Target Group: CoTM, Second Year

Course Number AcFn 2123

Course Title Principles of Accounting
Contact Hours (per 4
week)
Course Objectives & This learning task aimed at helping students to:
Competences to be Understand the importance of the basic accounting principles and the role of
Acquired accounting in the real business
Introduce how to communicate accounting information using financial
statements
Be clear with the rule of debit and credit
Familiarize with the activities in the accounting cycle
Understand accounting related to merchandize business, cash, receivable,
and plant asset

Course Description The course is designed to introduce students with the basic accounting
concept, principles and its application; it include activities in the accounting
cycle; accounting related to merchandizing business, cash management,
accrual and deferrals, receivable and plant asset. Completing the course
students able to use accounting principles in the real business: they will be
able to apply accounting language to communicate accounting information to
the users; able prepare financial statements to show financial positions of the
real business. All topics are studied in accordance with the provisions of
International Financial Reporting Standards (IFRS).

WEEKS Course Contents

Chapter One: Accounting: Overview

1.1. Definition of Accounting
1.2. Accounting as a language of business
1.3. The accounting Profession
1.4. Users of Accounting information
1.5. Basic Accounting principles
1.6. Business transaction
1.7. Basic Accounting Equation
1.8. Financial Statement

Chapter Two: The Accounting Cycle

2.1 Nature of the account
2.2 Classification of the account
2.3 Charts of the account
2.4 Rules of Debit and credit
2.5 The process of journalizing and posting
transactions
2.6 Preparation of the trial balance

Chapter Three: Completion of the

Accounting Cycle
 3.1 Accrual Vs. Cash bases of Accounting
3.2 The adjusting Process
3.3 Preparation of Work sheet
3.4 Closing process
3.5 Preparation of reversing entry

Chapter Four: Accounting for

merchandizing business
4.1 Merchandizing business: Definition
4.2 Inventory management Approaches
4.3 Accounting for purchase and sales of
Merchandise

Chapter Five: Accounting for

cash
5.1 Nature of cash
5.2 Special characteristics of cash
5.3 Methods of cash management
5.4 Analyzing Business Performance
Chapter Six : Accruals and
Deferrals
6.1 Accounting for Accruals
6.2 Accounting for Deferrals

Chapter Seven: Receivables

7.1 Classification of Receivables
7.2 Maturity date and interest computation
7.3 Accounting for Account Receivable
7.4 Accounting for Note receivable

Chapter Eight: Plant Assets

8.1 Meaning of plant asset
8.2 Acquisition and Disposal of Plant Asset
8.3 Accounting for Depreciation of Plant Asset

Assessment methods: Mid 30,

Ind & Gro Ass. 20, Att & Part
10, Final 40
Text and reference Text Book:
books  Kieso, D. E., Weygandt, J. J., & Warfield, T. W. (2016).
Financial Accounting, IFRS Edition, New York: John Willey &
Sons.
Fess and Warren, Accounting Principles 16th Edition