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THE BAHAMAS INSTITUTE OF FINANCIAL SERVICES
"Keeping Financial Services Education Relevant to Industry Needs"
FINANCIAL ACCOUNTING I - BIFS 141
Course Description
This course provides a comprehensive introduction to the fundamental principles and practices of financial accounting. It focuses on the accounting cycle for sole proprietorships engaged in service and merchandising operations, emphasizing the preparation, analysis, and interpretation of the three major financial statements: the Income Statement, Balance Sheet, and Statement of Owner’s Equity. Students will also explore internal controls, accounting systems, and asset management to develop a strong foundation in financial reporting and decision-making.
Course Objectives
Upon successful completion of this course, students will be able to:
Understand and apply generally accepted accounting principles (GAAP).
Analyze and record financial transactions using the double-entry system.
Complete the accounting cycle, including journalizing, posting, and preparing financial statements.
Perform bank reconciliations and understand the role of internal controls.
Account for current assets, current liabilities, and long-term tangible and intangible assets.
Distinguish between service and merchandising operations in accounting.
Use special journals and subsidiary ledgers for high-volume transactions.
Course Learning Outcomes
By the end of the course, students will be able to:
Explain the purpose and scope of financial accounting.
Apply the accounting equation to business transactions.
Complete the steps in the accounting cycle through closing entries and post-closing trial balance.
Prepare and interpret financial statements from adjusted data and worksheets.
Account for inventories using periodic and perpetual systems and various valuation methods.
Maintain accurate records for receivables, payables, and merchandising operations.
Apply internal control principles in managing cash and other current assets.
Account for acquisition, depreciation, and disposal of long-term assets.
Distinguish among accounting assumptions, principles, and constraints as they apply to financial reporting.
Recommended Course Materials
Textbook: Financial Accounting, 12th Edition by Carl Warren, James Reeve, and Jonathan Duchac
Workbook and Practice Sets (instructor assigned)
Calculator
Access to accounting software (if applicable)
Recommended: Online accounting simulation tools and case studies
Course Content
1. Introduction to Accounting Concepts
Purpose and importance of accounting
Characteristics of useful accounting information