ACCOUNTING

 

Name of college:                                Mutare Teachers’ College

Programme:                                      Secondary

Department:                                      Business Studies

Module Title and Code:                   PAC211 Accounting Practices

 

Email: cmutangs@gmail.com             Phone: 0773508799

 

Module facilitators:              

1.      Mukando T

2.      Murahwa T

3.      Mutangirwa C

4.      Tandavara D

 

1.0  Module overview

The module enable students to gain an in-depth knowledge & understanding of basic concepts, principles & assumptions that underline the financial reporting process, including various recognition & reporting issues as well as current accounting rules & practices. It helps students to deal with emerging & unique accounting problem, key recognition & reporting issues with other accounting and financial reporting issues and their alternative treatments guided by the conceptual framework of accounting.

The module introduces students to the knowledge and understanding of today’s business environment, good business ethics and appreciates accounting as a profession of choice. This helps them to develop the idea of starting their own businesses, good management of personal financial activities, such as, budgeting, saving, and investment.

.

2.0  Competencies

 

1.      Understanding of International Accounting Standards, conventions, concepts and principles

2.      Knowledge of the Accounting system

3.      Ability to appreciate the various types of business organizations

4.      Knowledge of the available Accounting packages

5.      Knowledge of stakeholders’ interest to Accounting business information

6.      Ability to start their own businesses and conduct business ethically

 

3.0 Expected Learning Outcomes

On completion of the module, students should have:

1.      The skills to identify, analyse and solve accounting problems effectively.

2.      The ability to apply knowledge of accounting to solve business problems.

3.      Demonstrated competence to use appropriate accounting methods and computer packages Demonstrated competence to communicate accounting information to relevant stakeholders

4.      Demonstrated awareness of the impact of accounting activity on the environment.

5.      Demonstrated awareness of the need to act professionally and ethically in the field of business

6.      Developed skills in the application of Accounting packages in business

 

 

4.0  Objectives

To assist student teachers to:

1.      Outline the concepts and conventions that guide the accounting process

2.      Describe the accounting cycle;

3.      Record transactions in books of accounts

4.      Control and correct accounting errors systematically

5.      Appraise the accounting features of various types of business organisations

6.      Explain the main financial statements prepared by various business organisations

7.      Assess the role and impact of technology on the accounting process;

8.      Explain the concept and purposes of Accounting;

9.      Identify the users of accounting information;

10.  Analyse emerging issues in the field of Accounting; and,

11.  Appreciate ethical issues in the field of Accounting.

 

1.      Explain why adjustments are made to financial statements;

2.      .

 

 

5.0   Accounting Practices

 

Unit 1: The Accounting System

1.      Accounting concepts, conventions and principles

2.      International accounting standards

3.      The accounting cycle

4.      Types of business organizations

5.      Financial statements

6.      Use of the computer, in accounting processes

7.      Accounting software

 

Unit 2: Accounting as a Profession

1.      Concept of “Accounting” and “Principles of Accounting”.

2.      Accounting as a business practice – the purpose of Accounting.

3.      Internal and external users of accounting information and their needs.

4.      Careers in Accounting

5.      Ethical principles of Accounting.

6.      Appropriate application of accounting principles.

7.      Inappropriate application of accounting principles.

8.      Results of inappropriate application of accounting principles.

 

Unit 3 Books of Accounting and Trial Balance

1.      The uses of Books of Original Entry:

2.      Recording of  transactions using source documents

3.      types of ledgers

4.      The double entry system

5.      The Trial balance and suspense account

 

Unit 4 : Accounting Adjustments

1.      Application of accounting concept.

2.      Pre-payments and accruals

3.      Bad and doubtful debts;

4.      Capital and revenue expenditures;

5.      Depreciation of non-current assets

6.       Final accounts extracts to reflect adjustments

 

Unit 5: Control Systems

1.      Uses of control accounts.

2.      Sources of information for entries in control accounts.

3.      Sales Ledger Control Accounts, Purchases Ledger Control Accounts.

4.      Meaning (significance) of the balances on Control Accounts.

5.      Bank reconciliation statement

6.      The difference between cash book and Bank statement balances

7.      Updating of the cash book:

8.      Uses and construction of the Bank Reconciliation Statement

 

6.0              Teaching and learning strategies

1.  Blended Learning

2.      Case studies

3.      Class discussions.

4.      Debates

5.      Demonstrations

6.      Discussions & Critical Thinking Activities

7.      Discussions,

8.      Field trips.

9.      Guest speakers

10.  Individual/Group Learning Activities

11.  Lectures

12.  Portfolios creation

13.  Report writing

14.  Research

 

 

7.0  Assessment of learning:

A combination of any of the following:

1.      Final Examinations

2.      Assignments

3.      Tests

4.      Case Studies

5.      Closed-Book Assessments

6.      Open Book Assessments

7.      Collaborative Assignments

8.      Computer-Based Assessment

9.      Direct Observations

10.  Group Presentations

11.  Individual Presentations

12.  Homework Assignments

13.  In-Class Problem Assignments

14.  Participation

15.  Portfolios

16.  Projects  

17.  Community of Practice Research Based Assignments

18.  Work-Based Assessments

 

WEIGHTING:

1.      Formative assessment     60%      

2.      Summative assessment    40%

 

8.0 Media and resources

 

ICTs, Internet, Books, Work Related Contexts, Local Environs, resource persons,

9.0 Readings

1.      Harrison ,I. Accounting Hodder Education 2017

2.      Sookharee,V. AS and A  Level Accounting. Editions De l’Ocean Indien,  RoseHill 2016

3.      Wood, F. & Sangster, A. (2009) Business accounting 2. 11th Edition. Harlow: Prentice Hall

4.      Wood, F. and Sangster, A. Business Accounting 1, 12th Edition. Pearson Education Limited, 2012.

5.      On-line resources