Bank and Financial Institutions Accounting ACNE 3312

Course description:

This course deals with commercial banks and insurance companies in dealing with banking and accounting systems, and accounting in all departments of banks with an indication of the accounting entries for the course will also survey the credit facilities and financial transactions relating to current accounts and clearing transactions and restrictions relating to Bills of Exchange and Documentary Credits and other preparation of the final accounts of banks and insurance companies.

Course Aims:

This course aims to:
  • Definition and types of commercial banks. 
  • Introduce the concept of insurance companies and types. 
  • Definition of banking operations and accounting system used in banks. Students need to acquire the skill to prove the accounting entries in all sections of different bank. 
  • Definition of student credit facilities to banks.
  • Review of private banking current accounts. 
  • Introduce students to the clearing and how to collect the checks
  • Review of banking operations and accounting entries for Bills of Exchange and letters of credit, guarantees and Different deposits.
  • Students need to acquire skill preparation of final accounts and balance sheet of banks and insurance companies.

Course outcomes:

At the completion of the subject, students should be able to: 
  • Understand the concept of commercial banks.
  • Recording of accounting entries relating to current accounts.
  • Understand and demonstrate the accounting entries relating to credit facilities.
  • Recording of accounting entries for Documentary Credits.
  • Establish restrictions on bank guarantees.
  • Student's knowledge of all documents used in all sections of the bank.
  • Preparation of financial statements for banks and insurance companies.
  • Recording of accounting entries relating to insurance companies.