General
Section outline
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COURSE OBJECTIVE To enable students develop an understanding of the fundamental principles of accounting relating to double entry and preparation of basic financial statements. LEARNING OUTCOMES On completing this course, the learner should be able to: · Define the role of accounting, types of; accounting and business entities · Define users of accounting information and their needs. · Explain the elements of financial statement. · Define, understand and apply the accounting concepts; their meaning, relevance and limitations. · Explain the qualitative characteristics of financial statements. · Record transactions in the books of prime entry and ledgers using double entry bookkeeping. · Prepare a cashbook and bank reconciliations. · Construct a trial balance. · Prepare basic financial statements for sole traders, service entity, manufacturing firms and non-profit making organizations