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Course Description
This course provides an introduction to accounting, within the context of business and business decisions. Students obtain
basic understanding of the principles and concepts of accounting as well as their applicability and relevance in the national
context and learn how to use various types of accounting information found in financial statements and annual reports.
Emphasis is placed on understanding the reasons underlying basic accounting concepts and providing students with an
adequate background on the recording, classification, and summarization functions of accounting to enable them to
appreciate the varied uses of accounting data.
Course Outline
1.
Introduction to accounting
1.1
Definition, purpose, nature, functions, scope and objectives of accounting
1.2
Different branches of accounting (financial, managerial, etc)
1.3
The classical notion of stewardship
1.4
Users of accounting information (internal vs. external users)
1.5
Double entry bookkeeping
1.6
History
1.6.1
1.6.2
1.6.3
1.6.4
1.6.5
1.6.6
1.6.7
of accounting:
The Florentine vs. the Venetian approach to reporting
Savory and the Napoleonic Commercial Code
The industrial revolution and the share-issuing company
The arrival of income taxation and the conflict with financial accounting
Schmalenbach and the charts of accounts
The rise of the group of companies and the need for consolidated accounts
Internationalization of markets and reporting
1.7
1.8
1.9
1.10
Forms of business organization and their activities (e.g., financing, investing and operating)
Accounting concepts and principles
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2.
3.
4.
5.
6.
7.
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7.3
7.4
7.5
7.6
7.7
7.8
Recording merchandising business transactions in a two-column general journal (sales revenue, sales returns
and allowances, sales discounts, purchases of merchandise, purchases returns and allowances, purchase
discounts, transportation costs)
Inventory systems (perpetual and periodic inventory procedures)
Determination of merchandise inventory, costs of good sold and gross margin
Worksheet preparation
Adjusting and closing process for a merchandising business
Financial statements of a merchandising business
Use of accounting information in decision making
8.
9.
Manufacturing operations
9.1
Nature of manufacturing business
9.2
Transactions related to the manufacturing process
9.3
Elements of manufacturing costs
9.4
Preparation of financial statements of a manufacturing enterprise (balance sheet, income statement,
statement of cost of goods manufactured and sold)
Grading System
Requirement/Assessment Task
Quizzes
Activities/Seatwork
Class participation (Recitation and Board work)
Attendance
Major exams (Prelim, Midterm and Final)
Total
Maximum Points
40%
10%
10%
10%
30%
100%
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