FINANCIAL ACCOUNTING

Students are introduced to the basic concepts and techniques of accounting including the accounting cycle and financial statement preparation. This includes an analysis of business transactions, their recorded changes in the five basic accounts (assets, liabilities, equities, revenues, and expenses) in the relevant journals and ledgers, and the preparation of the balance sheet, income statement and cash flow statement.

To enable the students acquire basic knowledge and understanding of the financial reporting standards that are important in recognition, measurement, presentation and disclosure in general purpose financial statements. Furthermore, the course intends to develop the skills of the students in financial report preparation and presentation.

Attendance: Your attendance is expected at all classes. Attendance will be checked, in compliance with the KMU policy. Homework and practical exercises. Homework must be submitted before the start of the class. . Examinations. There will be two formal examinations, the mid-term and final examinations. These two exams represent 40% of the total grade. The coverage will be until the last topic discussed before the formal exams. Reporting and Term Paper. Depending on the number of students enrolled in the class, teams will be formed. Each team will be given a topic to report which will be presented in the class. Also, a case will be assigned for the team to analyze and submit as term paper before the end of the semester. The topic will be related to basic accounting. Notation. The syllabus is a plan of action for this semester and is subject to change. The instructor reserves the right to make modifications with reasonable notification to the students. (see printed syllabus given on the first day of the class)

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All business students should have basic knowledge in accounting. Responsibility and accountability are the concern of everyone either in business, in a group or even in personal life. In daily lives, whenever people do some budgeting, or check on financial status to make decisions to buy things or properties, or to calculate expenses in the family, the use of accounting is prevalent. In business world, accounting is the most basic framework in providing a link between the business and the environment outside the firm. Regardless of occupation or profession, knowledge of accounting is of importance for the students in preparation for the real world