This module introduces students to the main concepts and areas of financial accounting, including the accounting equation and the double entry system; it further covers financial statements and exposes students to accounting for partnerships and corporations and the preparation of cash flow statements.

Module Aim

This module aims to introduce students to the fundamentals of financial accounting so that they may better appreciate and engage in the financial accounting and oversight of organisations. 

Module Learning Outcomes

Upon completion of this module, the student should be able to:
1.    Discuss the role and nature of financial accounting information including the priorities and concerns of external and internal users of accounting information. 
2.    Discuss the distinction between the roles of financial and management accountants in various businesses.
3.    Apply fundamental accounting knowledge such as the double entry concept, journalizing, posting, etc. 
4.    Distinguish between types of companies such as sole proprietorships, partnerships and corporations and illustrate the accounting for each of them.
5.    Discuss the role and nature of corporate governance, statutory and audit.
6.    Prepare a statement of cash flows using the indirect and direct methods.