BackPrinciples and Fundamentals of Financial Accounting: Syllabus and Study Guide
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Principles of Financial Accounting A / Fundamentals of Accounting A
Course Overview
This course introduces students to the fundamental principles of financial accounting, focusing on the preparation and analysis of financial statements for sole traders. It covers the accounting cycle, journalizing, posting, trial balance, financial adjustments, and the preparation of final accounts.
Course Code: C2532FF (Principles of Financial Accounting A) / CAFE3582 (Fundamentals of Accounting A)
Department: Financial and Managerial Accounting, UNAM Windhoek Campus
Lecturer: Ms Anastasia Mutorwa
Level: IV
Prerequisite: None
Learning Outcomes
Objectives
By the end of the course, students will be able to:
Understand the fundamental principles of accounting and the users of accounting information.
Identify the elements of the financial statement.
Summarize the accounting cycle and the source documents used to record in the journal entries.
Demonstrate by drawing the journalizing of financial information and posting to the ledger.
Draw a trial balance before and after making financial adjustments.
Show the types of financial statements used to record and report in this module.
Close entries and prepare the financial statements for the sole trader.
Course Assessment
Assessment Structure
Final Exam: 50% (1 x 100 Marks exam paper, 3 hours)
Tests & Assignments: 50% (Written on Moodle)
Key Dates
Details | Date |
|---|---|
Lecture ends | 17 October |
1st Opportunity examinations commence | 24 Oct - 04 Nov |
End of second semester | 06 December |
End of academic year | 13 December |
Tests & Assignments
Details | Date |
|---|---|
Assignment | 05 September 2025 |
Test 1 | 20 August 2025 |
Test 2 | 17 September 2025 |
Course Topics
Topic Outline
Topic | Text Book | Chapters |
|---|---|---|
Recap – the FRAMEWORK | Myburgh JE, Fouche JP, Cloete M, Ngiba BT, Swart S | 1 & 2 |
Other adjustments for financial statements | Wood F and Sangster A | 27 |
Trade and other receivables & inventories (valuation) | Wood F and Sangster A | 28 |
Bank Reconciliation Statements (with Cash book & with suppliers Statements) | Wood F and Sangster A | 29 |
Control accounts | Wood F and Sangster A | 30 |
Introduction to accounting ratios | Wood F and Sangster A | 33 |
Single & incomplete records | Wood F and Sangster A | 34 |
Receipts & Payments (non-profit organisations) | Wood F and Sangster A | 35 |
Prescribed Texts
Myburgh JE, Fouche JP, Cloete M, Ngiba BT, Swart S (2023). Accounting, An Introduction, 14th Edition. ISBN: 9781776174546, eBook ISBN: 9781776174553.
Wood F and Sangster A (2018). Business Accounting, 1, 14th Edition. ISBN 1292082672 or 978-1292082676.
Supplementary Reading
IFRS Updates and other related materials
Note: Exercising & Practising is the key to mastering accounting concepts.
Key Concepts and Definitions
Accounting Cycle
The accounting cycle is the process of recording and processing all financial transactions of a company, from when the transaction occurs to its representation on the financial statements. The steps typically include:
Identifying and analyzing transactions
Recording transactions in the journal
Posting to the ledger
Preparing a trial balance
Making adjustments
Preparing financial statements
Closing entries
Financial Statements
Financial statements are formal records of the financial activities and position of a business. The main types include:
Income Statement: Shows the company’s revenues and expenses during a specific period.
Balance Sheet: Presents the company’s assets, liabilities, and equity at a specific point in time.
Cash Flow Statement: Reports the cash inflows and outflows over a period.
Key Formulas
Accounting Equation:
Profit Calculation:
Current Ratio:
Example: Journal Entry
When a business purchases inventory for cash:
Debit: Inventory
Credit: Cash
Additional info:
Students are encouraged to consult the prescribed textbooks for detailed explanations and worked examples.
Regular practice with exercises and past exam papers is recommended for mastery.
