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The aim of Financial Accounting Principles is to help students develop skills to enable them to prepare financial statements and understand the importance of accounting information in enabling well informed business decisions to be made. This unit covers key accounting principles and procedures, i.e. record keeping, journal entries, ledger posting, trial balance, adjusting & closing entries. It also covers the nuances of manual and computerised accounting systems and the preparation of financial reports for reporting entities.
The Unit introduces theoretical concepts of accounting and emphasises the conceptual framework of accounting. Students also examine the desirable reporting qualities, i.e. relevance, reliability, materiality, and comparability. The unit is designed with the combination of prescribed textbook and additional readings.