EDM1104 Principles of Accounting

This course should make learners to be able to appreciate and evaluate finances involved in business, determination of different levels of production and prices that minimize cost or maximize the revenue and profits of production process.

Objectives of the course

• This course is aimed at exposing students to the nature, purposes and methodologies of accounting as well as the use of business accounting information by internal and external decision makers. 
• By the end of the course students would have been equipped with relevant skills and knowledge required for subsequent courses in accounting and finance.

Learning Outcomes
By the end of this course students are expected to:

• describe the purpose and relevance of the main areas of accounting namely financial accounting, financial management (sometimes known as business finance) and management accounting
• apply relevant accounting concepts to simple business scenarios 
• describe the effect of business transactions on the key elements and components of the three main accounting reports
• prepare simple Income Statements, Balance Sheets and Cash Flow Statements from summarized information
• analyze and interpret the information contained in Income Statements, Balance Sheets and Cash Flow Statements, having particular regard for business profitability, working capital management and financing
• apply basic management accounting techniques in order to provide solutions for simple business decisions
• begin developing an awareness of, and commitment to, the ethical behaviour expected of professional accountants
• apply generic skills relevant to business and the accounting profession so as to make a contribution to lifelong learning