???? Introduction to Accounting I (Financial Accounting Basics)

Course Description

This course introduces students to the fundamental principles, concepts, and practices of financial accounting. It provides a solid foundation in the recording, classification, and summarization of business transactions using the double-entry system. Emphasis is placed on the preparation of basic financial statements in accordance with generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRS). Students will gain practical skills in bookkeeping, journal entries, ledgers, trial balances, and simple adjustments, forming the basis for advanced accounting courses.

Course Objectives

By the end of this course, students should be able to:

1. Understand the purpose and scope of accounting in business and society.

2. Explain the accounting equation and its applications.

3. Apply the principles of double-entry bookkeeping to record business transactions.

4. Prepare and interpret simple financial statements: Income Statement, Statement of Financial Position (Balance Sheet), and Cash Flow Statement.

5. Demonstrate ethical considerations in financial reporting.

Course Content (Main Topics)

• Introduction to Accounting: Definition, nature, and objectives

• Users of accounting information & their needs

• The Accounting Equation (Assets = Liabilities + Equity)

• The Double-Entry System of bookkeeping

• Recording business transactions: Journals and Ledgers

• Trial Balance and error detection

• Adjusting entries (accruals, prepayments, depreciation, provisions)

• Preparation of Financial Statements for sole proprietorships

• Introduction to accounting standards (GAAP & IFRS framework)

• Ethical issues in financial reporting

Teaching Methods

• Lectures and discussions

• Practical exercises (manual and computer-based)

• Case studies and group projects

• Use of accounting software for practice

Assessment Methods

• Continuous Assessment Tests (20%)

• Assignments & Practical Exercises (20%)

• Mid-Semester Examination (20%)

• Final Examination (40%)

Learning Outcomes

Upon successful completion, students will be able to:

• Apply accounting principles to real-world business transactions.

• Record transactions systematically and accurately.

• Prepare simple financial statements that meet international standards.

• Analyze and interpret financial data for decision-making.