BITM Financial Accounting

Introduction to financial accounting: concept, objectives, and accounting principles. The accounting process: double entry book-keeping, accounting equation, accounting cycle, rules of debit and credit, journalizing the transactions, posting and closing the ledgers, subdivision of journals, cash and banking transactions, bank reconciliation, preparation of trial balance and adjustment entries. Accounting for receivables: concept, types of account receivables, and financial statement presentation of receivables, managing receivables. Accounting for long-lived assets: types, determining the cost of plant, accounting for plant, analyzing plant assets. Intangible assets: accounting for intangible assets, types, financial statement presentation of long-lived assets. Reserve and provisions: concept, types, capital profit and revenue profit. Financial statement and closing entries: preparation of income and retained earnings statements, closing entries, preparation of balance sheet with adjustments and cash flow statement.