Fundamentals of Accounting
Introduction to the fundamentals of accounting covering theories and concepts, structural foundations of the accounting process; accounting equation, rules of debit and credit, double entry system; best value, integrates eight foundation courses. The course prepares the student for the next full course on practical accounting and bookkeeping.
This is course covers fundamental concepts and theories on the fundamentals of accounting to prepare students for further studies and practical application. It introduces concepts and principles underlying current accounting thought and practice. The course starts with a discussion of several definitions, while emphasizing the concept of service, discussing its implication on quality and standards. The history of accounting and the developments that influenced the profession’s growth aims to develop appreciation for accounting’s role in society as a product of its environment.
A major section deals with the conceptual framework for financial reporting that provides guideline on important aspects to be considered in financial statements preparation. The discussion on the elements of financial statements provides critical background knowledge necessary for understanding the accounting equation, the rules of debit and credit, and double entry accounting.
The course is capped by the module on business activities and transactions to give perspective on the working environment of accounting. This helps in the transition to the next full course on practical accounting and bookkeeping.
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