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This unit covers the following topics:
1. Review of accounting principles and the accounting equation
2. Recording business transactions using the double entry system
3. Adjusting entries
4. Closing entries
5. Preparation of financial statements
6. Accounting for inventory
7. Internal control & cash
8. Property, plant & equipment
9. Intangibles
10. Accounting for partnerships
11. Receivables – accounting for bills receivable & bad debts
12. Liabilities – warranties & contingent liabilities
LEARNING OUTCOMES:
At the completion of this unit students will be able to:
LO1 Interpret and explain accounting concepts and principles
LO2 Discuss the importance of accounting standards
LO3 Identify, evaluate and design solutions to ethical issues in accounting
LO4 Record financial accounting transactions using the accrual method of accounting
LO5 Prepare general purpose financial statements
