Intermediate Accounting 1 ACNE 2307

Course description:

The course focuses onfinancial accounting in partnerships. It provides knowledge in the following topics: Concept of types companies, Partnership formulation, partnership accounting (adding a new partner, partner separation, partnership liquidation, preparing comprehensive financial statements for partnerships and other accounting related issues) Added financial reports, Financial Reporting Conceptual Framework, accounting and the time value of money, additional evaluation issues of inventory, and provisions and reserves. The course is IFRS based. Also it includes practical applications.

Course Aims:

  • To know the companies types and to Identify the characteristics of partnerships.
  • To deal with all issues related to partnership accounting processincluding the preparation of comprehensive financial statements for partnerships.
  • To know the component of IASB Financial Reporting Conceptual Framework.
  • To deal with the time value of money in accounting calculation.
  • To know the additional approaches of inventory evaluation.
  • To know the nature of provisions and reserves and their accounting process.
  • To apply practical cases. 

Course outcomes:

Upon completion of this course, the student should be able to:
  • Identify the companies types and  the characteristics of partnerships.
  • Deal with all issues related to partnership accounting process.
  • Know the component of IASB Financial Reporting Conceptual Framework and how it affects the accounting process and treatments.
  • Deal with the time value of money in accounting calculation.
  • know the additional approaches of inventory evaluation and how to use them.
  • know the nature of provisions and reserves and their accounting process.
  • Make practice of some practical applications and case.