Course Code: ACC201
Synopsis
ACC201 Financial Accounting starts off by introducing theoretical perspectives to understand who the stakeholders of financial reporting information are and why financial reporting is important to them. Next, the course uses the accounting equation as a basis for understanding the double-entry accounting system and how the financial statements are prepared. It then delves into details of how key financial account items such as cash, inventory, trade receivables / payables, other receivables / payables, short-term / long-term investments, tangible / intangible assets, current and non-current liabilities and equity are accounted for and how they are presented in the key financial statements. Basic analytical techniques are also introduced to interpret, analyse and evaluate financial information.
Level: 2
Credit Units: 5
Presentation Pattern: EVERY REGULAR SEMESTER
Topics
- Introduction to Financial Accounting
- Recording Business Transactions
- Accrual Accounting
- Internal Control and Cash
- Accounts Receivables and Notes Receivables
- Inventory and Merchandising Operations
- Fixed Assets, Intangible Assets and Financial Asset Investments
- Current and Long-term Liabilities
- Shareholders’ Equity
- Financial Statement Presentation and Analysis
- Statement of Cash Flows
Learning Outcome
- Explain the underlying concepts, principles and assumptions behind financial accounting and related financial statements that are prepared for decision making and describe the role of financial accounting in business.
- Analyse business transactions to record them in a journal and prepare a trial balance.
- Apply accrual accounting concepts and prepare adjusting entries at the end of the accounting period.
- Describe the characteristics of an effective internal control system and demonstrate the use of bank reconciliation as a control device
- Express the accounting for receivables, uncollectible receivables and the writing off of uncollectible receivables
- Implement the accounting for transactions related to sales and purchase of inventory under the periodic and perpetual inventory systems under various cost flow assumptions
- Execute the accounting for fixed assets, intangible assets, investments and their related expenses
- Illustrate, by preparing the accounting entries for liabilities arising from business transactions, differentiating between the current and long-term liabilities
- Show the accounting entries for share-related transactions and present them on the relevant financial statements.
- Present, in proper format, the statement of financial position, statement of comprehensive income and statement of changes in shareholders’ equity
- Use financial statement information and compute financial statement ratios to analyse and evaluate business operations.
- Prepare a statement of cash flows using both the direct and indirect method and use cash flow information for decision-making
- Develop the essential knowledge and interpersonal skills to work effectively in a team.
- Demonstrate proficiency in written and verbal communication skills
Who Should Attend
This course is designed for undergraduate students and professionals seeking an introduction to financial accounting concepts and practice in accordance with International Financial Reporting Standards (IFRS).
Relevance of Course to employment/upskilling/reskilling
This course equips learners with essential financial accounting knowledge aligned with International Financial Reporting Standards (IFRS). It builds a strong foundation in understanding financial reporting for stakeholders, the double-entry accounting system, and the preparation and interpretation of financial statements, while covering key financial account items and basic analytical techniques. These competencies enhance employability across finance, accounting, and business roles, help professionals strengthen financial decision-making skills for career advancement, and provide a practical entry point for individuals transitioning into accounting-related functions.
Requirements
A laptop, with an installation of Microsoft Office, is required for the coursework, including examination.
