AF1101 Introductory Financial Accounting Assignment-City University, London

 If you intend to specialize in finance or accounting, this session offers an introduction to financial accounting. This module aims to familiarize you with the fundamental ideas of financial accounting, as well as how these ideas are applied in the process of creating financial statements and documenting transactions, as well as how to interpret and apply financial accounting data to support a company's efficient operations.

AF1101 Introductory Financial Accounting Assignment-City University, London

The nature, goals, and contexts/environments in which accounting is practiced are all covered in the first section of the curriculum. After that, the module goes over the fundamentals of accounting, including the accounting equation, ideas, norms, and rules, as well as the recording and summarizing system that forms the basis of financial accounting. Furthermore, the ideas of recognition and measurement are imparted. The creation of financial statements from the trial balance for a variety of entities, including limited companies, partnerships, sole proprietorships, and non-profit organizations, is the final topic covered in this module. The International Financial Reporting Standards serve as a guide for this module. 

After successfully completing the module, you will be able to: 

1. Describe the nature, uses, and purposes of financial accounting; 

2. Explain the accounting equation and how it relates to financial statements; 

3. Describe the fundamental ideas and practices of financial accounting; 

4. Describe and apply the process of recording transactions from source documents to financial statements using the books of prime entry, ledgers, and trial balance; 

5. Explain the nature and purposes of control accounts and apply suitable corrective measures for errors and omissions;

6. Explain how computers are used to produce accounts and the problems that arise from their use; 

7. Explain and put into practice the principles of recognition and measurement for non-current assets (such as depreciation and VAT), inventories (and cost of sales), and other current assets and liabilities (such as receivables and bad debts, prepayments and accruals, etc.), non-current liabilities, and equity in accordance with IFRSs;

8. Describe how a sole proprietor and a company differ from one another and generate financial statements that comply with IFRSs for each kind of entity. Prepare financial information for a partnership, including the addition of a partner and the dissolution of the partnership; 

9. Describe the features of a partnership; 

10. Prepare financial statements for non-profit organizations.

 

https://assignmenthelps.co.uk/af1101-introductory-financial-accounting.php