who have a keen interest in gaining an understanding of elementary financial accounting. The module will commence with an introduction to double-entry booking keeping and accounting equations that govern the recording of business transactions. The module will then discuss the recognition and measurement principles for accounting for some key items in financial statements, including inventory, accruals, prepayments, long-term assets and long-term finance, using International Financial Reporting Standards as reference. Finally, the module covers the preparation of financial statements from the trial balance for various types of entities, incorporating a variety of simple adjustments. Module aims The aims of this module: To provide students with a broad understanding of financial accounting, a thorough grounding in double-entry bookkeeping To understand and measure the results of the activities of companies and prepare the financial statements for different types of entities Module learning outcomes By the end of this module, students will be expected to be able to: Explain the accounting equation and its link to financial statements, and illustrate the impact of economic transactions on the accounting equation. Describe and apply the process of recording transactions from source documents to financial statements via the double-entry bookkeeping system and trial balance. Explain and apply the recognition and measurement principles relating to: inventories (and cost of sales) and other cur