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JIMMA UNIVERSITYFACULTY OF BUSINESS & ECONOMICSSCHOOL OF CONTINUING AND DISTANCESTUDIESDISTANCE EDUCATION MODULEFORPRINCIPLES OF ACCOUNTING PART I(ACCT 201)Prepared By:Tezera Selamu ( MCom, BA)Arega Seyoum (MBA, BA)November, 2008Jimma, Ethiopia0
MODULE OUTLINEUNIT ONE:Basic Structure of Accounting [By Tezera Selamu]UNIT TWO:The Accounting Cycle [By Tezera Selamu]UNIT THREE:Completion of the Accounting Cycle[By Tezera Selamu]UNIT FOUR:Accounting for a Merchandising Business[Arega Seyoum and Tezera Selamu]UNIT FIVE:Accounting Systems Desgn [BY Arega Seyoum]UNIT SIX:Cash and Cash Equivalents [By Arega Seyoum]UNIT SEVEN:Receivables [By Arega Seyoum]
UNIT ONE: BASIC STRUCTURE OF ACCOUNTINGList of Contents:Unit ObjectiveIntroduction1.1Accounting As an Information System1.2Profession of Accountancy1.3Specialized Accounting Fields1.4Accounting Principles and Practice1.5Business Transactions and the Accounting Equation1.6Financial Statements1.7Model Examination QuestionsList of Reference MaterialsUnit ObjectiveThe unit aims at discussing some of the fundamental concepts of accounting. Detaildiscussions and explanations will be made on such issues like: accounting as informationsystem, profession of accountancy, accounting principles and practices, business transactionand the accounting equation, etc. Thus, after the completion of this unit you will be able to:Explainaccounting as an information systemDescribe the profession of accounting and its specialized fieldsDiscuss the development of accounting principles and their relation to practiceDescribe business transactionIdentify the accounting equation and its basic elementsAnalyze the effect of business transactions on the basic accounting equation.1
Illustrate the effect of business transactionsDescribe the financial statements of a sole proprietorship and a corporation.Introduction

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