ACC 102: Introduction to Financial Accounting II

Learning Outcomes

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

  1. explain the linkage between accounting and other information system;
  2. define the conceptual framework for financial reporting;
  3. identify the users and uses of financial statements/reports;
  4. link the fundamental concepts and convention in financial accounting to financial report preparation;
  5. list the types of accounting errors and how to correct them;
  6. explain suspense accounts and their uses;
  7. prepare control accounts;
  8. prepare accounts for not-for-profit organizations;
  9. differentiate single entry and incomplete records.
  10. prepare trading, profit or loss accounts of a sole trader, including adjustments; and
  11. state the roles and functions of Accounting Standards setting bodies – Financial Reporting Council of Nigeria (FRCN) and International Accounting Standard Board (IASB).
Course Contents

Accounting as information system within the organisation. Limitations of financial accounting, conceptual framework for financial reporting covering objectives. Elements, users and uses, qualitative characteristics of useful accounting information. Accounting concepts and conventions. Correction of errors, suspense/memorandum account, control account, characteristics of non-profit and not-for-profit organisations. Preparation of accounts from incomplete record/single entries, the trading, profit or loss account, and statement of financial position of a sole trader, including adjustments. Introduction to the evolution of accounting bodies and standards: NASB, FRCN, IASC, IASB, SAS, IAS, and IFRS.