CM21: Foundations of Accounting

CM21: Foundations of Accounting provides learners with fundamental knowledge and practical skills in accounting principles, bookkeeping, financial record-keeping, and the preparation of basic financial statements. The course introduces the accounting cycle and develops the ability to record, classify, summarize, and interpret financial transactions while emphasizing accuracy, accountability, and ethical financial practices.

Key Topics Covered

• Introduction to Accounting
• Purpose and Functions of Accounting
• Accounting Concepts and Principles
• Accounting Equation
• Double-Entry Bookkeeping
• Books of Original Entry
• Journals and Ledger Accounts
• Trial Balance
• Cash and Bank Transactions
• Bank Reconciliation Statements
• Receivables and Payables
• Inventory Accounting
• Non-Current Assets and Depreciation
• Accruals and Prepayments
• Correction of Accounting Errors
• Control Accounts
• Preparation of Basic Financial Statements
• Introduction to Financial Statement Analysis
• Professional Ethics in Accounting