The rationale behind every module is to offer the student all possible knowledge in each module of the course, in order to be able to deepen their understanding and render them capable of practically applying it. Immediate Financial Accounting will guide students towards a more intensive coverage of the accounting cycle, since it will demonstrate the classified financial statements, recognition methods for expenses and revenues, as well as in depth analysis of current assets, fixed assets and current liabilities.

After completion of the course students are expected to 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 are the users of accounting information and why they need financial reports.
2. Perform 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. Prepare 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 a 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.
7. Calculate the inventory cost and the cost of sales under the perpetual and periodic inventory systems by using basic inventory valuation methods.
8. Calculate the inventory cost and the cost of sales under the perpetual and periodic inventory systems by using alternative inventory valuation methods. Understand the effect of errors on inventory values.
9. Distinguish between short-term and long-term liabilities and account for the incurrence and payment of such liabilities; prepare entries to account for contingent
liabilities.
10. Calculate the cost of plant assets at acquisition and prepare entries for the purchase, depreciation and disposal or trade-in of plant assets.