Unit Title: Basic accounting 1

Prerequisite: ACC301 and ACC302 or A pass in Year 12 examination or equivalent, with some business or accounting from high school education is essential

Semester 1: Offered on F-F mode                Semester 2: Not offered

This unit is based on the expansion of knowledge learnt in Year 11 and Year 12. There are altogether five strands in this unit. These include;

• Nature of accounting

Broadens students’ knowledge on the conceptual framework, accounting framework, accounting concept, ethics and institutions that govern the accounting profession in the Solomon Islands and abroad. It also emphasises fraudulent acts and institutions that deal with fraudulent activities.

• Partnership accounting

Provides insights into how a partnership business is formed, including the preparation of general journal entries and statements of financial position. It emphasises the preparation of final accounts incorporating balance day adjustments and capital adjustments.

• Company accounting

Deals with processing financial information of company business in terms of its formation, preparation of general journal entries and statement of financial position. It also highlights the preparation of final accounts of a company.

• Cash flow statements

Deals with preparation and interpretation of cash flow statements.

• Analysis and interpretation of financial statements

Involves the calculation and interpretation of ratios and percentages through vertical, horizontal and trend analysis of company business.