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Fundamentals of Accounting I-Course outline

The course outline for 'Fundamentals of Accounting I' at Rift Valley University covers essential accounting principles, the accounting cycle, and financial statement preparation for various business types. It includes topics such as accounting systems, cash management, and receivables, with assessments comprising tests, assignments, quizzes, and a final exam. The course aims to equip students with a foundational understanding of accounting's role in business and practical skills in financial reporting.

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adem mohammed
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128 views3 pages

Fundamentals of Accounting I-Course outline

The course outline for 'Fundamentals of Accounting I' at Rift Valley University covers essential accounting principles, the accounting cycle, and financial statement preparation for various business types. It includes topics such as accounting systems, cash management, and receivables, with assessments comprising tests, assignments, quizzes, and a final exam. The course aims to equip students with a foundational understanding of accounting's role in business and practical skills in financial reporting.

Uploaded by

adem mohammed
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Rift Valley University

Department of Accounting and Finance


Course Outline for 2nd Year, 1st Semester Regular Students
Course Title: Fundamentals of Accounting I
Course Code: AcFn2011
Course Type: Major
Course Credit Hours: 4hrs/week
Course Instructor: Mr. Adem Mohammed (MBA & BED in ACFN)
Course Objective:
Upon the successful completion of this course, the students will be expected to:
 Understand the role of Accounting in business and develop an awareness of the
accounting profession
 Understand the purpose of the financial accounting function and standard financial
accounting practices
 Summarize and apply basic financial accounting terms, concepts, and principles.
 Define and apply accounting terminology, concepts, and principles in analyzing,
recording, and reporting basic business transactions
 Take a series of transactions through the accounting cycle
 Analyze, record, and report transactions for service, merchandising, and manufacturing
businesses.
 Prepare financial statements
Course Contents:
Chapter One: Introduction to Accounting and Business
1.1. The nature of a business
1.2. Types of business organizations in Ethiopia
1.3. The role of accounting in business
1.4. The profession of Accounting
1.5. Overview of International Financial Reporting Standards (IFRS)
1.6. Overview of financial reporting requirements in Ethiopia and AABE
1.7. The accounting equation and elements of the equation
1.8. Business transactions and financial statements
Chapter Two: Accounting cycle for service-giving business
2.1. Characteristics of an account
2.2. Classification of accounts
2.3. Chart of accounts
2.4. Rules of debit and credit
2.5. Normal balances of accounts
2.6. Analyzing and recording transactions
2.7. Preparing a trial balance
2.8. The usefulness and limitations of a trial balance
2.9. The adjusting process-accrual vs. cash basis of accounting
2.10. Preparing a worksheet
2.11. Preparing financial statements from a worksheet
2.12. Adjusting and closing entries
2.13. Post-closing trial balance
Chapter Three: Accounting cycle for merchandising business
3.1. Characteristics of merchandising business
3.2. Accounting for purchases of merchandises
3.3. Accounting for sales of merchandises
3.4. Merchandise transactions using perpetual and periodic inventory systems
3.5. Chart of accounts for a merchandising business
3.6. Financial statements for a merchandising business
3.7. Adjusting and closing entries for a merchandising business

Chapter Four: Accounting Systems


4.1. Manual and computerized Accounting systems and Enterprise Resource Planning
4.2. Subsidiary ledgers and controlling accounts
4.3. Special journals and vouchers
Chapter Five: Cash and Receivable
5.1. Internal control over cash
5.2.Bank reconciliation
5.3.Petty cash and change funds
5.4.Classifications of receivables
5.5.Internal control of receivables
5.6.Accounting for uncollectible accounts
5.7.Accounting for notes receivable
5.8.Presentation of cash and receivables on the statement of financial position
Methods of Assessment:
Compenent Weight Coverage Remark
Test 1 15% Chapter 1 & 2
Test 2 15% Chapter 3
Assignment 1 5% Chapter 1 & 2
Assignment 2 5% Chapter 4 & 5
Quiz 1 5%
Quiz 2 5%
Final Exam 50% All Chapters

Text and reference books:


 Kieso, D. E., Weygandt, J. J., & Warfield, T. W. (2016). Financial Accounting, IFRS
Edition, New York: John Willey & Sons.
 Commercial Code of Ethiopia

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