Framework of Accounting I

The objective of the course is to develop an understanding of the theoretical framework of accounting, by examining the theory of accounting in relation to the measurement of income, capital and valuation of assets, the inter-relation of the profit and loss account and the balance sheet, the recognition of revenue, accounting principles and the usefulness of financial statements, the objective of published financial statements and the assumed need of their several users, development and application of accounting theory in relation to depreciation, stock valuation, and research and development.