Sem 1

Course Name: Fundamentals of Accounting I Course Code: DBA 1102 Course Level: Year One Semester One Credit Unit: 4 CU Brief Course description The course is designed to give an introduction to accounting principles with emphasis on preparation of financial statements. Topics include the theoretical framework of accounting, accounting equation, double entry accounting, preparation of books of accounts, financial statements, the cash book, and year-end adjustments Objectives of the course By the end of the course students should be able to: • To equip students with the basics of accounting • To help students learn how to process accounting information from raw data to preparation of financial reports and be able to interpret the results. • Direct students how to apply theoretical knowledge acquired in practical aspects of business • Enable students acquire an understanding of how accounting is useful to various stakeholders for planning, controlling, evaluation and decision making. • Enable students appreciate that accounting is a critical area in any organization. Learning outcomes At the end of the course students should be able to: • Be familiar with and have knowledge of accounting, principles/concepts of accounting, reporting and regulatory framework of accounting • Understand the nature of business transactions, various accounting record and reports. • Demonstrate the ability to process accounting information from source documents/ raw data to final reports, interpret and communicate financial results of a firms operation without difficulty. • Have acquired knowledge about the use of accounting information and reports. DETAILED COURSE DESCRIPTION The Theoretical Frame Work of Accounting (18 Hours).  Introduction  Meaning and purpose  Financial accountability methods  Book keeping and accounting; a distinction  Users/ interested parties in the accounting information  Branches/ disciplines in accounting  Accounting regulatory frame work  Accounting principles. Concepts and conventions  Characteristics of accounting information The Accounting Equation (6 Hours).  The fundamental accounting equation  Elementary treatment of the balance sheet The Double Entry Accounting (9 Hours)  The double entry book keeping system  Accounting process or cycle. The Preparation of Books of Accounts (15 Hours). • The journal • The cash book (Single, Two, Three and Petty) • Ledgers • The trial balance. Preparation of Financial Statements (6 Hours). • Income statement • Balance sheet. End of Year Adjustments or Provisions (6 Hours). • Prepaid & arrears • Provisions • Depreciation Mode of Delivery  Class lectures / Tutorials  Group discussions  Individual presentations Mode of Assessment End of semester Exam 50% Continuous assessment 50% References 1. Griffin, et al (2009) Fundamentals of accounting. London: McGraw-Hill 2. Frank, W. and ALAN, S. (2008). Business Accounting. 11th edition. (IFRS edition) or 12th 3. Jennings, A. R., 2006. Financial accounting, 5th Ed, Thomson Learning. 4. Sserwanga, A., 2005. Introduction to Financial Accounting. 5. Wood and Sinister (2005) Business Accounting 1& 2. New York: Pearson Education Ltd Prentice Hall International Accounting standards 2002, Partnership Act Cap 85, ACCA Paper 1.1 6. Warren, &Reeve, 2004. Financial Accounting, South Western: a division of Thompson, USA 7. Larson, W., Chiappetta, 2002. Fundamental Accounting Principles,McGraw-Hill companies Inc. 8. Kermit, D. et al (2002) Fundamental Accounting Principles. London: McGraw-Hill 9. King, Lembke, & Smith, 2001. Financial Accounting, John Wiley & sons Inc. Core Readings