Intermediate Financial AccountingModule Details

Module Description

This module focus throughout is firmly on applying the key accounting principles to the real world of market. This practical approach ensures that this module is ideal for accounting students enabling them to progress into a more advanced level in accounting.
 

Module Aim
This module aims at equipping students with knowledge of accounting cycle, classified financial statements, recognition methods for expenses and revenues and make students perform in-depth analysis of current assets, fixed assets and current liabilities.
 

Module Learning Outcomes
After completing the module students should be able to:
1. Discuss the importance of the conceptual framework for financial reporting and explain the assumptions, implementations principles and constraints underlying the generally
accepted accounting principles. Explain who the users of accounting information are and why they need financial reports.
2. Apply the accounting cycle steps leading to the preparation of the financial statements.
3. Prepare a single step and a multi-step income statement including extraordinary items, discontinued operations and changes in accounting estimates or principles.Prepare a statement of retained earnings, including prior period adjustments and calculation of earnings per share.
4. Prepare a classified balance sheet including the reporting of subsequent events and notes to the accounts to communicate accurate information about a company's financial position. Distinguish between the two formats of the statement of cash flows and learn how to prepare it.
5. Insert entries for the recognition of revenues and expenses. Prepare entries to account for long- term construction contracts, and deferred revenues under the installment and the cost recovery methods.
6. Prepare bank reconciliation and know how to account for the petty cash fund. Be able to account for trade and notes receivable and understand how these accounts can be used to raise cash.