The course introduces the basic principles of Accounting, its fundamental concepts and its basic tools, which are essential for the study, understanding and mapping of economic events within the accounting system. It presents the methodology of General Accounting and the usefulness of the double-entry system, the completion of the accounting cycle as well as the process of preparing the financial statements, which are tools both for the sound financial presentation of the data and for future decisions of the enterprises.
The purpose of the course "Accounting I" is for the student to understand the usefulness of accounting, the concepts that govern it, and to familiarize himself with the tools it uses. Emphasis is placed on issues of accounting theory and practice for learning the processes of the accounting cycle, the purpose of the accounts and their usefulness, the preparation of the basic financial statements - the income statement, the balance sheet and the cash flow statement, as well as their importance and interpretation.
Upon completion of the course the student will be able to:
- Understand basic Accounting principles and practices
- Record the financial events based on the above accounting principles
- Implement the full accounting circuitry
- Prepare the required financial statements
- Present basic interpretations of financial results