GA501

Entry requirements and weighting

Brief description

The role of accounting is to provide the economic and financial information of an entity to external users in order to enable them to take relevant decisions based on the entity’s financial performance and position. The information is provided to the external parties by means of general purpose financial reports – income statement, balance sheet, statement changes of equity and cash flow statement and hence the reports are to be complied with the accounting regulatory arrangements prevailing in a country.

This unit aims to provide students with an understanding of financial accounting information and to develop their expertise in the accumulation and assignment of financial accounting information. There is an emphasis on extending the awareness of the internal and external factors influencing business operations and decisions, and the role played by the financial accountant.

This unit will cover the following topics:

1. Introduction to  financial and management accounting
2. Accounting for different entities
3. Elements of financial statements, the accounting equation
4. double entry bookkeeping; documents, journals, ledger accounts
5. ten column trial balance including balance day adjustments
6. Preparation of financial statements
7. Special topics including bank reconciliation statements, maintaining and reconciling special ledgers, accounting for inventories

Learning outcomes

Students will gain the following capabilities, competencies, and professional skills upon completion of this unit

1. To understand and explore the foundations of the practice of accounting
2. To understand how  accounting impacts on the functioning of organizations
3. Recognize, measure, record and report accounting events
4. Prepare  accounting reports
5. Present accounting information orally and in writing