SIR ARTHUR LEWIS COMMUNITY COLLEGE

DIVISION OF TECHNICAL EDUCATION AND MANAGEMENT STUDIES

COURSE INFORMATION SUMMARY

COURSE TITLE

Financial Accounting I

COURSE CODE

ACC 101

COURSE DURATION

3 Hours per week

COURSE CREDITS

Three (3) Credits

PRE-REQUISITES

Entry requirements as per Programme

Course Description:

This course is designed to introduce participants to the basic principles and

techniques of setting up and maintaining an accounting system for profit making,
including multi-departmental organizations.

Course Objectives: On successful completion of this course, students will be able to:
1.

Prepare basic chart of accounts for various business.

2.

Apply the concept of debits and credits.

3.

Write up the various books of original entry for profit-making organisations.

4.

Post accounting entries to General Ledger and Subsidiary Ledgers.

5.

Extract a Trial Balance from General Ledger.

6.

Prepare simple financial statements for Sole Proprietorship businesses.

7.

Make adjusting entries directly to the accounts for accruals, deferrals, depreciation, bad debts and
disposal of assets.

8.

Use Worksheet to effect adjustments from trial balance.

9.

Prepare post-adjustment financial statements for Sole Proprietorship businesses.

10.

Prepare Bank / Creditor Reconciliation Statements.

11.

Prepare accounts for multi-departmental organisations.

12.

Outline the formation process for a Partnership business.

13.

Prepare basic accounts for Partnership businesses.

ACC101 - CIS
Course Requirements for Students:

Accounting stationery Journal, Ledger, Cash Book, etc.

Blue or Black pens compulsory item, for writing up of accounts
Pencil compulsory item
Red/black ink pen optional item, for rulings
12 ruler compulsory item
Wood, Frank and Sangster, Alan
BUSINESS ACCOUNTING I
VOL.1, latest edition
Pitman Publishing

Teaching Methodology:

This course will be delivered by way of

1.
2.
3.
4.

Course Assessment:

A.

Home assignments and periodic class tests will form a major part of the
assessment procedure. The Final Course Mark (FCM) will be determined as
follows:

Consolidated Continuous Assessment Mark (CCAM) component of 50% of FCM, made up as

follows:
1.
2.

B.

Lectures/Demonstrations
Practical exercises
A project
Illustrations using Projector

Home Assignments :
Mid-Semester Exam :
SUB-TOTAL

15%
35%
50%

Consolidated Examination Mark (CEM) Component:

3.

Final Examinations
TOTAL

50%
100%

A student must obtain at least 50% overall, [i.e. in both components, A and B combined], in order to obtain a
passing grade.

FCM

(CCAM

+ CEM)
2

ACC101 - CIS
Examinations:
The Mid-Semester Examination will consist of ONE paper:
--

Paper I:

Of 1 Hour Duration Objective Type questions.

NO CHOICE WILL BE GIVEN ON THE MID-SEMESTER EXAMINATION.

The Final Examination will consist of two papers; or one examination of two Parts:

Part A/Paper I:
(3/4 Hour)

Multiple Choice: 25 question items, to do all, weighted 25% CEM.

--

Part B/Paper II:

(2 Hours)

Extended Response: 1 compulsory question and a

choice of four questions from which to do two, for 75% CEM.
Alternatively

A choice of five questions from which to do any three for 75% of CEM.

Weighting:

CCAM: Coursework Assignments .................... 50%

CEM:

Final Examination ............................... 50%

FCM:

Total .................................................. 100%

ACC101 - CIS

MODULE
NO.
1.

MODULE CONTENT

INTRODUCTION TO ACCOUNTING:
-

2.

3.

Source Documents
The General Journal
The Cash Book (Cash Receipts & Payments Journals)
The Sales Book (Sales Journal)
The Purchases Book (Purchases Journal)
The Returns In & Out Books (Returns Journals)
The Petty Cash Book

POSTING TO THE LEDGERS (WITH CONTROL ACCOUNTS)

& TRIAL BALANCE:
-

Overview of the Accounting Process

Flow Chart of the Accounting Cycle
Introduction to simple Balance Sheets
Class of Accounts and various types of accounting
Introduction to the concept of debits and credits
Analysis of Transactions

BOOKS OF ORIGINAL ENTRY:

-

HOURS

Definition and structure of General & Subsidiary Ledgers

Posting Books of Original Entry to the General &
Subsidiary Ledgers
Explain the concept of Control Accounts
Balancing two-sided and three-column accounts
Calculation of relevant accounts balance through control
accounts
Schedules of Debtors and Creditors
Trial Balance:
Definition and purpose
Preparation
Errors not disclosed by the Trial Balance

ACC101 - CIS

MODULE
NO.
4.

MODULE CONTENT

FINANCIAL STATEMENTS:
-

5.

6.

Introduction to Accounting Concepts and Principles:

Prudence
Matching Principle
Consistency
Accruals and Deferrals
Provision for Bad Debts (Doubtful Debts)
Provision for Depreciation
Assets Disposal
Earned and unearned Revenue / Income
General Journal entries for Adjustments
Posting Adjusting Entries to the General Ledger
Using the Worksheet to account for adjustments

BANK/CREDITOR RECONCILIATION STATEMENTS:

-

Preparation of Trading, Profit & Loss Accounts (Income

Statements) in horizontal and vertical Style
Preparation of Balance Sheet in Horizontal and Vertical
Style
Preparation of final accounts from the Worksheet

ADJUSTING ENTRIES:
-

HOURS

Purpose and Methods of Reconciliation

Bank Statement/Creditors Statement
Relationship between Bank Statements and Cash Book
The Reconciliation Statement:
Bank Reconciliation
Creditors Reconciliation
Accounting for required adjustments:
Credit Transfers
Standing Order/Debit Transfers/Bank Charges
Errors in Debtors/Creditors Accounts
Errors in Cash Book
Dishonoured cheques

ACC101 - CIS

MODULE
NO.

MODULE CONTENT

HOURS

7.

DEPARTMENTAL ACCOUNTS:
Purpose of Departmental Accounts
Methods of Apportioning Expenses to Departments
Preparation of Trading & Profit & Loss Accounts for
Departments
Departmental Balance Sheets

8.

INTRODUCTION TO PARTNERSHIP ACCOUNTS:

Legal implications and definition of Partnership

Differences in Accounting for Partnerships and accounting
for Sole Proprietors
Recording Capital and setting up Current Accounts for
partners
Recording Loans given by Partners, to the firm
Profit appropriation:
According to Partnership Act
According to Partnership Deed
Income Statement for Partnership including the
Appropriation Account
Balance Sheets for Partnership

Reviewed: Estellita M J Louisy (Ms) & F Beerom-Henry (Mrs)

Date: September 9, 2012