This course introduces students to the fundamental knowledge and theoretical framework of accounting through basic principles, terminology and concepts of the accounting process. The objective of this course is to deliver knowledge on the environment of accounting, the accounting elements, transaction recognition and recording, as well as financial statement reporting.

The accounting process will be covered with the introduction of income, wealth, expenses, assets, liabilities and owner’s equity. Particular emphasis is placed on the basic accounting procedures which include the transaction recording in journals and ledgers, adjusting and closing entries, as well as the preparation of simple financial statements. This course will also develop an appreciation on the recognition and measurement of different assets, liabilities and owner’s equity types so as to provide students with an overall knowledge of basic accounting.