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Course List

Principles of Financial Accounting

  • Course Code :
    ACC 201
  • Level :
    Undergraduate
  • Course Hours :
    3.00 Hours
  • Department :
    Department of Economics

Instructor information :

Area of Study :

This course introduces basic principles accounting methods. It provides a clear reporting methodology for different financial reporting mechanism and helps in understanding the difference between income statement, cash flow statement and balance sheets. It covers different topics such as accrual basis vs. cash basis, current assets, liabilities and receivables. Course Goals: • Describe basic accounting principles and its methods. • Examine the main function of accounting and bookkeeping. • Apply accounting concepts, principles and procedures to record, sort and classify accounting information and prepare financial statements. • Acquire useful tools to interpret the effectiveness of business decisions and actions.

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Principles of Financial Accounting

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Principles of Financial Accounting

Course outcomes:

a. Knowledge and Understanding:

1- Understand the rules and fundamentals of financial accounting.
2- Study the accounting cycle and its effect on financial transactions.
3- Comprehend the role of accounting at micro and macro levels and recording mechanism.
4- Illustrate the accounting equation, the Balance Sheet and the Double Entry System.

b. Intellectual Skills:

1- Analyze financial statements and its preparation.
2- Appraise evidence to assess information, recommendations and decisions based on accounting principles and practices.

c. Professional and Practical Skills:

1- Prepare income statement and balance sheet.
2- Apply main principles and practices related to the recording and presentation of financial activities of various entities
3- Examine Corporations Accounting.
4- Select and apply accounting concepts and principles to various situations.

d. General and Transferable Skills:

1- Gain confidence and knowing how to work towards solutions
2- Attain different methodological knowledge and technical know-how.
3- Acquire scientific knowledge and the capacity to formalize problems and generalize solutions.

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Principles of Financial Accounting

Course topics and contents:

Topic No. of hours Lecture Tutorial/Practical
Introductory lecture and course outline - Principles of Accounting: Accounting: Financial Statements and Underlying Principles 6 2
Recording Transactions 6 2
Adjustment of Recorded Data 3 1
Preparation of Financial Statements 3 1
First Midterm 1
Preparation of Spreadsheets 6 2
Accounting for partnerships 3 2
Ethics in Accounting 3 2
Second Midterm 1
Classified Statements and Analysis - Accounts Receivable and Notes Receivable - Acquisition, Sale, Trade, Depreciation, Depletion, and Amortization of Plant, Equipment, and Intangible Assets. 6 2
Final Exam 1

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Principles of Financial Accounting

Teaching And Learning Methodologies:

Teaching and learning methods
Data show and computer in lectures.
Group discussion.
Moodle.

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Principles of Financial Accounting

Course Assessment :

Methods of assessment Relative weight % Week No. Assess What
Course Work (Attendance, Participation, Assignments, Quizzes, Research Paper…) 30.00 To assess theoretical background of the intellectual and practical skills and to assess understanding.
Final Exam 40.00 15 To assess knowledge and intellectual skills.
Midterm Exams 30.00 To assess professional skills.

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Principles of Financial Accounting

Books:

Book Author Publisher
Financial and Managerial Accounting Jan R. Williams McGraw Hill
Fundamental Accounting Principles John J. Wild McGraw Hill

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