Professional Documents
Culture Documents
COURSE DESCRIPTION : This course introduces the nature, functions, scope, and
limitations of the broad field of accounting theory. It deals with the study of the theoretical accounting
framework objectives of financial statements, accounting conventions, and generally accepted accounting
principles , standard setting process for accounting practice, national as well as international principles
relating to the preparation and presentation of financial statements, the conditions under which they may
be appropriately applied, their impact or effect on the financial statements.. The course covers the detailed
discussion , appreciation, and application of accounting principles covering the assets, financial and non
financial. Emphasis is given on the interpretation and application of theories of accounting in relation to
cash, temporary investments, receivables, inventories , prepayments , long-term investments, property,
plant and equipment, intangibles, and other assets , including financial statement presentation and
disclosure requirements. The related internal control, ethical issues, and management of assets are also
covered.
COURSE OUTLINE :
Inventory
Cost of goods sold
Inventory cost methods
Recording inventory transactions
Reference: https://www.iasplus.com/en/standards