1. SUBJECT SYNOPSIS
This course introduces student to the basic accounting principles underlying the accounting equation, double entry system, recording process and financial statement with adjustment for service business. Student required preparing a bank reconciliation statement for internal control, preparing financial statement for partnership and explain the process of liquidation.
The course objectives are to provide the student with knowledge in basic financial accounting by completing the accounting cycle for service business and prepare financial statement for partnerships business. Student also able to reconcile the cash and bank account.
3. LEARNING OUTCOMES
Upon successful completion of the course students will be able to:
CO1 : Recognise accounting concept, accounting equation and rules of double
CO2 : Apply double entry system in the recording process and completing the
CO3 : Prepare bank reconciliation statement
CO4 : Prepare financial statement for partnership and record the entries for
liquidation of partnership.
4. METHODS OF INSTRUCTION
4.2 Exercise and tutorial
Students-centred Learning (project, PBL, Presentation and independent learning)
5.1 Continuous Assessments:
Group project: 20%
6. COURSE REQUIREMENT
6.1 Attendance is COMPULSORY.
6.2 College attendance requirement: 80% minimum attendance. If a student’s attendance is less than 80%, he/she may be barred from sitting the final examination.
6.3 Any absence must be supported with either a medical chit issued (or endorsed) by a government clinic or an appropriate presented to the lecturer immediately upon return to college
7. MAIN REFERENCES
7.1 Weygant, J.J,. Keiso, D. E. and Kimmel, P. D. (2012), Accounting Principles.12th Edition, John Wiley and Sons, New York: John Wiley and Sons, Co.
8. ADDITIONAL REFERENCES
8.1 Reeve, J.M, Warren C.S and Duchac, J.E. (2014), Principles of Accounting, 25th Ed: South-Western, Cengage Learning
Warren, C.S., Reeve, J.M., and Duchac, J.E. (2014), Accounting, 25th Edition, Sourth-Western Ohio
Thomas, A. & Ward, A.M. (2012), Introduction to Financial Accounting. 7th Edition. McGraw-Hill (The updated edition is not available. The current content is still relevant).
Wood, Frank and Sansgter. (2015), Business Accounting. 13th Edition. Prentice Hall