This course introduces the student to the basic
principles of accounting theory and practice. It will describe the different
ways a business might be organized and takes an introductory look, at how
accountants analyze, organize and report the effects of business transactions throughout
the accounting process. Primary areas of study will include: Understanding
accounting and the business environment; the task of recording transactions,
processing the recorded data and the preparation of financial reports for use
by managers, owners, creditors and government agencies(the Accounting Cycle); Other
areas to be covered are: accounting for trading/merchandising businesses;
Inventory/stock; and Internal control & cash. The Generally Accepted Accounting Principles
(GAAP) and International Financial Reporting Standards (IFRS/IAS) are
incorporated for a contemporary study approach