This course forms the first half of a two-semester course in international financial accounting and reporting that is required for all business students. This course concentrates on basic bookkeeping including receipts and payments of cash, recording income and expenditure, the preparation of ledger accounts, the preparation of an initial trial balance, the adjusting process, the closing process, and the preparation of financial statements with adjustments. It provides the basic techniques required to enable students to prepare financial statements for various enterprises at a later stage. This accounting course exposes business students to follow International Accounting Standards (IASs) and International Financial Reporting Standards (IFRSs) in the preparation of final accounts of a sole trader, partnership, and corporation.
- Teacher: Nadia Smith