FINANCIAL ACCOUNTING

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FINANCIAL ACCOUNTING


 

The module constitutes an introduction to financial accounting and sets the foundations for the understanding of current issues in accounting, in terms of both theory and practice. The course introduces the theoretical framework of accounting and discusses the need for accounting information. It presents the main financial statements (Balance Sheet, Income Statement) and discusses issues relating to the recognition and measurement of their basic elements (Assets, Liabilities, Equity, Income, Expenses).

The topics analysed also include: principles of double-entry book-keeping (recording information in the journal and ledger), preparing a trial balance, adjustments to the trial balance, correcting accounting errors, preparing the main financial statements at the end of the accounting period.