The aim of this module is to provide students with knowledge and understanding of the underlying principles and concepts relating to financial accounting and technical proficiency in the use of double entry accounting techniques in recording transactions, adjusting financial records and preparing basic financial statements.
A. Understand different legal forms of a business.
B. Demonstrate the use of double entry and accounting systems
C. Record transactions using ledger entries
D. Prepare basic financial statements.
E. Understand basic partnership accounts.
The lectures cover basic principles and applications of financial accounting supported by examples and exercises. Tutorial work is used to reinforce application through examples and discussion. Learning on this module will be integrated with the companion module in semester two on managerial accounting.