BAE 1 - FINANCIAL ACCOUNTING AND REPORTING 1

COURSE OUTLINE
SY 2021 - 2022

I - Introduction to Accounting ( Week 1 - September 13)

 Definition of accounting
 Phases of Accounting
 Basic Purpose of Accounting
 Users of accounting information
 Common branches of accounting
 Forms of business organizations
 Types of business according to activities

II - Accounting concepts and principles (Week 2 - September 17)

 Basic accounting concept

 Accounting standards
 The conceptual framework for financial reporting

III - The accounting equation ( Week 3 - September 20 to 24)

 The basic accounting equation

 The expanded accounting equation
 Applications of the accounting equation

IV - Types of Major Accounts (Week 4 - September 27 to October 1)

 The account
 The five major accounts
 Chart of accounts
 Common account titles
 Balance sheet accounts
 Income statement accounts

V - Books of accounts and double entry system ( Week 5 - October 4 to 8)

 The books of accounts

 Journal
 Ledger
 Formats of the books of accounts
 Double entry system
 Normal balances of accounts
 Rules of debits and credits
 Ending balance of an account
 Contra and adjunct accounts
VI - Business transactions and their analysis ( Week 6- October 11 to 15)
 The accounting cycle
 Identifying and analyzing transactions and events
 Journalizing

MIDTERM EXAM (OCTOBER 18 - 23)

VII - Posting to the ledger ( Week 7 - October 18 to 22)

 Posting
 Preparing the unadjusted trial balance
 Types of trial balance
 Errors revealed by a trial balance
 Errors not revealed by a trial balance

VIII - Adjusting entries ( Week 8 - October 25 to 29)

 Adjusting entries
 Accruals of income and expense
 Recognition of depreciation expense
 Recognition of bad debt expense
 Real, nominal and mixed accounts
 Methods of initial recording of income and expense

IX - The accounting cycle of a service business ( Week 9 - November 1 to 5)

 The worksheet
 Financial statements
 Closing entries
 Post-closing trial balance
 Reversing entries

X - Accounting cycle of a merchandising business ( Week 10 - Nov to ___ )

 Inventory
 Inventory systems
 Gross profit
 T-account analysis
 Recording in the general and special journals
 Posting to the general and subsidiary ledgers
 The accounting cycle of a merchandising business

Final Exam - December 13 - 15, 2021