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Principles of Accounting-I Course Outline

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109 views2 pages

Principles of Accounting-I Course Outline

Uploaded by

mishamomanedo
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Wachemo University

College Of Business and Economics


Department Of Accounting and Finance
Course Name: Principles of Accounting I- /AcFn1021/
Year: II Semester: III
Credit Hours: Three (3)
Instructor Name: Daniel Demissie (MSc)
Chapter One: 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
Chapter Two: Accounting Cycle for Service-Giving Business
2.1. Characteristics of an account
2.2. Classification of accounts
2.3. Chart of accounts
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
Chapter Three: Accounting Cycle for Merchandising Business
3.1. Characteristics of merchandising business
3.2. Accounting for purchases of merchandises
3.3. Accounting for sales of merchandises
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
Chapter Four: Accounting For Manufacturing Businesses
4.1. Characteristics of manufacturing business
4.2. Classification of manufacturing costs
4.3. Product costing systems

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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
Chapter Five: Accounting Systems
5.1. Manual and computerized Accounting systems
5.2. Subsidiary ledgers and controlling accounts
5.3. Special journals
Chapter Six: Cash and Receivables
6.1. Internal control over cash
6.2. Bank reconciliation
6.3. Petty cash and change funds
6.4. Classifications of receivables
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

Continuous Assessment: 50% and Final exam: 50%


Required References
1. Fees and warren, Accounting Principles, 16th edition, South Western publishing
Company. / Any recent edition.
2. Fees and warren, Accounting principles, 21st Edition, South Western publishing
Company

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