Accounting

This term focuses on key accounting principles related to final accounts and special transactions. Students will learn about bad debts and closing entries, understanding how businesses account for irrecoverable debts and the process of finalizing accounts at the end of a financial period.

The course will also cover the provision for doubtful debts, helping students grasp the concept of estimating potential losses from uncollected debts. Additionally, they will study the provision for discounts, which involves accounting for trade and cash discounts given to or received from customers.

Further topics include accruals and prepayments, where students will explore how businesses record expenses and revenues that have been incurred or received in advance. The subject will conclude with depreciation of fixed assets, teaching various methods of calculating asset depreciation and its impact on financial statements.