This is a continuation of the course accounting principle 1 (10861111). While accounting principle one is too general, this course starts to discuss specific issues.
The main objective of this course is to illustrate the accounting treatment for certain items, such as: inventories, cash, receivables, plant assets, natural resources, intangible assets and current liabilities.
This objective of this course is to improve the student’s knowledge and understanding regarding the accounting treatment of some items and gain intellectual and practical skills related.
:Knowledge and Understanding, the students should be able to
Determine the cost of inventory and COGS using LIFO, FIFO and Weighted average in a perpetual and periodic inventory system.
Account for cash shortage and overage.
prepare a bank reconciliation.
Account for receivables.
Account for plant assets, natural resources and intangible
Introduce current liabilities.
:Intellectual skills, the students should be able to
Analyze the effect of each accounting transaction related to the previous topics.
Apply the basic principles and concepts learned in Accounting 1.
: Practical skills, with ability to
Teamwork skills, when conducting group classwork students’ teamwork skills would be improved.
Weygandt, J., Kimmel, P. & Kieso, D. (2018) financial accounting IFRS edition.4th edn. Hoboken: John Wiley & Sons, Inc.
Activity | Percent (%) |
---|---|
exams | 90% |
participations | 10% |
projects and assignments | 60% |