Schedule
| Time | Agenda |
|---|---|
| Seminar 1 | Face-to-Face |
| 19:00 - 19:15 | Overview & Introduction to the Course |
| 19:15 – 20:20 | Introduction to Financial Accounting |
| 20:20 – 20:30 | Break |
| 20:30 – 22:00 | Recording Business Transactions |
| Seminar 2 | Face-to-Face |
| 19:00 – 20:20 | Accrual Accounting |
| 20:20 – 20:30 | Break |
| 20:30 - 22:00 | Internal Controls and Cash |
| Seminar 3 | Face-to-Face |
| 19:00 - 20:20 | Accounts Receivables and Note Receivables |
| 20:20 - 20:30 | Break |
| 20:30 - 22:00 | Inventory in Merchandising Operations |
| TMA | Submission of Tutor-Marked Assignment (TMA) |
| Seminar 4 | Face-to-Face |
| 19:00 - 20:20 | Fixed Assets, Intangible and Other Assets |
| 20:20 - 20:30 | Break |
| 20:30 - 22:00 | Current and Long-Term Liabilities |
| Seminar 5 | Face-to-Face |
| 19:00 - 20:20 | Shareholders’ Equity |
| 20:20 - 20:30 | Break |
| 20:30 - 22:00 | Financial Statement Presentation and Analysis |
| GBA | Submission of Group-based Assignment (GBA) |
| Seminar 6 | Face-to-Face |
| 19:00 - 20:20 | Statement of Cash Flows |
| 20:20 - 20:30 | Break |
| 20:30 - 22:00 | Preparation of the Statement of Cash Flows using the Direct Method |
| EXAMINATION | In-person on SUSS Campus |
Assessments
| Assessment | Description | Weight Allocation |
|---|---|---|
| Assignment 1 | Tutor-Marked Assignment | 20% |
| Assignment 2 | Group-Based Assignment | 15% |
| Participation | Class Participation | 15% |
| Examination | Written Examination | 50% |
| Total | 100% | |
Trainer info
Mr Leow Soon Siong has more than 20 years of teaching experience in accounting modules. He graduated from the National University of Singapore with a 2nd Upper Honours in Engineering and MBA(Accountancy) from Nanyang Technological University. His master thesis on the Empirical Study of the Pricing of Singapore Corporate Warrants was published in Accounting and Business Review journal. He is a Chartered Accountant (CA Singapore) and member of the Institute of Singapore Certified Accountants (ISCA). Prior to joining the teaching profession, he was involved in business and corporate development works including M&A activities, covering China, India, Cambodia, Malaysia and Indonesia. He was also actively involved in accounting courses development for SUSS and served as an international reviewer for the ninth global edition of the text Financial Accounting, IFRS. Soon Siong is passionate about teaching and teaching pedagogy and had attained the Advanced Certificate on Training and Assessment (ACTA) from the Singapore Workforce Development Agency. He is currently also a trainer for Institute of Adult Learning (IAL).
Course Completion requirements
- Attendance: Participants must achieve at least 75% attendance.
- Assessment: Participants must sit and pass all prescribed assessments and submit all course work stipulated in the section Assessments.
- Evaluation: Participants are required to complete course evaluations conducted by SUSS and SSG at the end of the training.
Students who achieve at least 75% attendance and meet the course completion requirements will be awarded a Certificate of Completion. For those who do not meet the course requirements, a Certificate of Participation will be issued instead.
Course Fees, payment and refund policy
| International Participants | Singapore Citizens (below 40yrs), Permanent Residents | SkillsFuture Mid-Career Enhanced Subsidy1 (Singaporeans aged 40 and above | Enhanced Training Support for SMEs2 (Singaporeans and PRs) | |
|---|---|---|---|---|
| Course Fees (A) | $1,955.00 | $1,629.00 | $1,629.00 | $1,629.00 |
| SSG Grant Rate (B) | 70% | 70% | 70% | |
| SSG grant (C) | $1,140.30 | $1,140.30 | $1,140.30 | |
| Nett course fee (A)-(C) = (D) | $1,955.00 | $488.70 | $488.70 | $488.70 |
| 9% GST on net course fee (E) | $175.95 | $43.98 | $43.98 | $43.98 |
| SSG Enhanced Funding Rate (F) | 0% | 0% | 20% | 20% |
| SSG Enhanced Grant (G) | - | - | $325.80 | $325.80 |
| Total nett course fee payable, including GST (D) + (E) - (G) = (H) | $2,130.95 | $532.68 | $206.88 | $206.88 |
1 Mid-Career Enhanced Subsidy: Singaporeans aged 40 and above may enjoy subsidies up to 90% of the course fees.
2 Enhanced Training Support for SMEs: SME-sponsored employees (Singapore citizens and PRs) aged 21 and above may enjoy subsidies up to 90% of the course fees.
For the various payment mode, please refer here.
For the refund policy, please refer here.
A written request for a refund must be submitted and is subject to approval.
If written notice of withdrawal is given within the cooling off period1 and before the course start date, a full refund of the fees paid less an administrative charge of $110.00 (exclusive of GST) will be given.
No refund will be given for withdrawal thereafter.
1 The cooling off period is defined as 7 working days after payment of course fee.
For clarification, please contact the SUSS Academy via the following:
Telephone: +65 6248 0263
Email: [email protected]