INTERMEDIATE FINANCIAL ACCOUNTING AND REPORTING

About this Course

This course is designed to provide a fundamental understanding of the basic accounting concepts, principles and techniques of double entry system, procedures in preparing financial statements of a sole trader for merchandising and service enterprise and procedures in preparing financial statements of a partnership business. This course aims to provide students with the basic accounting knowledge of the total recording process as well as maintenance of full set of accounts that a business organisation should keep. It is also designed to develop the student¡¯s skill in preparing financial statements for partnership, simple changes in partnership and accounting treatment for asset revaluation and changes in goodwill.

Course Learning Outcomes

1) Apply knowledge of financial accounting and reporting for sole proprietorship and partnership.
2) Perform communication skills in task related to financial accounting and reporting for sole proprietorship or partnership.
3) Demonstrate interpersonal skills in task related to the accounting simulation project.

Course Syllabus

+ Course Syllabus

1) Introduction to Accounting
Definition of accounting
Differentiate between accounting and bookkeeping
Functions of financial statements
Main user groups of financial statements
Accounting cycle
Various forms of business (sole trader of merchandising and service enterprise, partnership and private & public
companies)

2) Introduction to Conceptual Framework for Financial Reporting
Fundamental Qualitative characteristics (Relevance and Faithful representation)
Enhancing qualitative characteristics (Comparability, Verifiability, Timeliness and Understandability)
Accounting assumptions and concepts (Going concern, Historical cost, Economic entity and Money measurement)

3) Accounting Equation and Accounting Classification
Statement of financial position format and its elements
Basic accounting equation
Effects of transactions on the basic accounting equation
Expanded accounting equation
Effects of transactions on the expanded accounting equation




4) Principles of Double Entry
Double entry rules
Ledger entries
Balancing off ledger accounts
Pre-adjusted trial balance
Pre-adjusted financial statements



5) Books of Prime Entry
Introduction to source documents
Types of journals
Types of ledgers
Recording process from source documents to journals and posting to ledgers


6) Preparation of Financial Statements with Balance Day Adjustments
Adjustments of accruals and prepayments
Bad debts and bad debts recovered
Doubtful debts and allowance for doubtful debts
Capital expenditure and revenue expenditure
Depreciation of non-current assets
Post-adjusted financial statements


7) Accounting for Partnership
Definition of partnership
Formation of partnership
Types of partners
Introduction to partnership accounts
Partner’s capital and current accounts
Statement of profit or loss, statement of appropriation and statement of financial position
Simple changes in partnership

Frequently Asked Questions

Q1 : How can I learn accounting easily?
A1 : Some practical tips are suggested to simplify your study process, there are: Knowing the Material: keep up with the lesson, understand why, work practice problems to understand how, organize your thoughts, relate the material you are learning to the real world. Preparing for the exam: understand your own strengths and weaknesses, have an understanding of key concepts, review each lessons before and after class, take a practice test. Establishing a Productive Study Space: find a quite place to work, gather the appropriate material, familiarize yourself with the test format, fuel your mind and body, find a study group.