INFORMATION AND COMMUNICATIONS UNIVERSITY

SCHOOL OF BUSINESS

Tel: +260-211-845754/221662 P.O Box 30226, Lusaka 10101, Zambia

Cell:+260-979303567/0979 718215 Email: admin@icuzambia.net
academic@icuzambia.net

COURSE NAME: 6 FINANCIAL ACCOUNTING

COURSE CODE:

COURSE RATIONALE

This course provides an understanding of financial accounting fundamentals for prospective

consumers of corporate financial information, such as managers, stockholders, financial analysts,
and creditors. The course focuses on understanding how economic events like corporate
investments, financing transactions and operating activities are recorded in the three main
financial statements (i.e., the income statement, balance sheet, and statement of cash flows).
Along the way, students will develop the technical skills needed to analyze corporate financial
statements and disclosures for use in financial analysis, and to interpret how accounting
standards and managerial incentives affect the financial reporting process. This course is
recommended for students who want a more in-depth overview of the financial accounting
required for understanding firm performance and potential future risks through analysis of
reported financial information, such as students intending to go into security analysis and
investment banking.

COURSE OBJECTIVE

On successful completion of this paper, candidates should be able to:

 Define governance and explain its function in the effective management and control of
 INFORMATION AND COMMUNICATIONS UNIVERSITY

SCHOOL OF BUSINESS

Tel: +260-211-845754/221662 P.O Box 30226, Lusaka 10101, Zambia

Cell:+260-979303567/0979 718215 Email: admin@icuzambia.net
academic@icuzambia.net

organizations and of the resources for which they are accountable

 Evaluate the Professional Accountant’s
Role in internal control, review and compliance
 Explain the role of the accountant in identifying and assessing risk
 Explain and evaluate the role of the accountant in controlling and mitigating risk
 Demonstrate the application of professional values and judgement through an ethical
framework that is in the best interests of society and the profession, in compliance
with relevant professional codes, laws and regulations.

COURSE DESCRIPTION:

This course introduces basic principles of accounting theory and practice. Topics covered
include accrual basis accounting, the accounting cycle, preparation of financial statements, and
internal controls. Other topics include accounting for cash receivables, payroll, inventories, fixed
assets, and current liabilities

OVERALL LEARNING OUTCOMES

Upon successful completion of the course, the student will be able to;
Analyse, journalize, and post business transactions.
 Prepare a multiple-step income statement, an owner's equity statement, and a
classified balance sheet.
 Analyse existing account balances; prepare end-of-period adjusting and
closing entries; and a post-closing trial balance.
 Account for cash and petty cash including internal controls over cash.
 Account for merchandising companies, including costing and internal control
over inventory.
 INFORMATION AND COMMUNICATIONS UNIVERSITY

SCHOOL OF BUSINESS

Tel: +260-211-845754/221662 P.O Box 30226, Lusaka 10101, Zambia

Cell:+260-979303567/0979 718215 Email: admin@icuzambia.net
academic@icuzambia.net

 Account for property, plant, and equipment; accounts receivable; and

current liabilities.
 Demonstrate university-level writing skills by incorporating material into
clear sentences and cohesive paragraphs.

COURSE OUTLINE

 Financial Accounting
 Accounting Concepts, principles, Bases, Policies
 Double entry Accounting
 Secondary Books
 Trial Balance
 Final Accounts
 Introduction to Management Accounting
 Financial Statements Analysis
 Understanding costs
 Marginal Costing and Breakeven Analysis
 Budgetary Control
 Standard Costing

COURSE MATERIALS AND READINGS

 Reference books
 text: Phillips, Fred, Libby Robert, Libby Patricia (2011) Fundamentals of Financial
Accounting,4th ed., New York: McGraw-Hill. ISBN 978-0-07-802537-2.

EVALUATION

Assignments: There will be assignments designed both to consolidate the technical material
covered and to encourage research. The assignments will be evaluated by the course
lecturer/tutor.
 INFORMATION AND COMMUNICATIONS UNIVERSITY

SCHOOL OF BUSINESS

Tel: +260-211-845754/221662 P.O Box 30226, Lusaka 10101, Zambia

Cell:+260-979303567/0979 718215 Email: admin@icuzambia.net
academic@icuzambia.net

Course Research Project: There will be projects to be assigned to either a group or individual as
need may be. The projects will consist of carrying out a research on a real situation. This will
involve: gathering information from sources and a report shall be prepared and submitted to be
evaluated.
Final Examination: There will be exams which shall be the main assessment. This means for one
to clear the course one has to pass the final exams first. This implies one has to get at least not
less than 24 Mark out of 60 marks of the exam or 40% of 60% then assignment and project will
be considered. It also implies if a student gets less than 40% from exams, if though you have
38% from both assignment and research project one will not be considered to have cleared the
exams.

Components and Weights

Assignments (individual) 20%
Assignment (Individual or group) 20%
Final
60%
Examination
Total 100%

ACADEMIC DISHONESTY

Please note that students involved in academic dishonesty will receive a ‘D’ grade on the
particular component in which the infraction occurred and a notation of academic dishonesty in
the Dean’s office. Students may also receive a ‘D’ grade on the course, a notation of academic
dishonesty on their transcripts (i.e., Notation reads: “Grade of F assigned for academic
dishonesty”), and/or suspension or expulsion from the university. The University Senate
Resolutions on Academic Dishonesty is contained in the Examination Policy on Exam
Malpractice

It is the student’s responsibility to understand what constitutes academic dishonesty. Please be

careful when handing in assignments, reports, essays and/or cases that are based on individual
work. In instances when work is suspected to be copied and/or plagiarized, all students involved
will be notified and the case will be reviewed first by the instructor and then by the Office of
Academic Integrity.
 INFORMATION AND COMMUNICATIONS UNIVERSITY

SCHOOL OF BUSINESS

Tel: +260-211-845754/221662 P.O Box 30226, Lusaka 10101, Zambia

Cell:+260-979303567/0979 718215 Email: admin@icuzambia.net
academic@icuzambia.net