Principles of Accounting I and II courses provide a complete introduction to the subject with a comprehensive grounding to the main techniques and underlying concepts involved in the preparation and analysis of accounting statements, and their basic application to various forms of business organisation. The courses aim to deliver an appropriate mix of financial accounting, management accounting, and finance, so that students develop an understanding of the basic principles of these areas and how they interrelate.

The principles of accounting theory are implanted for an efficient understanding of the accounting cycle:

· Recording of a business transaction during the period

· Journalizing on a Journal Book

· Posting on a Ledger Book

· Presenting a Trial Balance at the end of the period

· Recording of adjustment transactions at the end of the period

· Presenting an Adjusted Trial Balance at the end of the period

· Presenting the Financial Statements

· Balance Sheet

· Income Statement

· Retained Earnings Statement

· Recording of closing transactions at the end of the period

· Presenting a Post Closing (Opening) Trial Balance at the end of the period

The accounting cycle is studied both for service and merchandise companies.

Then major accounts are analyzed in detail:

· Cash account: controlling cash, understanding of the flow of cash, petty cash

· Receivables: account and notes receivables, dishonoring of notes, discounting of

notes at a bank, doubtful accounts

· Inventories: periodic and perpetual methods with specific invoice, weighted

average, first in first out, last in first out

· Fixed assets: valuation of fixed assets, depreciation methods, fixed asset disposals

· Financial loans: types of loans available in the country, procedures of obtaining

a loan

· Capital accounts: raising capital, going public, reserve accounts.

Then, finally the accounting cycle is studied for manufacturing companies.

· Concept of cost and manufacturing accounting

· Job order costing

· Process costing