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Principles of Accounting IiLIFE MAP – INSTITUTE OF HIGHER LEARNINGPRINCIPLES OF ACCOUNTING IACFN 211PART ONEINTRODUCTION TO ACCOUNTINGDecember 2018
Principles of Accounting IiiTable of ContentsPageCourse Introduction.................................................................................................iPart Introduction.......................................................................................................iiUNIT ONE:ACCOUNTING:DEFINITION, EVOLUTION,IMPORTANCE AND CAREER OPPORTUNITIES..................1Study session 1:Definition and Evolution of Accounting............................1Study session 2:Accounting:Purpose, users and its Difference fromBookkeeping and Finance...........................................................3Study session 3:Career Opportunities in Accounting.................................5Summary...................................................................................................................8Revision question 1....................................................................................................9UNIT TWO: ACCOUNTING AS AN INFORMATION SYSTEM:BASIC UNDERLYING PRINCIPLES AND PRACTICES........10Study session 1:Data, Data Processing, and Accounting Information........10Study session 2:Accounting System Design...............................................12Study session 3:Generally Accepted Accounting Principles......................16Summary...................................................................................................................20Revision question 2....................................................................................................21UNIT THREE:FORMS OF ORGANIZATIONS AND THEIRFINANCIAL STATEMENTS....................................................23Study session 1:Forms of Business Organizations.....................................23Study session 2:Financial Statements of Business Organizations..............28Summary...................................................................................................................36Revision question 3....................................................................................................36Answer Key to Activities and Revision questions.....................................................38
Principles of Accounting IiiiCourse ReviewDear learner! This is a three credit hours course. It is a prerequisite for all advanced accountingcourses. The course is divided into two Parts. The first Part deals with accounting principles and cycles.The second Part deals with the treatments of merchandising business organizations and accountingsystem designs.You need a total of 144 study hours to finish your study on this course. To make discussions simple, theabove indicated Parts have been divided into units and each unit has, in turn, been divided into Studysessions and sub Study sessions. You will also find Activity questions at the end of each Study sessionand Revision questions at the end of each unit. There are also checklists and summaries at the end of eachunit. I hope all these will help you a lot to understand the contents given in this course.Course Objectives:At the end of your study on this course, you should be able to:understand thenature and evolution of accounting;analyze, record and post business transactions;apply the main accounting principles, approaches and concepts;account for transactions of service organizations;prepare period -end statements which show the status and position of sole proprietorships andcorporate forms of organizations;explain the accrual and deferral concepts and adjustments;pass adjusting and closing entries needed at the end of the period;describe accounting for a merchandise business;describe the internal control systems and procedures to safeguard cash and otherassets; andaccount for receivables and short term investments.Part IntroductionDear learner, welcome to the first Part of the course “Principles of Accounting I”. This Part givesyou the relevant introductory concepts about accounting. It is divided into three relevant units, which inturn are divided into different Study sessions and sub Study sessions. Unit one deals with the definition,evolution, importance and careers of accounting. Unit two discuss accounting as an information system;basic underlying principles and practices. In unit three, the typical forms of business organizations andtheir financial statements are discussed.

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