Principles Of Accounting

Objectives:

w Analyze nature, objectives, and function of accounting information system.

w Study the main components of the financial statements.

w Investigate how to apply accounting processing activities.

w Analyze objectives and functions of accounting information system in not-profit organization and governmental agencies.

w Study the steps of governmental accounting process.

Contents:

w Accounting Information System (AIS)- An Overview….

§ Nature and objectives of AIS.

§ The output of financial AIS :

Balance Sheet.

Income Statement.

Statement of owner’s equity.

Statement of cash flows.

§ Generally Accepted Accounting Principles (GAAP).

§ Accounting processing activities :

Recording

Sorting.

Summarizing.

Reporting.

w Measuring Business Results :

§ Matching principle.

§ Nature of revenue.

§ Nature of expense.

§ Using Journals and ledgers in recording and sorting revenues and expenses.

w Governmental Accounting – An Overview…

§ Nature and types of governmental agencies.

§ Cash basis versus accrual basis.

§ Internal control systems.

§ Applying accounting cycle in governmental agencies and organization.

§ Financial reporting in governmental agencies.

w Accounting for not profit Organizations (N.P.O.)

§ Nature and types of not for profit organizations.

§ Internal control system in N.P.O.

§ Applying accounting cycle in N.P.O.

§ Financial reporting In N.P.O.

§ Using activity-based costing (ABC) and activity-based management (ABM) in N.P.O.

w Accounting Terms….

§ Asset terms.

§ Liability terms.

§ Equity terms.

§ Revenue terms.

§ Expense terms.

§ Cost accounting terms.

§ Management accounting terms.

§ Governmental accounting terms..