ACC 121: – Introduction to Accounting & Financial Reporting

COURSE CONTENT The course content consists basically of the treatment of accounting transactions according tothe provisions of relevant accounting standards. COURSE AIM The aim of the course is to introduce you to basic principles of accounting and to understand how financial documents are posted into accounting record in order to determine the profit orloss of an organization. It also includes practical treatment of accounting transactions conducted through the bank and how errors in accounting are treated.

COURSE OBJECTIVES 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 1. Accounting as information system within the organisation. 2. Limitations of financial accounting, conceptual framework for financial reporting covering objectives. Elements, users and uses, qualitative characteristics of useful accounting information. 3. Accounting concepts and conventions. 4. Correction of errors, suspense/memorandum account, control account, characteristics of non-profit and not-for-profit organisations. 5. 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. 6. Introduction to the evolution of accounting bodies and standards: NASB, FRCN, IASC, IASB, SAS,