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ACCT 100 Principles of Financial Accounting Assignment Solution UAEU

ACCT100 Principles of Financial Accounting Assignment Sample, UAEU UAE

In this assignment sample, we will discuss the principles of financial accounting ACCT 100 that are being taught in UAE colleges.

Further, the UAE colleges or universities teach financial accounting to graduate students. The course code for financial accounting in the United Arab Emirates University (UAEU) is ACCT100. Also, the business and economics college covers financial accounting in the course curriculum in various modules.

 

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Moreover, this course has six units, and each unit covers the unique principle of financial accounting. This course aims at introducing financial accounting principles and frameworks. Also, it covers the preparation of financial statements, the accounting cycle in both service and merchandising organizations, and problems of accounting measurement.

Principles of Financial Accounting ACCT 100 Course Learning Outcomes

This course will review the accounting process leading to the preparation and presentation of financial statements under generally accepted accounting principles.

Thus, at the end of the course, students will be able to learn the following prospects of financial accounting:

1. Apply Procedures To Account For Assets And Current Liabilities

In this first session, we will give you an overview of what accounting is all about and why it’s important to have basic proficiency in this language. In addition, I will introduce one of the most important financial reports – the balance sheet – and a practical real-world case so you can put theory into practice. Now, the Objectives are: To gain insight into the essence of accounting and become familiar with the balance sheet and its purpose.

2. Apply The Accounting Equation To Analyze Business Events

Now, that you are familiar with the balance sheet, we will learn how to account for various transactions. In addition, we will introduce you to another financial report: the income statement.

Moreover, the Course objectives are, to be able to recognize a broader range of transactions on the balance sheet and to become familiar with the income statement.

 

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3. Demonstrate Understanding Of The Basic Steps In The Accounting Cycle

The accounting cycle is a basic, eight-step process for completing a company’s bookkeeping tasks. Also, it provides a clear guide for the recording, analysis, and final reporting of a business’s financial activities.

The 8 Steps of the Accounting Cycle

  •  Identify Transactions
  • Record Transactions in a Journal
  • Posting
  • Unadjusted Trial Balance
  • Worksheet
  • Adjusting Journal Entries
  • Generating Financial Statements
  • Closing the Books at the end of the day on the specified closing date.

4.Recognize The Concepts, Principles, And Assumptions Underlying Financial Accounting, Under IFRSS

Financial accounting principles are the rules and guidelines that companies must follow when reporting financial data. Now, some of the most fundamental accounting principles include the following:

  • Accrual principle
  • Conservatism principle
  • Consistency principle
  • Cost principle
  • Economic entity principle
  • Full disclosure principle
  • Going concern principle
  • Matching principle
  • Materiality principle
  • Monetary unit principle
  • Reliability principle
  • Revenue recognition principle
  • Time principle

5.Recognize The Financial Statements Contents And Their Uses

Financial statements provide a picture of the performance, financial position, and cash flows of a business. These documents are used by the investment community, lenders, creditors, and management to evaluate an entity. Now, there are four main types of financial statements, which are as follows:

  • Income Statement
  • Balance Sheet
  • Statement of Cash Flows
  • Statement of change in Equity

 

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6.Demonstrate Teamwork In Problem Solving

All problem-solving processes start with identifying the problem. Next, the team must assess potential courses of action and choose the best way to tackle the problem. Also, this demonstration requires a deep understanding of your team and its core strengths. A problem-solving exercise or game helps identify those strengths and builds problem-solving skills and strategies while having fun with your team.

Moreover, the team members must demonstrate the combination of the following skills in problem-solving:

  • Adaptability
  • Collaboration
  • Decision-making
  • Communication
  • Instant problem solving

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