Principles of Accounting (2024-2025)

212505  Principles of Accounting

Course Objectives:
The principal objective of this course is to convey the fundamental knowledge of accounting
to students. The specific objectives of this course are to:
1) To familiarize students with the basic concepts and principles of accounting and their
application in real-life business and management.
2) To provide an overview of accounting record-keeping and statement preparation
practices following International Accounting Standards.
3) To develop basic analytical abilities using accounting information for managerial
decision making.
4) To solve various problems, as well as more formal case studies, to apply, illustrate,
and discuss different aspects of accounting.

Course Learning Outcomes (CLOs):

On satisfying the requirements and successful completion of this course, students will have
the knowledge and skills to:
CLO 1: Explain the historical development, purpose, and nature of accounting information, including the role of accounting principles and professional standards (e.g., GAAP).
CLO 2: Apply the accounting equation to analyze the impact of financial transactions on the financial position of a business.
CLO 3: Record business transactions accurately using appropriate source documents, journals, and ledgers.
CLO4: Prepare a trial balance and identify errors that are and are not disclosed by it.
CLO 5: Apply accounting procedures for merchandising operations, including inventory systems and invoice processing.
CLO 6: Perform the adjusting and closing processes, including the preparation and use of a worksheet.
CLO 7: Prepare and interpret basic financial statements, including an income statement and a classified statement of financial position (balance sheet).
CLO 8: Apply accounting principles in recording and managing different types of assets such as cash, receivables, and fixed assets.
CLO 9: Account for various types of liabilities and owner‟s equity in accordance with standard financial reporting practices.