Course in Fundamentals of Accounting

Work in progress, expect frequent changes. Help and feedback is welcome. See discussion page.

The WikiEducators working at this resource, consider it to be
around 70% complete

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Welcome

It is indeed a pleasure to welcome you to this class. The material on this site is intended to supplement that which is given to students attempting a course in Fundamentals of Accounting. It is in no way intended to replace the regular class sessions but aimed at enhancing the learning experience of students. This course is an introductory course and will serve as an excellent base as you start your Associate Degree.

It is with pleasure that your facilitators compiled this material in the hope that it will assist you in earning that "A" grade. Your feedback is greatly appreciated as we work in partnership together.

Guidelines for Students

• Each session is intended to last approximately 35 minutes.
• At the end of the session, you are required to complete the assigned activities.
• All students will need an email account for submitting assignments

Course Outline

• Fundamentals of Accounting

The Accounting Framework

Session 1 - The Importance of Accounting

Each session lasts for 35 minutes. At the end of the session, you are required to complete the assigned activities. Good luck as you navigate this wonderful world of learning. Please feel free at any time throughout the course to stop and check in with your facilitator if you so desire. Remember, I am only a click away!

Objectives

At the end of this session, you will be able to: explain what accounting is about state the purpose of accounting to individuals and organisations state the balance sheet equation

Now get started. SESSION 1

End of Session Quiz

Activity

With reference to a named organisation, state the accounting principles in practice and comment on their effectiveness. Post your comments on the discussion board. Each student must have at least three points and must also comment on at least three postings.

Session 2 - The Balance Sheet Equation

Welcome to another exciting session. I hope that you were able to complete session 1 and has achieved all the objectives. This session also lasts for 35 minutes. Please navigate through the material and then try the exercises at the end. All the best now. Please remember to feel free to contact me for assistance.

Objectives

At the end of this session, you will be able to: understand the balance sheet equation use a simple balance sheet to illustrate the accounting equation distinguish between assets, liabilities and capital distinguish between revenue and expenditure perform simple calculations

Now get started. SESSION 2 Accounting Equation Crossword Puzzle

Accounting Concepts

Session 1 - Introduction

Each session lasts for 35 minutes. At the end of the session, you are required to complete the assigned activities. Good luck as you navigate this wonderful world of learning. Please feel free at any time throughout the course to stop and check in with your facilitator if you so desire. Remember, I am only a click away!

Objectives

At the end of this session, you will be able to: state the purpose for studying accounting concepts and conventions discuss what are international accounting standards list the basic accounting concepts

Click away Intro to Accounting Concepts

End of Session Quiz

Session 2 - Accounting Concepts

Welcome to another exciting class session. I hope that you enjoyed the last session and learnt a lot about the International Accounting Standards [IAS] and its role in preparing accounting information. Good luck as you navigate this session.

Objectives

At the end of this session, you will be able to: define accounting concepts apply concepts to various accounting situations

Lecture Notes for Session II

Session 3 - Accounting Concepts continued

Welcome to the final class session on Accounting concepts. Let me hope that you have learnt a lot and ready to apply your knowledge. This last session will look at the remaining concepts. All the best.

When you have completed going through this session, please review the entire topic, then complete the activity.

Objectives

At the end of this session, you will be able to: define other accounting concepts apply concepts to various accounting situations

Lecture Notes for Session III

Cash Book and Bank Reconciliation Statement

Session 1 - Introduction

I am delighted that the training has been going very well. This is the last unit to be covered in this course. I hope that you have learn t a lot and is ready for your final assessment. By this time, you are aware that the session will last for 35 minutes and that you are required to complete the end of session activity. Once again, all the best as you navigate the pages.

Objectives

At the end of this session, you will be able to: define a bank statement define a cash book state the components of a bank statement explain why bank reconciliation statements are prepared identify factors that account for differences in the balances in the cash book and the bank statement

Now get started. Lecture Notes 1

Bank Reconciliation Quiz 1

Session 2 - Preparing the Bank Reconciliation Statements

Welcome to another exciting session on bank reconciliation. In this session, we will look at how to prepare the bank reconciliation statement and the corrected cash book.

Objectives

At the end of this session, you will be able to: prepare an updated cash book prepare a bank reconciliation statement

Now get started. Lecture Notes 2

Resources and Useful links

Preparing a Balance Sheet

IAS Plus - Summaries of International Accounting Standards

Accounting Internet Library

Free Business Textbooks

Course Evaluation

It is very important that we get feedback from you on this course. Kindly click on the following link and answer the questions.

Thank you, and all the best!

Online Course Evaluation