Course

Course code
Status
Level
Credit Hours
Pre-requisites
Methodology
Evaluation
Lecturer(s)

Financial Accounting I
ACC 1013

Lectures and discussions

Noor Suhaila Shaharuddin
Msc in Accounting, IIUM
Bachelor of Accounting (Hons.), UiTM
Diploma in Accounting UiTM
Nazifah Mustaffha
Msc.in Accounting, IIUM
Bachelor of Accounting (Hons.) IIUM

Objectives

Learning
Outcome

Course
Synopsis

Students will be expected to:

i.
Prepare accounts in a cleared, methodical manner and to
understand the accounts of business organizations.
ii.
Prepare accounting records using double-entry book keeping
iii.
Prepare and interpret objectively final accounts and balance
sheet.
At the end of the course, student should be able to:
i.
Identify the double entry rules for assets, capital, liabilities,
revenues and expenses.
ii.
Identify the double entry rules for stock
iii.
prepare the Trial Balance for the purpose of determining the
arithmetical accuracy of the double entry rules.
iv.
Prepare the Income Statement and Balance Sheet.
v.
Prepare the Bank Reconciliation Statement.
vi.
Establish and maintain an imprest system for Petty Cash.
The course is to provide sound knowledge of accounting procedures
and to guide the students in understanding accounting principles in a
business. It covers the application of various accounting principles in
current accounting practices and structure.

Course
structures

Topic

Lecture

Tutorial

1. Basic Concepts of Accounting.

Introduction
Types of Business Organization
Users of Accounting Information
Accounting Process

2. Introduction to Double Entry.

Definition and equation of accounting
Introduction to Financial Statements
The Double Entry System for Assets,
Liabilities and Capital.
The Double Entry System for Expenses and
Revenues
The Double Entry System for Stock
Balancing the accounts
Preparation of Trial Balance

3. The Journals and the Ledgers.

Introduction
Books of prime entry
3.2.1. Sales Journals
3.2.2. Returns Inwards Journal
3.2.3. Purchases Journal
3.2.4. Returns Outwards Journal
3.2.5. General Journals
3.2.6 The Cash Book
Ledgers and its subdivision

4. Final Accounts
Introduction
Income Statement
Balance Sheet
Format of final accounts.
Adjustments for accruals and prepayments.

5. Bank Reconciliation Statement

Introduction
Bank Statement and cash book (bank column)
Differences between bank statement and bank
account balance.
Process of preparing bank reconciliation
statement.

References

6. Petty Cash Book and the Imprest

System
6.1. Introduction
6.2. The Need for a Petty Cash Book
6.3. The Imprest System
6.4. Recording in the Petty Cash Book

Contact Hours

24

12

Main
Additional

1. Williams, J.R, Haka, S.F. Bettner, M.S. and Meigs,

R.F., (2003), Financial Accounting, McGrawHill
2. Matchett, A. (2002). Accounting: A Brief
Introduction, Thomson Learning.
3. James A.H. and Robert, W. P. (2002). College
Accounting, 17th Edition. South Western.