ACC 202: Financial Accounting II

Learning Outcomes

At the end of this course, students should be able to:

  1. explain the conceptual framework for financial reporting;
  2. prepare simple Partnership account;
  3. explain Joint arrangement under IFRS 11;
  4. account for goods on sale or return;
  5. describe Revenue and Grants in accordance with the provision of the IFRS;
  6. develop simple accounting policies; and
  7. prepare final accounts.
Course Contents

Conceptual framework for financial reporting. The principles of Small and Medium-sized

Entities’ Guidelines on Accounting (SMEGA) and Level 3 guidance. Introduction to partnership

  • definitions, types of partners, deeds, partners’ capital and current accounts, profit sharing ratio and appropriation account. Introduction to IFRS 11 – Joint arrangement, and account for substance of transactions under goods on sale or return.