Coures Out Line Principle Accounting - I and II

1.
Fundamental of Accounting I
Accounting and Finance Program
Course ACFN 111

Number
Course Title Fundamental of Accounting I
perquisite
Lecturer Abraham T
ETCTS 6
Credits
credit Hrs. 4
The course has the general objective of introducing students to the basics of
accounting and reporting of financial activities of business organizations.
Upon the successful completion of this course, the students will be expected
to:
Course  Understand the role of Accounting in business and develop an awareness
Objectives & of the accounting profession
Competences  Understand the purpose of the financial accounting function and
to be Acquired standard financial accounting practices
 Summarize and apply basic financial accounting terms, concepts, and
principles.
 Define and apply accounting terminology, concepts, and principles in
analyzing, recording, and reporting basic business transactions
 Take a series of transactions through the accounting cycle
 Analyze, record, and report transactions for service, merchandising, and
manufacturing businesses.
 Prepare financial statements
 Analyze accounting system design and control
 Apply accounting principles and control of cash and receivables
Course This course is designed to provide introductory knowledge of accounting
Description principles, concepts, and practices. The course deals with the processes
involved in financial statements preparation for service-giving businesses,
merchandising businesses, and manufacturing businesses. Topics covered
includes the features of accounting information, users of accounting
information, nature of financial statements, the double entry system,
financial statements preparation process including journals, ledgers, trial
balance, adjustments, worksheets, accruals, adjusting and closing entries,
and the accounting system. This course provides a foundation for more
advanced work in the fields of Accounting and business. All topics are
studied in accordance with the provisions of International Financial
Reporting Standards (IFRS)
WEEKS Course Contents Reading
Course out line Instructor: Abraham TPage 1

2WEEKS
{1ST&2ND } 1. Introduction to Accounting and Business

1.1. The nature of a business
1.2. The role of accounting in business
1.3. The profession of Accounting
1.4. Types of business organizations
1.5. Accounting principles and practices (IFRS)
1.6. The accounting equation and elements of the
equation
1.7. Business transactions and financial statements
2. Accounting cycle for service-giving business
2.1. Characteristics of an account
4 WEEKS 2.2. Classification of accounts
2.3. Chart of accounts
{3RD ,4TH ,5TH&6T
H 2.4. Rules of debit and credit
}
2.5. Normal balances of accounts
2.6. Analyzing and recording transactions
2.7. Preparing a trial balance
2.8. The usefulness and limitations of a trial
balance
2.9. The adjusting process-accrual vs. cash basis
of accounting
2.10. Preparing a worksheet
2.11. Preparing financial statements from a
worksheet
2.12. Adjusting and closing entries
2.13. Post-closing trial balance
3. Accounting cycle for merchandising business
3.1. Characteristics of merchandising business
2 WEEKS 3.2. Accounting for purchases of merchandises
3.3. Accounting for sales of merchandises
{7TH&8TH } 3.4. Merchandise transactions using perpetual and
periodic inventory systems
3.5. Chart of accounts for a merchandising business
3.6. Financial statements for a merchandising
business
3.7. Adjusting and closing entries for a merchandising
business

4. Accounting for manufacturing businesses
4.1. Characteristics of manufacturing business
2 WEEKS 4.2. Classification of manufacturing costs
4.3. Product costing systems
{9TH&10TH } 4.4. Chart of accounts for a manufacturing business
4.5. Recording the flow of costs through production
process
4.6. Financial statements for a manufacturing
business
4.7. Adjusting and closing entries for a merchandising
business
5. Accounting Systems
5.1. Manual and computerized Accounting systems
5.2. Subsidiary ledgers and controlling accounts
5.3. Special journals
2 WEEKS
{11TH&12TH }
6. Cash and Receivables

6.1. Internal control over cash
4 WEEKS 6.2. Bank reconciliation
6.3. Petty cash and change funds
{13TH,14TH ,15TH 6.4. Classifications of receivables
&16TH } 6.5. Internal control of receivables
6.6. Accounting for uncollectible accounts
6.7. Accounting for notes receivable
6.8. Factoring Receivables
6.9. Presentation of cash and receivables on the
balance sheet
Teaching & Learning Provision of self-learning material, individual self-assessment

Methods/strategy questions and activities, answer keys and feedback, lecture and
discussion during face-to-face tutorial sessions.
Evaluation Student' performance is assessed on the basis of Continuous Evaluation,

which includes TMAs (30%) and supervised tests 70%. The aggregates
are then converted into letter grades according to the evaluation policy
adopted for computation. Each course is going to have its own
modalities for assessment.
Attendance 10%
Quez and class activity 5 %
Individual assignment 20%
Group assignmnet 10%
Mid exam 25%

Final Exam 30%
Text: Rift Valley University Education studies, subject
matter Module, Buryu ,oromia , Ethiopia.
Text and reference
books  Fees and warren, Accounting Principles, 16th edition and
20th edition , South Western publishing Company. / Any
recent edition/.
1. Jerry J. Weygandt, Financial Accounting , IFRS edition
2nd , John Wiley & Sons, Inc
2. Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield,
Intermediate Accounting,14th Edition 2011
REFERENCE BOOKS
 commercial code of Ethiopia
 WWW.ifrs.org
 IFRS blue book
 IFRS Green book
 Kieso and weygandt

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1.

Course ACFN 111

Course Title Fundamental of Accounting I

Course out line Instructor: Abraham TPage 1

{1ST&2ND } 1. Introduction to Accounting and Business

Course out line Instructor: Abraham TPage 2

6. Cash and Receivables

Teaching & Learning Provision of self-learning material, individual self-assessment

Evaluation Student' performance is assessed on the basis of Continuous Evaluation,

Course out line Instructor: Abraham TPage 3

Course out line Instructor: Abraham TPage 4

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