Basic Information
Title: Principles of Accounting I Code: ACT 106
Credit Hours: 3 Lectures: 3 hours / week
Tutorial: 1.5 hours / week Practical: NA Total: 4.5 hours / week
Prerequisite: None
Professional Information
1- Overall aims of course
Upon successful completion of this course, students should be able to:
a. Explain what accounting is and identify users and uses of
accounting.
b. Understand the basic accounting principles and assumptions.
c. Understand what the financial statements are and how they are
prepared.
d. Identify the basic steps in the recording process.
e. Explain the accrual basis of accounting and the need for the end of
period adjustments.
f. Explain the steps of the accounting cycle and the process of closing
the books.
g. Identify the differences between a service enterprise and a
merchandiser.
h. Explain the basis of accounting for inventories, and describe the
inventory cost flow methods.
i. Distinguish between the methods and bases used to value accounts
receivable.
j. Explain the different methods of depreciation of plant assets.
2- Intended learning outcomes of course (ILOs)
By the end of this course, students should be able to:
a- Knowledge and understanding:
a1- explain what accounting is.
a2- state the basic accounting equation and explain the meaning of
assets, liabilities, and owner’s equity.
a3- explain the meaning of generally accepted accounting principles.
a4 define debits and credits and explain how they are used to record
business transactions.
a5- identify the basic steps in the recording process.
a6- explain what a journal is and what a ledger is and how they help
in the recording process.
a7- explain the accrual basis...