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EGERTON UNIVERSITY DEPARTMENT OF ACCOUNTING AND FINANCE COURSE OUTLINE: BCOM 110/–PRINCIPLES OF ACCOUNTING I LECTURER: CPA Dr. KALUI F.M. SEPTEMBER, 2019 COURSE OBJECTIVES This is a foundation course aimed at providing students with exposure to the nature, purpose and methodology of accounting as well as uses of business. Accounting information by external decision makers. This exposure builds a firm base for all subsequent course in accounting and finance. COURSE CONTEXT 1. Introduction to Accounting Meaning of accounting The purpose and objective of accounting Accounting as information system Users of accounting Fields of accounting The Generally Accepted Accounting Principle(GAAP’s) 2. Recording business transactions Accounting cycle Transaction documents i. Sales journal ii. Purchases journal iii. General journal Ledges Sales ledger Purchases ledger General ledger Cash book 3. The double entry system and accounting equation Accounting equation Double entry system Posting entries into ledger Preparing the unadjusted trial balance 4. Basic financial statements Structure of financial statements Comprehensive income statement Statement of financial statement 5. Adjustments in the final accounts Carriage Returns Bad debts Accrual and prepayments Accrued income Depreciation Discount etc 6. Accounting Errors Eros not affecting trial balance Errors affecting Trial Balance 7. Accounting for cash Two column cash book Three column cash book Analytical cash book Petty cash and imprest system Bank reconciliation statement Courses textbook and recommended reading 1. Larson K.D, Wild I. J. and Chiappeta B Fundamentals of Accounting Principles 15 th Ed. 1999. McGraw-Hill Incorporation. 2. Glautier MW. E &B. Underdown: Accounting Theory & Practices 2001. 3. Frank Wood & Alan Sangster ‘Business Accounting one’ 8 th Ed.2002, Prentice Hall. 4. William J. R, Haka S.F, Bettner MS and Meigs R.F. ‘Financial Accounting The basis for business decisions’ 12 th Ed,2002. McGraw-Hill, incorporation. 5. Needles, Power and Crosson ‘Principles of Accounting’. 8 th Edition, 2002 Houghton Muffin Co. 6. Warren CS, Reeve J.M, Fess, FE ‘Corporate Financial Reporting’ 7 th Edition, 2002. South Western Publishing. 7. Libby R, Libby PA, &Short D.G ‘Financial Accounting’s Edition, 2003. McGraw-I-Hill Incorporation. 8. Eskew R.K, and Jensen , ‘Financial Accounting’ 5 th Edition,1996, McGraw- Hill iNc. 9. Weygagnt I. and Kieso D. E, ‘Financial Accounting’ 1995, John Wiley and sons. 10.Hermartson R.H, Edward J.D. and Maher M. ‘Accounting: A Busines perspective’ 1995 Irwin Inc. 11.Knapp Michael ‘Financial Accounting –A focus on decision making’ 1996, Western Publishing Co.
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