Course info

 

SOLUSI UNIVERSITY

FACULTY OF BUSINESS

DEPARTMENT OF ACCOUNTING

ACCT 112 FINANCIAL ACCOUNTING 1A (3CR)

 

Course Description

Fundamental concept of Financial and Managerial Accounting are continued from  ACCT 111. Emphasis is still placed on understanding the accounting cycle and integration of relevant topics to this broad view of an accountant.

Students are also introduced to accounting for other forms of business organizations such as partnerships and joint ventures. Financial planning and control is also introduced by discussing topics such as cash flow statements. Topics covered are based on the provisions of the International Financial Reporting Standards.

 

Course Objective

The course is designed to achieve the following objectives:

·         Give further insight to a student on topics that are listed below

·         To implant accounting principles in the student so as to make him/her a proficient and versatile accountant i.e. in cost managerial financial accounting and auditing areas of specialization.

·         To help student to be a conscientious, responsible, dependable, respectable individual in all spheres of accounting (if you do your home works honestly, earnestly and diligently this is possible)

·         To continue to expose students to different accounting professional bodies

 

Course Procedures And Requirements

1.      Each session to begin with a devotion and prayer.

2.      All students are encouraged to participate during devotion eg by giving testimonies or short sermons that will encourage other students.

3.      As stewards of time students are expected to be punctual in all classes and are expected to submit their assignments as they fall due.

4.      Effort and involvement are as essential for learning as they are for success in your career. To help assure your success, participation in all activities of this course is expected. Your program will identify any specific requirements applicable to this class and delivery method.

5.      Each student is encouraged to participate in the class activities meaningfully.

6.      Students are encouraged to work in small groups, but should refrain from duplicating or photocopying other student’s work.  All assignments must reflect each student’s work and ingenuity. Academic dishonesty is considered to be an extremely serious academic offence.

 

 

 

 

Course Content

 

1.      Accounting For Liabilities

 

1.1  Current Liabilities

1.2  Non-Current Liabilities

1.3  IAS 18 – Revenue (Superseded by IFRS 15 Revenue from Contracts– 1.1.18)

 

2.      Accounting Policies, Changes In Accounting Estimates And Errors IAS 8

 

2.1 Prior Period Errors

2.2 Selection and Application of Accounting Policies

2.3 Errors

2.4 Correction of Errors and the Suspense Account

 

3.      Control Accounts

 

3.1 Principle of Control Accounts

3.2 Sales Ledger Control Account

3.3 Purchases Ledger Control Account

 

4.      Partnership Accounting

 

4.1 Introduction to Partnership Accounting

4.2 Characteristics of Partnership

4.3 Nature of Partnership Earnings

4.4 Partnership Financial Statements

4.5 Piecemeal

4.6 Liquidation

4.7 Dissolution

4.8 Amalgamation

 

5.      Statement Of Cash Flows IAS 7

 

5.1 Purpose and Importance of Cash Flow Statements

5.2 Presentation of the Statement of Cash Flows – Operating, Investing & Financing   Activities

5.3 Methods of Presenting Cash Flow Statements

 

6.      Joint Arrangements – IFRS 11:16

 

6.1 Joint Venture Accounting

6.2 Investments in Associates and Joint Ventures IAS 28

 

 

7.      Accounting For Investment – IAS 40

 

7.1 Measurement and Transfers

7.2 Disclosure

 

 

Textbooks

Jennings, A.R., Financial Accounting. DP Publications

Larson, K.D. & Jenson, T. (2013). Fundamental Accounting Principles, Volume 1 (14th Canadian ed.). McGrawHill

Wood, Frank (2008), Business Accounting 1 & 2 (11^th ed.) , Harlow: UK.

UNISA study pack – Accounting Reporting

 

Examination & Grading System

The final grade will be determined as follows:

 

Quizzes & Tests                15%

Mid-term Exam                 30%

Assignments                        5%

Final Exam                        50%

Total                                100%

 

The following cut-offs are established to assign the final letter grade:

 

The grading scale will be as follows:

 

Letter Grade	Percentage Grade	Grade Points
A	90 – 100	12.00
A-	80 – 89	11.01
B+	75 – 79	9.99
B	70 – 74	9.00
B-	65 – 69	8.01
C+	60 – 64	6.99
C	50 – 59	6.00
D	45 – 49	3.00
F	0   - 44	0.00