Standard Term 1
(Commerce & Commerce Actuarial Streams)
This subject aims providing students with a basic understanding of the language, skills, concepts and relationships pertaining to accounting. It is expected that students will develop a capacity for problem solving, an understanding of the operation of a business and the role of accounting in decision making. Students will learn to analyse and communicate accounting information in a responsible manner.
Students will have an opportunity to participate in an accounting game and to engage in active learning. In playing the game students will gain a better understanding of accounting terms and concepts through analysing transactions, transferring information to appropriate accounting ledgers and seeing the equality of the accounting equation in practice.
Classify accounts and apply the double entry rule. The preparation of a chart of accounts and posting to various journals. Students will prepare a trial balance and identify significant information in profit and loss statements and balance sheets. They will calculate and analyse ratios related to profitability, efficiency, liquidity and solvency.
There is no pre-requisite knowledge for this course however, students should have the ability to work independently and to perform basic mathematical calculations.