CM10250 Financial Accounting

Course Duration: 1 Semester
Credit Units: 3
Level: A1
Medium of Instruction:   English

Course Aims:
This course aims to provide students with an understanding of accounting process and fundamental concepts of financial accounting, and to apply the techniques and concepts for the preparation and comprehension of financial statements of a business entity. 

Course Intended Learning Outcomes (CILOs):
Upon successful completion of this course, students should be able to:

1. Describe the role, environment and objectives of accounting.
2. Elaborate the conceptual framework present in generally accepted accounting principles which underlie financial reporting.
3. Explain the accounting process, accounting system and double entry system.
4. Apply the accounting principles to keep full set of books and prepare financial statements of a sole proprietor, partnership and limited company.
5. Identify basic errors made in accounting records and correct them accordingly.
6. Apply the use of accounting ratios to analyze the financial performance and position of a small to medium-sized business entity.

Keyword Syllabus:
An introduction to the domain and objectives of accounting; Introduction to the conceptual framework of accounting; The Accounting Cycle; The management, control and accounting for assets, liabilities, revenues and expenses; Bank Reconciliation Statements; Single entry and incomplete records; Introduction to partnership accounts; Accounting for limited companies; Use of ratios and interpretation of accounting information.  

Teaching and Learning Activities (TLAs):
(Indicative of likely activities and tasks students will undertake to learn in this course. Final details will be provided to students in their first week of attendance in this course)

Types of TLAs (Hours per week):

1. Lecture, Set reading (2 hours)
2. Tutorial, Essay (1 hour)
3. Problem [1 - 2 hours (students' time)]

Semester: A