Principles of Financial Accounting (1)

Course Description

This course seeks to study the principles of financial accounting, focusing on operations and deepening students’ understanding to the principles of accounting rules, regarding the measurement of business activities and financial position.

Course Aims

By the end of the course the student will be able to:

• Acquire scientific knowledge and practical principles of financial accounting through lectures, discussions, and case studies.
• Develop analytical and intellectual skills for student through case studies.
• Develop presentation and communication skills among students through the implementation of their assignments about
• financial reporting that reflect business and financial position of enterprises in line with the principles and standards of
• financial accounting.

Course Contents:

• Definition of accounting.
• Users and uses of accounting.
• The influence of accounting principles on cost principles.
• The monetary unit assumption and the economic entity assumption.
• The basic accounting equation and the meaning of assets, liabilities, and owner’s equity.
• The effect of business transactions on the basic accounting equation.
• The four financial statements and how they are prepared
• Accounts and recording process
• debits and credits and explain how they are used to record business transactions
• The basic steps in the recording process
• A journal is and how it helps in the recording process
• A ledger is and how it helps in the recording process
• Posting and how it helps in the recording process
• Trial balance preparation and its purpose

Course ID: ACCT101