Financial Accounting

This course introduces students to the fundamental concepts of financial accounting.  Students will learn how to prepare financial information in accordance with international standards and understand the uses of financial statements in decision making for businesses. They will also develop skills to analyze and evaluate financial nformation.

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Course Structure

Introduction to
Financial Accounting

  • What is financial reporting?

  • Users of financial information

  • Main financial statements

  • Accounting concepts and characteristics

Double Entry Bookkeeping

  • The different accounting books

  • Concept of duality and the accounting equation

  • Recording basic transactions

  • Trial balance

Measuring & Reporting Financial Position

  • Classification of assets and liabilities

  • Prepare a statement of financial position

  • Valuing assets

  • Prepare a statement of financial position

Measuring & Reporting Financial Performance

  • Components of the statement of profit or loss

  • Deriving the cost of sales

  • Recognizing revenue and expenses

  • Prepare a statement of profit or loss

Trial Balance Adjustments

  • Inventory

  • Depreciation and revaluation

  • Accruals and prepayments

  • Bad debts

Accounting for
Limited Companies

  • Concept of limited liability

  • Public and private limited companies

  • Financing limited companies

  • Dividends

Statement of Cash Flows

  • The importance of cash flows to a company

  • Differentiate between profit and cash flows

  • Preparing the statement of cash flows

  • Benefits and drawbacks of the statement of cash flows

Preparation of Final Accounts

  • Make required trial balance adjustments

  • Prepare a statement of financial position for a company

  • Prepare statement of profit or loss for a company

Reporting the Financial Results of a Company

  • Responsibilities of directors and auditors

  • Accounting regulations

  • Creative accounting

Interpretation of Financial Statements

  • The importance of the interpretation of financial statements

  • Calculate and interpret profitability, liquidity, efficiency and gearing ratios

  • Identify the limitations of financial statement analysis

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