Course Scope

The purpose of this module is to introduce students to the basic concepts and principles of financial accounting in detail (preparation of basic financial statements, accounting cycle, double entry bookkeeping, depreciation, inventories, doubtful receivables). Relevant concepts are presented in accordance with International Financial Reporting Standards – IFRS.

Course Outline

• Institutional Framework and basic accounting concepts of financial accounting in accordance with within International Financial Reporting Standards (IFRS).
• The Statement of financial position – balance sheet.
• The Statement of comprehensive income, the profit and loss statement, the statement of changes in equity, notes to financial statement.
• The function of the accounting cycle in detail, the main accounting records (journal, general ledger).
• Analysis of basic accounting events and of their consequences on the accounting equation, recording of journal, adjusting, and closing entries, T accounts, preparation of trial balances.
• Accounting for depreciation.
• Introduction to accounting for inventory.
• Introduction to accounting for doubtful receivables.

Suggested Reading

– Module slides and exercises/cases studies covered in class

– Miller-Nobles, T., Mattison, B., Matsumura, E.M. (2017), Horngren’s Financial and Managerial Accounting, 6E, Pearson Education, Greek edition: Broken Hill Publishers.

– Needles, B.E., Powers, M., Crosson, S.V. (2016). Principles of Accounting, 12E, Cengage Learning, Greek edition:Broken Hill Publishers.

Relevant literature:

– Alexander/Britton/Jorissen/Hoogendoorn/van Mourik (2017), International Financial Reporting and Analysis, 7th Edition, Cengage Learning.

– Harrison/Horngren/Thomas (2017), Financial Accounting, 10E/11E, Pearson.

– Stolowy/Ding (2015), Financial Accounting and Reporting – A global perspective, 5th Edition, Cengage Learning.